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A modern and scalable software that helps you comply with the IFRS 17 accounting standard using a proven methodology and framework

Let us help you get ready for IFRS 17. The IFRS 17 reporting regulation has already come into effect. However, it is not too late to choose a reporting system. Our SaaS solutions enable rapid implementation, empowering you to focus on finding data and start your reporting. 


Get started with IFRS 17 today


Our free consultation and demo provide you with a pallet of options.

Get in touch

Get started with IFRS 17 today


Our free consultation and demo provide you with a pallet of options.

Get in touch

Why cleversoft’s IFRS 17 solution?

The cleversoft IFRS 17 SaaS solution supports the General Measurement Model (GMM), the Premium Allocation Approach (PAA) and the Variable Fee Approach (VFA).

Additionally, our team of experts constantly monitors the regulatory updates and listens to auditor opinions to ensure that the corresponding calculation models remain up-to-date and in line with market practices.

Key benefits

  • Our IFRS 17 software solution provides full transparency, allowing data to be tracked from beginning to end (no black box).
  • We provide full audit trail and predefined workflows (with 4-eye principles) to fulfill audit requirements.
  • We possess in-house accounting and actuarial expertise.
  • Additionally, we offer tailor- made solutions for any type of insurance, and a standard offering can be implemented swiftly within days.

Our services include

  • Guidance and assistance during IFRS 17 calculation model setup (PAA, VFA, GMM) and process workflows.
  • General IFRS 17 training.
  • Specialized training to assist with actuarial queries, including eligibility assessments.
  • Tailored system configurations to meet specific requirements.
  • After-hours support for software and actuarial inquiries.
  • Regular software maintenance and updates in line with IFRS 17 standards changes.

Features

  • All measurement models: Supports various models, including Premium Allocation Approach (PAA), General Measurement Model (GMM) and Variable fee approach (VFA). Covering both inward and outward business.
  • Discounting of cash flows: Incorporates appropriate discounting methodologies.
  • Onerous Contracts and Loss Components: Captures and tracks onerous contracts and loss components.
  • Reconciliations: Provides Liability for Remaining Coverage and Liability for Incurred Claims movements from opening balance to closing balance per Unit of Account (UoA).
  • Disclosures: Creation of disclosures for different reporting segments.
  • Journal entries: Creates journal entries to feed back into the general ledger.
  • Governance and Auditing: Ensures robust governance and auditing processes.

IFRS 17 Implementation and Audit stages

To incorporate the IFRS 17 software, several steps need to be taken down the road. The overview below helps to establish a roadmap towards a full implementation and audit of the project.

In case you need support for this, feel free to reach out to us!

Implementation Stages:

We work with financial services providers all around the world. Let us introduce you to our onboarding process.

Our team has years of industry experience to help you through the entire regulatory compliance software procurement process – from A to Z.