Welcome to CREDO, Your Partner in Common Sense

16th November 2018

Oudestraat 113

B-2630 Aartselaar

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CREDO IFRS17

Our IFRS17 solution is designed keeping in mind existing actuarial practices and internal modelling (BEs, SII, LAT …). It is suitable for insurance companies of all sizes. Our IFRS17 and IFRS9 impairment engines can be deployed separately or together.

Functional components

  • Unbundling of contract components not in scope of IFRS17
  • Creating and maintaining Groups
  • CSM and liability calculations using the general, variable fee and premium allocation approach, maximally reusing existing actuarial work
  • Possibility to overrule data inputs if needed
  • Management overlay allows overruling of results for specific Groups
  • Sign-off: formal validation of results before final booking
  • Booking engine: standard output interface with event and inventory messages, respecting the new presentation logic of IFRS17

Optimal mix of proven and new technologies

  • Component-based/service-oriented architecture in Java
  • Cloud-technology allows easy deployment across groups
  • In-memory cache and multi-threading leads to superior performance

Supporting technical components

  • Clearly documented standard input/output interfaces
  • Flexible workflow: process flow not hard coded into the solution
  • Rules engine for flexible discrete decisions, e.g. grouping
  • Secure access to the software
  • Logging of all events
  • Audit trail: all manual modifications are carefully recorded and can be reverted
  • Error manager

IFRS17

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