China, 30 October 2018 - PwC and Moody’s Analytics announced today their collaboration to offer best-of-breed technology, implementation, and consulting solutions that help insurers respond to the new International Financial Reporting Standard for Insurance contracts (IFRS 17) globally.
“Insurers face significant challenges in adopting and complying with the new standards,” said Alex Bertolotti, Global Insurance – IFRS 17 at PwC. “The nature of IFRS 17 will require not only greater interaction between actuarial and accounting systems and functions, it will create significant challenges related to data, processes, modeling, governance, auditability, and business integration.”
As part of this alliance, Moody’s Analytics will provide solutions that process IFRS 17 calculations and address the data governance and accounting challenges introduced with IFRS 17. PwC will offer actuarial and accounting advisory services as well as business, functional and technical implementation consulting. By joining forces, the two firms offer insurers an end-to-end solution with a rich blend of domain knowledge, tools, and execution capabilities spanning finance, actuarial, and operations.
“The adoption of IFRS 17 poses a meaningful challenge for insurers in a relatively short time frame. Mishandling this challenge could materially impact how these firms’ financial results are represented,” said Andy Frepp, General Manager Enterprise Risk Solutions at Moody’s Analytics. “Working together, Moody’s Analytics and PwC can implement flexible solutions that deliver deep and local actuarial and accounting expertise and help clients meet the timetable for implementation of the standard.”
PwC joins Moody’s Analytics PartnerAlliance program as global Elite IFRS 17 partner, and is building a competency center around Moody’s Analytics’ solutions internationally.
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