Zurich Insurance Company (Zurich) has selected Systemorph’s IFRS 17 Reporting Solution for achieving compliance with the new international reporting standard in a number of its local Life businesses.
IFRS 17 is the global standard for insurance financial reporting to be introduced in 2022. Systemorph’s data management product automates and simplifies the end-to-end gathering, calculation, analysis and reporting of data for IFRS 17 compliance.
“Since we serve customers in many markets, we needed a data management solution that would streamline the collection, validation, calculation and analysis of data across a wide range of sources and teams,” says Brian Bissett, Chief Group Actuary, at Zurich. “We chose the Systemorph solution because it offers advanced automation, intuitive operation, and flexible reporting that can be deployed quickly across our business units.”
The IFRS 17 Reporting Solution is powered by Systemorph’s Vertex platform, which delivers a range of features and benefits for capturing, communicating and controlling data for reporting and better decision-making.
“The Systemorph IFRS 17 solution should enable us to do rapid prototyping and permit us to explore methodologies and to analyse our portfolios in depth,” says Alexander Ofutin, IFRS 17 Product Owner at Zurich. “We will be able to use the Systemorph solution to quickly and easily create data variants for stress testing, sensitivity analysis, and projection exploration.”
“We built the Vertex platform to enable insurers to centralise data control in their organisations while maintaining flexibility for distributed data management and local customisation,” said Dr. Roland Bürgi, founder and CEO of Systemorph. “Now insurers can focus on business content, not spending cycles dealing with the underlying technologies.”
The new IFRS compliance project follows a successful actuarial reporting project for Zurich in which Systemorph deployed a new reporting platform in less than nine months, reducing operating costs by more than 50 per cent and increasing user satisfaction and productivity.
