Willis Towers Watson launches new IFRS 17 tool

Willis Towers Watson has launched an out-of-the-box software solution designed to help P/C insurers implement one of the most significant and complex changes to insurance accounting requirements for a generation.

ResQ Financial Reporter is designed to provide an efficient framework to generate financial statements and supporting disclosure requirements of IFRS 17, potentially saving insurers valuable time and effort in their end-to-end reporting processes.

“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 global IFRS 17 P/C technology leader, at Willis Towers Watson, Andy Teale.

“Despite the deferral of the standard and calls for further delays, many insurers are still behind where they need to be on implementation. 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.”

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