A large, diversified, multinational general and life insurer had to comply with IFRS 17 standards for reporting. This required ensuring an efficient finance transformation across all the subsidiary businesses. As a result, the data processing and calculation systems needed to be identified in order to standardise the reporting process across these businesses, while considering the vast range of legal jurisdictions and operating environments. The insurer invested in a strategic data storage and processing platform capable of both absorbing the policy and actuarial data requirements and calculating the IFRS 17 results. Integration between Actuarial and Finance capabilities across the fragmented business systems landscape was key.
Monocle was tasked with understanding the data management and business requirements to deliver on multiple dimensions of the end-to-end initiative. This included understanding the IFRS 17 standard and required our expertise in implementing big data platforms and business intelligence solutions. Monocle was also involved in the translating of business and technology imperatives to stakeholders and executives as it related to business and functional needs.
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Automated monthly reporting processes for IFRS 17
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Data and analytics platform fit for future growth
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Integrated Risk and Finance reporting processes
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Establishing an end-to-end data management framework covering the process governance and controls and embedding them for business-as-usual operations
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Actuarial and Finance understanding and knowledge as it relates to business processes
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System and business testing that pulls together the systems and business functional worlds in a multi-layered testing approach, ensuring end-to-end coverage
