AutoRek wins contract for IFRS 17 Reconciliations

Scottish fintech AutoRek has announced that they have been chosen as the preferred reconciliation tool for a major international underwriter. The Glasgow based fintech firm will help its new client to comply with IFRS 17 standards.

IFRS 17 is very complex and one the biggest, if not the biggest, changes to financial accounting in insurance since Solvency II. AutoRek had helped many of its customers with Solvency II and is now working with them on IFRS 17 infrastructure.

By performing all reconciliations, Autorek will ensure that data quality and completeness are following the highest standards as defined in the IFRS 17.

One of the key reasons AutoRek was selected was the flexibility the solution offers in relation to the ever-changing future requirements.

Autorek will enable its new client to achieve:

  1. Efficiency – Significant time saving due to the reduction of manual processes.
  2. Transparency – Clearly defined process and controls framework which maintains the integrity of reconciliations.
  3. Data Quality Assurance – Each time data is loaded it is validated for its accuracy and completeness to ensure integrity.
  4. Audibility – The system maintains a full audit trail at a transactional level ensuring accountability.

“This represents a significant win for AutoRek and we are looking forward to continuing to develop our IFRS 17 offering as we work towards the go live date in January 2023”.

Piers Williams, Head of Insurance at AutoRek