Willis Towers Watson has launched ResQ Financial Reporter to aid P&C insurers implement IFRS 17.

The out-of-the-box solution aims to provide an easy-to-implement and efficient framework to generate financial statements and supporting disclosure requirements of IFRS 17.

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Willis Towers Watson states it will save insurers time and effort in their reporting processes.

ResQ Financial Reporter features include:

  • Reduction of manual processes and more efficient reporting;
  • Flexible integration with current systems and data sources;
  • End-to-end reporting process and roll forward functionality;
  • Easy maintenance, and
  • Comprehensive audit trails and transparent processes.

Financial Reporter can work by itself or alongside ResQ, Willis Towers Watson’s reserving solution. In addition, it can integrate with Unify, Willis Towers Watson’s workflow management system, automation and systems integration solution.

“Regulatory and other reporting requirements are driving the pace of change, in particular IFRS 17, with data, governance controls, process automation and dissemination of information at the top of the agenda,” said Andy Teale, Global IFRS 17 P&C Technology Leader, at Willis Towers Watson. “Despite the deferral of the standard and calls for further delays, many insurers are still behind where they need to be on implementation.

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“Too much time has been spent on design and build rather than getting close to the numbers. ResQ Financial Reporter brings the standard to life, with rapid implementation and early sight of the numbers, giving (re)insurers the time to digest the impact of the standard on the wider business decisions.”

“ResQ Financial Reporter will enable users to move through a flexible, intuitive and well-governed audited process that supports the analysis, review, reporting, validation and sensitivity testing required to deliver IFRS 17 financial statements in a timely, cost-efficient manner,” added Tina Gwilliam, Global Product Leader for ResQ at Willis Towers Watson. “The software essentially takes the complexity out of IFRS 17, so insurers can focus on the core activities that matter most to their business.”