RemitRix AccountX

RemitRix AccountX is a dynamic platform that helps Actuaries, CFOs and Risk Managers to navigate through the IFRS17 challenge with agile and robust approach. AccountX is a multi-ledger, multi-client, multi-product, multi-currency and multi-time IFRS 17 platform including :

  • Grouping of contracts
  • Identification of onerous contracts
  • BBA, PPA and VFA models
  • Risk Adjustments (COC, VAR, and CTE)
  • Discounting (Top-Down and Bottom-Up)
  • CSM allocation capabilities

Profit and Loss

Presentation in the statement of profit or loss and other comprehensive
income – Insurance income, insurance expenses and financing expenses.
Portfolios based presentation.
Recognition of financing expenses as part of the other comprehensive
income – part of the company’s accounting policy.

Revenue Analysis

Analysis of the insurance revenue recognized in the period.
The first part of the screen deals with the breakdown of revenue from
portfolios that are measured in non-PAA models, that is, the GMM/BBA
and the VFA. At the end there is an addition of the revenue from the
portfolios measured in PAA.
To be included in the notes of the financial statements, according to IFRS17.

Liabilities Reconciliation

Reconciliation reports for liabilities recognized in the statement of the
financial position (the balance sheet), displaying the transition of the
liability from the opening balance (e.g. end of previous year) to the closing
balance (e.g. end of current year).
Separate disclosures

Separate disclosures for components of the liability:
• The estimates of the present value of the future cash flows
• The RA for non-financial risk
• The CSM

Liabilities Reconciliation

Separate disclosures for components of the liability – in accordance with
occurrence of the insurance event:
• LRC (liability for remaining coverage) – for insurance events that have not
yet occurred – without the loss component (resulting from onerous
contracts.
• The loss component.
• LIC (liability for incurred claims) – in respect of the insurance events that
have already occurred.
Both disclosures – to be included in the notes of the financial statements,
according to IFRS 17.

Claims development

Disclosure of actual claims compared with previous estimates of the
undiscounted amount of the claims. To be included in the notes of the
financial statements, according to IFRS 17.

Discounting

Input / displays of yield curves.
The company will need to match the designated curve for each of the
different portfolios.
The standard allows a choice between two methods for determining each
of the curves, and so each of the tables is structured:
• Bottom-up approach – adjustments of a liquid risk-free yield curve to
reflect the liquidity characteristics of the insurance contract.
• Top-down approach – adjustments of a yield curve that reflects the rates
of return of a reference portfolio of assets, to eliminate non-relevant
factors, such as credit risk.

Contractual Service Margin

The Company recognizes the CSM as insurance revenue during the
remaining coverage period of the contracts, to reflect the transfer of
services.
The report describes allocation of the CSM over the years, which indicates
the estimations of the insurance revenue the company will recognize in the
coming years.
The CSM allocation is presented in two forms – capitalized and noncapitalized
(IFRS 17 allows a choice between these two forms).

RA Calculation

The software supports calculation of RA in several forms:
• VaR (Value at Risk)
• CTE (Conditional Tail Expectation)
• CoC (Cost of Capital)
This report describes the measurement results of the RA, which are added
to the liability calculation.
AccountX: Risk adjustments for
non-financial risk calculation

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