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What IFRS 17FIS’ Enterprise AccountingSystem for IFRS 17Connecting and Completingthe IFRS 17 Reporting Process
2FIS’ Enterprise Accounting System for IFRS 17What IF Your IFRS 17 platformworked for both actuariesand accountants?What IF Your actuarial systemplugged straight into asubledger for IFRS 17?Experience the Best of Both WorldsBridge the Divide withBest-of-breed SystemsIn the drive to comply with IFRS 17, one of the biggestchallenges that insurers face is meeting the differingrequirements of both actuarial and finance teams.Imagine if one platform could address the contrastingrequirements and priorities of both functions in equal measure.As an accounting standard, IFRS 17 may at first seem thenatural preserve of finance. But it also brings actuarial modelsinto the heart of financial reporting for insurers – making theactuarial system the logical place to locate the standard’sadditional, complex calculations.That said, some aspects of any IFRS 17 solution clearly belongin the finance system. For example, insurers will need to postresults under a revised chart of accounts and generate variousaccounting reports.However, by posting IFRS 17 results straight to the generalledger, where the detail can easily get lost, finance loses theopportunity to drill down into their detail and analyzemovements between reporting periods.In other words, accountants would benefit from their very ownplace to post, store, report on and drill into IFRS 17 calculationsand disclosures.It’s Not Your Imagination – It’s FISFIS has enhanced its market-leading Prophet solution forIFRS 17 to include a fully integrated subledger for IFRS 17accounting and reporting. As an extension of FIS’ EnterpriseAccounting System (EAS ), an accounting solution designedspecifically for insurance companies, the subledger willconnect seamlessly with both Prophet and your generalledger.Our single, unified platform for IFRS 17 will allow you to postjournal entries that are directly generated from actuarialresults – and ultimately to meet IFRS 17’s financial reportingand disclosure requirements, with no duplications orinconsistencies.To bridge the great divide between the actuarial and financesystems, insurers have the opportunity to introduce a dedicated“thin” subledger for IFRS 17 accounting and reporting.While leaving the job of managing the calculations to theactuarial system and teams, the integrated subledger allowsaccountants to hold all the data on insurance contracts theymay need for further analysis. At the same time, it enablesactuarial teams to use a shared IFRS 17 solution for otherbusiness purposes.Get Data that Speaks Your LanguageAs well as enabling accountants and actuaries to exchangeconsistent information, the ideal IFRS 17 solution must providethe view each function needs of the data. That meanspresenting complete results to both actuarial and financeteams, and meaningful business results to all stakeholders. Itshould also be possible to break the data down into the moregranular credit and debit items required to populate a ledger.Access All the Numbers You NeedNow, through a single platform with an integrated subledger,actuaries can review financial results early in the reportingprocess as well as apply the tools for other purposes such aspricing and business planning. Meanwhile, finance teams willbe able to post journal entries that are directly generated fromthe actuarial results – and ultimately meet IFRS 17’s financialreporting and disclosure requirements.Above all, this approach gives actuaries and financeprofessionals both the best-of-breed functionality and thecoherent information they require to do their jobs. As a result,the functions can work more effectively together – closing thegap between them without invading each other’s space.
FIS’ Enterprise Accounting System for IFRS 17 What IF Your IFRS 17 subledgermade accounting easierall around?Get a Flexible Finance Solutionfor IFRS 17With a separate subledger to help account for and analyze IFRS17 transactions, FIS’ IFRS 17 solution offers a range of advancedaccounting and reporting features.Multiple company, Multi-basis AccountingAs well as catering to multiple companies in an insurancegroup, the subledger covers multiple accounting bases to meetvarious reporting requirements, including cash, accrual,statutory, tax and IFRS 17. The solution allows delivery ofreports quickly by querying easily between accounting baseswithin the solution.Manual Journal EntryPost IFRS 17 adjusting transactions without havingto reprocess and reload the results of the actuarialmodeling process.Financial Reporting for IFRS 17For easy analysis from an accounting perspective, properlyjournalize IFRS 17 transactions and movements within thefollowing components of your financial statements: Insurance contract assets and liabilities Insurance revenue Insurance service expense Insurance finance income Insurance finance expense Other comprehensive incomeDisclosure ReportingProduce the relevant disclosures material needed to preparethe required notes for the IFRS 17 financial statements.Business Unit ReportingEasily segregate, analyze and report IFRS 17 activity under thestandard’s requirements. Business unit functionality within thesubledger organizes the data and grants access to report ongroupings such as: Insurance contract portfolios Insurance contract groups (onerous/profitable/other) Issue year groups3
4FIS’ Enterprise Accounting System for IFRS 17What IF You had an end-to-endplatform for IFRS 17?Set up with EaseFIS’ IFRS 17 subledger is quick and easy to deploy, eitheron-premise or in the cloud. Our managed cloud service allowsyou to access the compute power you need, when you need it– and focus on operations and business rather than systemprovisioning, maintenance and administration.Simplify Complex Reporting witha Single SolutionTogether, Prophet and EAS provide a complete, end-to-endplatform for IFRS 17 reporting – and all from one vendor.Designed for the efficient storage and processing of data,the platform automates workflow and data managementto optimize governance and control throughout thereporting lifecycle.Automate IntegrationWithout having to make radical changes to your infrastructure,easily integrate our IFRS 17 subledger with your corporategeneral ledger and other insurance systems, including Prophetand policy and claims systems – and report on a broader setof data as a result. Create statutory reports through automatedinterfaces to multiple annual statement electronic filing packages,for reconciliation between financial accounting data and yourcompany’s annual statement package.Insurance Transaction Data Sources and Market FactorsFIS IFRS 17 Solution including SubledgerPolicy AdministrationSystemsClaims/BenefitsSystemsOther SystemsMarket FactorsProphet IFRS 17 SolutionEAS for IFRS 17Contract GroupsSubledger SolutionRisk AdjustmentJournal EntriesContractual Service Margin(CSM)Multiple Accounting BasisCash FlowsFinancial ReportingInsurance RevenueCorporate GL ConnectionInsurance Service ExpenseInsurance Finance ExpenseRisk FactorsOther ComprehensiveIncome (OCI)Contract Group Reporting
FIS’ ProphetAbout FISProphet is an enterprise risk management system thatbrings high performance, control, scale and automationto actuarial modelling, for internal risk management andexternal reporting. It is used by more than 10,000 insuranceprofessionals globally across nearly 1,000 sites in over70 countries.FIS is a global leader in financial services technology,with a focus on retail and institutional banking, payments,asset and wealth management, risk and compliance,consulting and outsourcing solutions. Through the depthand breadth of our solutions portfolio, global capabilitiesand domain expertise, FIS serves more than 20,000 clientsin over 130 countries. Headquartered in Jacksonville,Florida, FIS employs more than 53,000 people worldwideand holds leadership positions in payment processing,financial software and banking solutions. Providingsoftware, services and outsourcing of the technology thatempowers the financial world, FIS is a Fortune 500company and is a member of Standard & Poor’s 500 Index. For more information about FIS,visit www.fisglobal.com.Either on-premise or in the cloud, Prophet offers separateenvironments for developing and producing actuarialmodels, full control and audit across data input, resultsoutput and end-to-end workflow – and clear, easilycomprehensible example models. With uniquely broadfunctional coverage, Prophet offers over 20 libraries fordifferent insurance and banking businesses, regionalregulations and product types – and provides areadymade solution for compliance with IFRS 17.FIS’ Enterprise Accounting SystemEnterprise Accounting System (EAS ), designed specificallyfor the insurance industry, is a comprehensive financialmanagement, accounting and reporting solution. As acentral repository for financial data, the solution enables youto develop financial statements and reports, build budgetsand forecasts, and track allocations across your enterprise.Import data quickly and easily through an intuitive interface,make reports available at the touch of a button, and getmore time to analyze the data and make better sglobal 2019 FISFIS and the FIS logo are trademarks or registered trademarks of FIS or its subsidiaries in the U.S. and/or other countries.Other parties’ marks are the property of their respective owners. 661635
Enterprise Accounting System (EAS ), designed specifically for the insurance industry, is a comprehensive financial management, accounting and reporting solution. As a central repository for financial data, the solution enables you to develop financial statements and reports, build bud
