Deloitte’s IFRS 17 General Insurance application has been created to assess tentative decisions made by the international accounting standard board (IASB) in relation to its proposal for a new standard for insurance contracts related to IFRS17. This model will demonstrate if the modelled product using PAA is a good approximation to BBA. Anaplan uses a custom built PAA eligibility scoring index to determine the eligibility of the contract and generate a run off of an illustrative technical provision and profit signature under IFRS17.
Landing page for all users. The user can navigate between the admin settings and inputs/outputs based on their roles.
Allocate assumptions for premium cash flows and quarterly patterns for the contract.
Determine if the contract is eligible for PAA depending on a set criteria the contract is assed by.
Detailed BBA breakdown of Insurance liabilities and profit signature on a Gross/Net basis.
Detailed PAA breakdown of insurance liabilities and profit signature on a Gross/Net basis.
Create different scenarios based on changes in the sensitivity parameters.
The Application has a custom built PAA Eligibility Index Score which scores the contract based on set criteria to determine if the contract is PAA eligible. This addresses the new standard introduced by the IASB for insurance contracts related to IFRS 17 and provides an illustrative technical provision of profit signature for the user to assess.
PAA and BBA Breakdowns
The ability to break down insurance liabilities and profit signature for BBA and PAA approaches. This provides the user a comparative breakdown of Insurance Liabilities and Profit Signature that the user can assess.
Financial Statement Outputs
The ability to break down PAA and BBA calculation approaches with mini financial statements. This provides the user a rapidly generated income statement and balance sheet that the user can assess based on the assumptions that they input.
Sensitivity Adjustments & Scenario Testing
The ability to conduct Scenario Testing based on changes in sensitivity parameters such as Risk Adjustment, Acquisition costs, overheads, loss ratios, yield curves and premium patterns. This allows the user to compare different scenarios for BBA and PAA comparisons.
Deloitte provides industry-leading audit, consulting, tax, and advisory services to many of the world’s most admired brands, including 70% of the Fortune 500. Our people work across more than 20 industry sectors with one purpose: to deliver measurable, lasting results. We help reinforce public trust in our capital markets, inspire clients to make their most challenging business decisions with confidence, and help lead the way toward a stronger economy and a healthy society. As a member firm of Deloitte Touche Tohmatsu Limited, a network of member firms, we are proud to be part of the largest global professional services network, serving our clients in the markets that are most important to them.