Features in IFRS 17/LDTI Compliance Solutions
for Finance and Accounting
Specialized applications that implement new international financial reporting standards for insurance contracts, including complex calculations and disclosure requirements.
We ask vendors to mark their product against our feature list. It is not available for all products and in some cases we have derived data from publicly available sources. The list of features follows. Vendors can add a further 10 key features of their own.
Auditability and Controls
Capabilities ensuring accountability, transparency, and robust internal/external audit support.
- Automated Exception Monitoring
- Flags errors/issues with smart alerts and logs.
- Change Approval Workflow
- Automates approval for parameter or process changes.
- Comprehensive Audit Log
- Tracks all user, data, and calculation changes.
- Configurable Data Retention Policies
- Supports custom data retention in line with regulatory frameworks.
- Control Self-Assessment Tools
- Built-in testing and sign-off for control effectiveness.
- Internal & External Audit Evidence Extraction
- Eases data/document collection for audits.
- Role-based Access Controls (RBAC)
- Customizes access based on user roles and duties.
- Segregation of Duties Support
- Prevents conflicting roles or approvals.
- Traceable Adjustment Entries
- All manual or system adjustments are linked to audit trails.
- User Activity Monitoring
- Tracks logins, data access, and update activity.
Cloud and Deployment Options
Deployment flexibility, supporting various IT infrastructures, cloud, and service models.
- Automated Patching & Updates
- Handles system updates and upgrades with minimal manual effort.
- Automated Scaling Rules
- Configuration for resource expansion/contraction based on business rules.
- Containerization Support
- Enables deployment as Docker/Kubernetes containers.
- Disaster Recovery as a Service (DRaaS)
- Managed disaster recovery through cloud provider.
- Geographic Redundancy
- Supports failover/data-sync across regions.
- High-speed Deployment Tools
- Reduces rollout time and effort.
- Hybrid Deployment
- Blend of cloud and on-premise resources.
- Multi-cloud Support
- Can be deployed on all major cloud platforms (AWS, Azure, GCP, etc.).
- On-premises Deployment
- Supports installation in user’s private data center environment.
- SaaS Option
- Available fully as Software-as-a-Service.
Core Compliance
Features ensuring baseline alignment with IFRS 17 and LDTI standards for insurance contract accounting and reporting.
- Automated Measurement Models
- Implements General Measurement Model (GMM), Premium Allocation Approach (PAA), and Variable Fee Approach (VFA).
- Contractual Service Margin (CSM) Calculation
- Automated calculation and unrolling of CSM, supporting required adjustments.
- Discounting Engine
- Provides updated discount rates, multi-currency, and curve management options.
- Full IFRS 17/LDTI Standard Coverage
- Supports all core requirements of IFRS 17 and LDTI, including measurement, presentation, and disclosure.
- Policy Changes/Modification Handling
- Manages contract modifications, derecognition, and changes in estimates.
- Portfolio Grouping
- Automates grouping of contracts by profitability and other mandated criteria.
- Reinsurance Support
- Handles reinsurance contracts, including held and issued.
- Risk Adjustment Calculation
- Automates risk margin determination as per standards.
- Transition Methodologies
- Supports full, modified, and fair value transition methods.
- Unit of Account Flexibility
- Customizes grouping beyond minimum standard (e.g., by line, product).
Data Management and Integration
Capabilities for efficient data ingestion, validation, storage, transformation, and interface with legacy or upstream systems.
- Bulk Upload/Download Tools
- Enables rapid ingestion and extraction for large files and records.
- Data Encryption & Security
- Protects sensitive data at rest and in transit.
- Data Integration APIs
- Open APIs for integration with policy admin, actuarial, finance, and reporting systems.
- Data Lineage Tracking
- Tracks flow, origin, and transformation of key data elements.
- Data Validation Rules Engine
- Automated checks for completeness, consistency, and reliability.
- ETL (Extract-Transform-Load) Automation
- Automates ingestion from various source systems with transformation and mapping tools.
- High-volume Processing Capacity
- Handles large and complex datasets typical in insurance portfolios.
- Historical Data Storage
- Stores contract, assumption, and result data for all mandated retention periods.
- Master Data Management
- Defines, manages, and governs critical information consistency.
- Multi-source Reconciliation
- Reconciles incoming data with multiple systems and ledgers.
Extensibility and Customization
The solution’s ability to adapt to changing requirements and integrate with other business tools.
- API for Custom Integrations
- Public API enables quick integration with new systems.
- Configurable Business Rules Engine
- Allows business users to create or adjust rules without coding.
- Custom Calculation Modules
- Users can design proprietary actuarial or finance formulae.
- Custom Fields and Attributes
- Addition of company-specific data fields.
- Integration Marketplace
- Ecosystem for certified add-ons or partner solutions.
- Localization Options
- Adapts solution for local language, currency, and regulatory context.
- Plugin Framework
- Add new functions or integrations without disrupting core system.
- UI Extensibility
- Customizes user interface components and branding.
- User-defined Reporting
- Create new report templates as business needs evolve.
- Workflow Customization
- Tailors process flows for approvals, reviews, and escalations.
Financial Calculation Engine
Robust calculation engine aligned with actuarial and finance needs for IFRS 17/LDTI, able to process, audit, and explain complex calculations.
- Bulk Processing Speed
- Throughput for large-scale contract calculations.
- Calculation Audit Trails
- Logs all calculation steps for transparency and review.
- Calculation Version Control
- Tracks logic/parameter changes over time.
- Flexible Calculation Rules
- Supports configurable business and actuarial rules.
- Formula Transparency
- Displays calculation formulas and method logic to users.
- Out-of-the-box Metric Support
- Delivers pre-configured financial metrics aligned with the standard.
- Parallel Processing
- Allows multi-threaded computation to increase speed.
- Real-time Calculation Capability
- Performs calculations on-demand with minimal lag.
- Scenario/Assumption Management
- Handles multiple what-if analysis and assumption sets.
- Sensitivity Analysis
- Assesses impact of changing key assumptions.
Implementation & Support
Services and features facilitating deployment, training, and ongoing assistance.
- 24/7 Support Availability
- Full-time technical and business support access.
- Continuous Training Programs
- Regular product and standard update training.
- Dedicated Onboarding Support
- Assistance for initial deployment and user training.
- Designated Account Manager
- Named contact for ongoing engagement.
- Knowledge Base Access
- Self-service learning, FAQs, and documentation.
- Migration Toolkits
- Automates conversion of legacy data and processes.
- Release Notes and Change Documentation
- Detailed release impact and upgrade guidance.
- Service Level Agreement (SLA) Metrics
- Uptime, support response, and resolution guarantees.
- Standardized Implementation Templates
- Provides blueprints and best practices for rapid rollout.
- User Community Forums
- Peer-to-peer learning and solution crowdsourcing.
Performance and Scalability
Attributes enabling the solution to handle growing user, data, and transaction volumes with optimal speed.
- Concurrent User Support
- Maximum simultaneous users without performance degradation.
- Data Archiving Tools
- Automates offloading old data to maintain speed.
- Disaster Recovery (DR)
- Resilience with backup, restore, and failover options.
- Elastic Scalability
- Dynamically adjusts computing resources based on current load.
- High Availability (HA)
- System uptime assurance via redundancy/failover.
- Load Balancer Integration
- Supports distribution of requests for optimal performance.
- Performance Monitoring Dashboard
- Real-time visibility into system/storage/network health.
- Processing Throughput
- Peak calculation and reporting volume handled over a defined interval.
- Resource Usage Reporting
- Tracks compute, storage, and bandwidth use.
- Response Time
- Average response time for standard user actions.
Reporting & Disclosure
Comprehensive reporting aligned with IFRS 17/LDTI requirements, internal management needs, and regulatory demands.
- Automated Period-end Close Reporting
- Speeds up the close process through pre-configured report automation.
- Comparative Reporting
- Supports current and prior period figures including restatements.
- Custom Report Builder
- Facilitates user-driven report formats and analytics.
- Drill-down and Traceability
- Allows users to explore reports from summary to detailed source data.
- Export Functionality
- Outputs reports in multiple file formats (PDF, Excel, CSV, etc.).
- Full Audit Explanations in Reports
- Embeds explanations and rationale for report figures.
- Multi-GAAP Support
- Handles presentation for both IFRS and local standards.
- Report Scheduling & Distribution
- Allows reports to be scheduled and delivered automatically.
- Standard Regulatory Disclosure Templates
- Includes all required notes, tables, and financial statements.
- Visualization Tools
- Offers dashboards, graphs, and trend analytics.
Security & Compliance
Measures ensuring privacy, compliance with regulations, and protection from cyber threats.
- Custom Security Policy Configuration
- Allows organization-specific security rules.
- Detailed Security Logs
- Logs all access attempts, permission changes, and suspicious events.
- End-to-End Encryption
- Secures all network communication and data at rest.
- GDPR/CCPA Compliance
- Meets data privacy laws where required.
- Incident Response Toolkit
- Facilitates fast mitigation of detected threats.
- Multi-factor Authentication (MFA)
- Requires multiple verification steps for sensitive actions/access.
- Regular Penetration Testing
- Routine testing for vulnerabilities and exposures.
- Single Sign-On (SSO) Support
- Integrates with corporate authentication providers.
- User Session Management
- Tracks, expires, and audits user sessions.
- Vulnerability Management
- Scans, prioritizes, and remediates security risks.
User Experience & Usability
Features that improve user productivity, onboarding, and adoption.
- Accessibility Features
- Supports screen readers, high contrast, and keyboard navigation.
- Advanced Search and Filter Tools
- Quickly finds contracts, reports, or data sets.
- Batch Task Processing
- Enables users to run multiple processes or jobs in one go.
- Customizable Dashboards
- User-selected widgets, KPIs, and report layouts.
- Error Handling and Guidance
- Explains errors and suggests corrective actions.
- Help and Guided Tutorials
- Built-in help, walkthroughs, and documentation.
- Intuitive User Interface
- Modern, easy-to-navigate, and customizable workspace.
- Mobile Access
- Responsive or native mobile support for remote access.
- Multilingual Support
- Application interface available in multiple languages.
- Personalization Options
- Adapts look, feel, and shortcuts to user preferences.