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Willis Towers Watson launches new software for IFRS 17 complexities

December 10, 2019

Global (re)insurance broker Willis Towers Watson has launched ResQ Financial Reporter, an out-of-the-box software solution designed to help P&C insurers implement IFRS 17.

ResQ Financial Reporter is a calculation and data management solution that will provide an efficient framework to generate financial statements and support disclosure requirements of IFRS 17, saving insurers valuable time and effort in their reporting processes.

Andy Teale, global IFRS 17 P&C technology leader, at Willis Towers Watson said: “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. 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.”

Tina Gwilliam, global product leader for ResQ at Willis Towers Watson said: "ResQ Financial Reporter will enable users to move through a flexible, intuitive and well-governed audited process that supports the analysis, review, reporting, validation and sensitivity testing required to deliver IFRS 17 financial statements in a timely, cost-efficient manner. The software essentially takes the complexity out of IFRS 17, so insurers can focus on the core activities that matter most to their business.”