By combining SinoSoft Insurtech solution with Walden Global Services as partner in Indonesia, Indonesian insurance companies can gain a comprehensive and effective IFRS 17 compliance package.

Sinosoft Insurtech Solution Partner Indonesia

IFRS 17 Overview

IFRS 17 is a new International Financial Reporting Standard that dictates how insurance companies account for insurance contracts. It requires insurers to adopt a more rigorous and transparent approach to financial reporting, compared to previous standards.

SinoSoft's Potential IFRS 17 Solution:

• Data Management: Consolidating and managing data from various sources relevant to insurance contracts, including policyholder information, claims data, and investment information.
• Cash Flow Calculations: Projecting future cash flows associated with insurance contracts under different scenarios, considering factors like mortality rates, interest rates, and lapse rates.
• Valuation Techniques: Supporting all three IFRS 17 valuation approaches: the General Measurement Model (GMM), the Premium Allocation Approach (PAA), and the Variable Fee Approach (VFA).
• Risk Management: Integrating risk management capabilities to account for uncertainties in cash flow projections.
• Reporting Tools: Generating reports that comply with IFRS 17 disclosure requirements.

Benefits of Using SinoSoft's IFRS 17 Solution (potential benefits)

• Improved Compliance: Streamline the process of complying with IFRS 17 accounting standards.
• Enhanced Accuracy: Ensure accurate financial reporting through robust calculations and data management.
• Increased Efficiency: Automate manual tasks associated with IFRS 17 reporting.
• Better Decision-Making: Gain deeper insights into the financial performance of insurance contracts.

By combining SinoSoft Insurtech software solution with Walden Global Services as partner in Indonesia, Indonesian insurance companies can gain a comprehensive and effective IFRS 17 compliance package.