The introduction of IFRS 17 poses many challenges to the insurance industry, including deeper granularity of record keeping and modelling, harmonisation of multiple source systems and calculation engines, more collaboration between technical departments, incorporation of another technical model into the business-critical process, and compliance with an additional regulatory regime. This is a challenge that cannot be solved using the fragmented application landscape businesses have to-date, and certainly not by throwing only human resources at the problem.
Psicle has many features that make it the ideal global reserving and IFRS 17 solution. As a platform it focusses on collaboration across an organisation in building the models, on providing a rich toolkit of transformation algorithms and statistical techniques and it can operate at any level of granularity (for example, we have a client running their IFRS 17 model at a policy level). We have an overarching governance framework which controls user and model access, which helps to ensure model confidence in the end-to-end reserving process.
See our IFRS 17 Psicle Factsheet and Case Studies for more information on the technical capability of Psicle.