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Automate your IFRS17 compliance with Delta's end-to-end solution, covering everything from cash flow generation to precise financial reporting.
Our SaaS IFRS system, Delta's actuarial module performs complex actuarial calculations with ease.
This module supports accurate, compliant, and efficient financial reporting, from cash flow projections and risk adjustments to real-time scenario analysis.
The accounting module centralizes all compliance needs, providing complete management of IFRS 17 reporting with an adaptive chart of accounts.
With our accounting software generate real-time profit and loss statements, balance sheets, and other financial reports, all while integrating non-IFRS 17 disclosures.
Delta offers a fully cloud-based infrastructure hosted on Amazon AWS that requires no hardware or local installations.
This solution provides flexibility, scalability, and reduced IT costs, making it ideal for modernizing compliance processes in the insurance sector.
An integrated data validation system in Delta ensures the accuracy of every data entered, complete with error detection and correction suggestions.
This rigorous validation enhances the reliability and precision of financial reporting.
With IP restrictions, end-to-end encryption, and role-based access, Delta ensures that users can access only what they need.
Comprehensive audit trails track all actions to uphold transparency and security within the system.
Upload single or multiple files quickly, while Delta's built-in validation ensures accuracy.
The system's error detection and correction functionalities reduce the risk of reporting inconsistencies.
Delta's data analytics capabilities enable insurers to extract actionable insights through detailed, real-time data analysis.
These analytics enhance decision-making, allowing businesses to stay competitive and agile.
Delta’s API-based design ensures seamless integration with various ERP systems, allowing data flow without disruption. It’s engineered for compatibility, reducing the need for extensive reconfigurations.
Yes, Delta supports the General Measurement Model (GMM) and the Premium Allocation Approach (PAA), offering tailored solutions for all insurance contract types to streamline compliance across different policy durations.
Delta has comprehensive modules, real-time analytics, and an intuitive, secure platform. Its seamless automation and customizable reporting make it a preferred choice for insurers needing accuracy and flexibility.
Delta offers a flexible licensing model designed to scale with your organization’s needs, ensuring you only pay for the features and capacity you need, with options for tiered user access and customization.
Delta is designed to accommodate future regulatory updates, ensuring your organization remains compliant as standards evolve.
The IFRS 17 process centers around a General Measurement Model (GMM), which values insurance contracts based on the risk-adjusted present value of future cash flows expected over the contract’s life. This model aims to enhance the clarity of financial reporting by incorporating Contractual Service Margin (CSM) standards, ensuring accurate insights into financial risks, income, and future obligations. Delta IFRS 17 software supports this process with automated compliance, providing comprehensive IFRS 17 solutions that seamlessly integrate actuarial and financial data.
IFRS 17 became effective for annual reporting periods beginning on or after January 1, 2023. Early adoption is permitted if IFRS 9 is applied, ensuring financial alignment between insurance contracts’ financial instruments and service contract aspects. IFRS Tech’s Delta IFRS 17 software ensures smooth compliance with these regulations, making IFRS 17 implementation manageable and accurate for insurance firms by automating key processes and reducing compliance risks.
IFRS 17 actuarial refers to the specific actuarial standards and principles required for recognizing, measuring, presenting, and disclosing insurance contracts. This standard guides companies in calculating insurance liabilities, including the CSM, risk adjustments, and cash flows. Delta IFRS 17 software includes actuarial solutions tailored to IFRS 17, offering robust tools for compliance in risk adjustment, cash flow modeling, and seamless data integration designed for accuracy and efficiency in financial reporting.
The IFRS 17 treatment uses a current value approach to measure insurance contracts, where income and profit are recognized as services are delivered. Losses, such as those from onerous contracts, are reported immediately in the Statement of Comprehensive Income (SoCI). Delta IFRS 17 software automates these complex calculations, enabling accurate compliance and timely reporting by handling ongoing financial adjustments and changes in contract values.
IFRS 17 introduces several key concepts, including Contractual Service Margin (CSM), risk adjustment, and disclosures on profit sources. These concepts emphasize transparency, requiring separation of technical and financial income and a clear distinction between current and future profits. Delta IFRS 17 software is specifically designed to manage these requirements through its automated accounting tools and customizable IFRS 17 analytics dashboard, simplifying compliance with detailed disclosure and reporting.
IFRS 17 mandates detailed disclosures that allow stakeholders to understand how insurance contracts impact a company’s financial health, including its position, performance, and cash flows. The disclosures encompass actuarial assumptions, risk adjustments, and CSM-related details. With Delta IFRS 17 software, companies can automate these reporting processes, ensuring that financial disclosures meet IFRS 17 standards with precision and consistency.
Achieving IFRS 17 compliance involves meeting several core requirements:
Delta IFRS 17 software is a dedicated IFRS 17 reporting solution that combines complex calculations, accounting entries, and comprehensive financial statement generation, all while minimizing human error. Designed for insurance companies, this software delivers a robust, user-friendly platform for generating IFRS 17 disclosures, managing CSM, and ensuring compliance with the standard’s intricate requirements.
IFRS 17 requires adjusting future cash flow estimates to reflect time value and financial risks accurately. This adjustment enables companies to estimate realistic financial obligations. Delta IFRS 17 software incorporates advanced cash flow modeling capabilities, facilitating detailed projections and actuarial calculations that support reliable financial reporting and future planning under IFRS 17 standards.
An IFRS17 compliance project is the process by which insurance companies adhere to the IFRS 17 guidelines, involving updates to accounting systems, business workflows, and reporting practices. Compliance ensures that insurance firms meet global accounting standards and offer stakeholders transparent financial information. Delta IFRS 17 software provides comprehensive tools to streamline this compliance, automating IFRS 17 journal integration, risk adjustment, and CSM calculations for more efficient and accurate financial reporting.
The IFRS 17 accounting treatment is principles-based, allowing alternative treatments under certain conditions. For example, changes in financial assumptions can be routed through Other Comprehensive Income (OCI) for specific contracts, reducing profit and loss volatility. Delta IFRS 17 software includes flexible options to accommodate this variability, offering reliable and automated support for companies navigating IFRS 17 requirements.
Delta IFRS 17 software automates the calculation and management of CSM, helping insurers maintain compliance with IFRS 17 standards. By providing real-time updates on CSM adjustments, Delta ensures accuracy in recognizing and amortizing service margins, supporting operational efficiency and regulatory adherence.
Actuarial models are crucial for determining the risk-adjusted value of future cash flows and ensuring accurate financial disclosures under IFRS 17. Delta IFRS 17 software integrates advanced actuarial tools that enhance cash flow modeling, risk adjustment, and CSM management, offering a complete actuarial solution for IFRS 17 compliance.
Delta IFRS 17 software is highly customizable, with scalable features designed to adapt to businesses of all sizes, from SMBs to large enterprises. The platform’s flexibility allows companies to tailor the software’s reporting and compliance features to their unique requirements, optimizing for efficiency and precision.
Delta IFRS 17 software reduces human error by automating complex accounting entries, disclosures, and actuarial calculations. Its integrated compliance framework ensures that all IFRS 17 requirements are met with precision, supporting businesses in producing reliable, accurate financial reports and maintaining compliance.
Delta IFRS 17 software includes an IFRS 17 analytics dashboard, providing real-time insights into contract performance, CSM changes, risk adjustments, and more. This dashboard supports strategic decision-making by offering a clear view of key financial indicators, enabling businesses to monitor compliance and operational health effectively.
Automated IFRS 17 reporting simplifies compliance by minimizing manual entries and improving data accuracy. Delta IFRS 17 software automates reporting, reducing the workload on finance teams and ensuring timely, accurate submission of IFRS 17 disclosures.
Delta IFRS 17 software is designed to integrate smoothly with your own accounting software and ERP systems, streamlining compliance and reducing platforms/systems migration costs. This integration supports efficient workflows, data consistency, and simplified compliance with IFRS 17.
IFRS Tech provides end-to-end implementation support for Delta IFRS 17 software, including expert consultation, system setup, and training. Our team of actuaries, accountants, and software engineers ensures your business is fully equipped to transition to IFRS 17 compliance successfully.
