By Emmanuel Oluebube, Correspondent UK
Moody’s Analytics Sunday announced that a composite insurer operating across Mauritius and East Africa, MUA will be using the Moody’s Analytics RiskIntegrity™ for IFRS 17 solution and the Moody’s Analytics Scenario Generator to meet the reporting requirements of the IFRS 17 accounting standard.
“We selected Moody’s Analytics as our IFRS 17 solutions provider because of their extensive experience in helping firms address global regulations and accounting frameworks,” said Group CFO at MUA, Laval Foo-Kune. “Working with one provider for our IFRS 17 and solvency capital calculations allows us to make use of Moody’s Analytics scenario generation and accounting expertise, positioning us for an efficient implementation of the new standard.”
Insurers are facing significant challenges as they must address new accounting standards while navigating the uncertain business environment. The RiskIntegrity for IFRS 17 solution connects data, models, systems, and processes between actuarial and accounting functions for an effective implementation of IFRS 17. Available as a software-as-a-service (SaaS) solution, its out-of-the-box functionality allows MUA to begin making the transition to the new accounting standard immediately.
MUA will use the RiskIntegrity for IFRS 17 solution alongside the Moody’s Analytics Market-Consistent Scenario Generator, a suite of stochastic asset modeling tools that help insurers to produce risk-neutral scenarios for liability valuation, and place a market-consistent value on options and guarantees, as required under IFRS 17.
“We built the RiskIntegrity for IFRS 17 solution to help insurers significantly accelerate their IFRS 17 projects and we look forward to supporting MUA as they move forward with their implementation,” said Managing Director at Moody’s Analytics, Christophe Burckbuchler. “Because Moody’s Analytics manages the IT infrastructure and software maintenance of the RiskIntegrity for IFRS 17 solution, MUA will benefit from shorter implementation timeframes, and our commitment to help them address future updates made to the standard.”
Earlier this year, Moody’s Analytics won IFRS 17 Solution of the Year and four other categories at the InsuranceERM Awards.