Uralsib Insurance transitions to IFRS 17 using SAS solutions

2021: Implementation of SAS solutions for transition to IFRS 17

On October 19, 2021, SAS announced that Uralsib Insurance was switching to IFRS 17 using SAS solutions.

IFRS IFRS 17 will enter into force on 1 January 2023 . For insurance companies that want to remain competitive in the market, this is a good opportunity to increase the efficiency of domestic. business processes

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Uralsib Insurance went this way, starting a project to implement SAS solutions for IFRS 17. The main task is to ensure compliance with the requirements of the regulator on compliance of accounting and reporting with the IFRS standard and current industry accounting standards (OSAS). But in addition, the company is interested in qualitatively changing the work of actuaries and automating a number of their routine tasks, which are often performed manually without proper automation and take a lot of time from specialists:

• collection and preparation of data for actuarial calculations;
• actuarial calculations;
• building cash flows for life and non-life insurance;
• calculation of indicators for financial reporting of IFRS and OSBU in terms of insurance contracts.

Automation of these processes will allow you to redistribute time to more intelligent tasks that generate business value.

The project will be carried out in two phases. The first is the introduction of an actuarial module for life insurance and non-life calculations. The second is the calculations for IFRS and OSBU of the statements in terms of insurance contracts for compliance with IFRS 17, as well as the required forms of disclosures in the statements.

At the end of the project, the company's statements will fully comply with the requirements of IFRS and OSBU in terms of reflecting insurance contracts, as well as in terms of preparing actuarial calculations of cash flows.

"It was important for us to find a vendor with deep expertise in the industry. But there were other selection criteria, for example, an important argument in favor of SAS was the presence of Russian support with qualified specialists and the ability to develop and further support the solution introduced, "- says Oleg Vorobyov, financial director of Uralsib Insurance.