Your comprehensive solution supporting end-to-end IFRS17 process
 

Deloitte can help you with a seamless implementation of out-of-the-box IFRS17 functionality, with possibility of easy customizations to reflect your needs. Finevare uses a proven and audited IFRS17 methodology – it is constantly verified and maintained by experienced team of actuaries, analysts and developers. Next to the portfolio valuation, Finevare offers an intuitive and easy forecast and planning functionality, covering automated & quick plan calculations, multiple plan versions, possibility of new production generation.  Additionally, Finevare offers extensive set of predefined IFRS17 disclosures and business reports that can be further customized.

Finevare Enterprise IFRS17 offers the following modules to the users:  

Insurance contracts valuation:

• Implemented methods: GMM, PAA
• Supports direct business and reinsurance held
• Calculation of liability of remaining coverage – PVFCF, RA, CSM
• Calculation of liability of incurred claims: FCF-LIC, RA
• Insurance service result calculation
• Calculation of the locked-in and market interest rate on group level

Cash-flows generation engine:

• Generates cashflows based on CFs patterns and configured parameters
• Allocation to Current and Future Service
• Conducting of Onerous contract test for initially recognized insurance contract groups
• Transformation of actual cash flows

Forecast and Planning:

• Automated calculation of IFRS17 results for the prognosis dates
• Automated generation of existing business runoff
• Support of expected new business generation (automated or manual or uploaded)
• Multiple versions of forecast & plan possible

Simulations and Reporting

• Automated Sensitivity analysis process for IFRS17 disclosures
• Possibility of multiple calculations to perform what-if analyses (based on different parameters or input data)
• Out-of-the-box disclosures and reports
• Easy customization of new reports

Accounting 

• Generation of IFRS17 accounting postings/transactions
• Verification and reconciliation of postings with IFRS17 module    

Data Warehouse

• Gathers input data for Finevare from other systems. Transforms, stores and transfers them to Finevare.
• Serving as a datamart for these data

Your bulletproof solution to IFRS 9 compliance

Finevare Enterprise has a comprehensive coverage and can meet client’s needs in the areas of:

• Classification including SPPI test 
• Measurement under amortized cost, revenue correction due to impairment, calculation of Effective Interest Rate
• Calculation of risk parameters (vector and matrix approach)
• Segmentation
• Calculation of Expected Loss and provisioning using collective and individual method
• Business workflow support
• Extensive reporting module

Ready-to implement IFRS 9 solution

• Meets requirements for provisioning the system to conform with the IFRS 9 standard: 3 stages of impairment calculations, simulations, risk parameters, interest revenue correction, EIR and amortized cost calculations, relevant IFRS 7 disclosures, out-of-the-box charts and reports
• Pre-configured “Model Bank” with best-practice setup provides a starting point for the customization and lowers deployment time

Comprehensive solution

• Comprehensive, operationally proven solution, covering IFRS 9 calculations, simulations, automation, and process support for enterprises
• N-tier software architecture, functions as a front-end enabled data mart
• Integrates naturally into a data warehouse, General Ledger, and BI tools

User-friendly interface

• Finevare is a user-friendly system with a modern and intuitive graphical interface, operated via a web-browser
• Interactive charts for reports visualization, reporting wizard for ad-hoc pivot tables creation
• Simple and easy to use configuration and administration of data sets, running reports, simulations, etc.

Rapid IFRS 9 calculation engine

fLITE is the solution developed by Finevare Quant Team for the purpose of modelling of IFRS 9 Expected Credit Losses. The solution is implemented in a novel analytical framework developed by Deloitte team called Finevare Analytic Toolkit (FAT). It allows for efficient development of new models (in project mode), including build of statistical models based on specific requirements of our clients. Our software leverages on experience built on multiple implementation projects dealing with financial instruments accounting under IAS39 and IFRS 9.

The fLITE platform provides IFRS 9 regulatory compliance, supporting the following functions:

Classification and measurement (C&M)

• Classification based on SPPI test and input Business model
• Initial valuation and subsequent measurement of financial assets
• Effective interest rate calculation
• Amortisation of fees and costs

Impairment (IMP)

• Segmentation and stage classification on contract level
• Impairment collective and individual calculations
• Correction of interest revenue for impaired/POCI portfolio
• STA engine calculating risk parameters based on historical data
• Simulations of impairment under various conditions

General functions (Core)

• Data load and validation
• Configuration file load and export
• Graphical User Interface for operation, administration and configuration
• Correction of interest revenue for impaired/POCI portfolio
• Tabular and graphical reporting
• Generation of repayment cash flows