Management Consulting

Aon launched an IFRS 17 solution on its ReMetrica capital modelling platform to assist insurers in meeting their reporting obligations under the new International Financial Reporting Standard. The implementation of IFRS 17 is a significant challenge for over 1000 re/insurers globally, as it requires a more unified approach to financial reporting. The complexity and volume of data involved necessitate a shift away from manual processes and spreadsheets, which are no longer sufficient for actuaries who must calculate and report on insurance reserves and profitability. To address these niche issues, Aon's ReMetrica platform introduced new IFRS 17 components that automate critical calculations and cash flow projections, providing flexibility and a transparent audit trail. This solution not only aids actuaries in performing eligibility tests for simplified models but also helps identify onerous contracts and track account balances over time. The integration of finance and risk departments through this technology enhances the accuracy of reporting, which is crucial for strengthening insurers' capital, reinsurance programs, and overall financial ratings. The development of these IFRS 17 components was part of Aon's broader strategy to leverage data and analytics capabilities, ensuring that the solution can be scaled and utilized by insurance companies worldwide. This initiative exemplifies Aon's commitment to innovation in the insurance sector, ultimately optimizing balance sheets and profit and loss statements for its clients.