What IFRS 17

You could meet all your IFRS 17 compliance

needs with a single platform?

Prophet GI for IFRS 17

2 Prophet GI for IFRS 17

FIS’ Prophet GI risk

management solution is ready
to rise to the challenges of the
new accounting standard for
insurance contracts, IFRS 17.
With our single platform, you FULFILMENT FINANCIAL GOVERNANCE AND
can meet all the requirements CASH FLOWS CALCULATIONS CONNECTIVITY
of compliance – from
fulfilment cashflow Modelling of contract Additional contract group End to end processes
projections and calculating liabilities calculations
the contractual service margin
Prophet's governance tools
to financial statements and
Prophet's models provide the Prophet's IFRS 17 Group cover process automation,
maintaining full governance
building blocks for calculation Calculations library calculates assumptions management,
and connectivity.
of the fulfilment cashflows the CSM and populates the data and production
financial statements and
disclosures

What IF…
You had instant access to customizable actuarial libraries for all
major product types?

Liability Libraries
The FIS approach builds on existing
investments to provide a governed and
controlled IFRS 17 solution. Prophet GI’s
liability libraries provide fulfilment
cashflows and detailed method
comparisons.
Our solution combines standard out-of-
the-box functionality with open and
transparent code, for a quick solution to
meeting contract projection needs. You
can use sample standard risk adjustment
calculations or configure your own.
Fulfilment cashflows are modelled for
both direct written business and ceded
reinsurance contracts and can
incorporate new business when
necessary within ceded contract
boundaries.
Additionally, fulfilment cashflow output
from Prophet GI libraries can be enhanced
with outputs from other Prophet libraries
for a true multi-line solution.

The IFRS 17 Group Calculations Library

offers full contractual service margin
(CSM) and financial statement Other Prophet IFRS 17
Fulfilment
calculations, including disclosures and Fulfilment Cashflow
Group Calculations IFRS

analysis of change. Cashflow Library

Models
Prophet Data Management Platform
IFRS Accounting
Fulfilment
Cashflow

components, such as Prophet Enterprise,

flo nt

the Insurance Data Repository (IDR) and

sh m e
w

Interface

Prophet Life
Ca lfil

Prophet Control Centre (PCC), complete

Fu

the governance and connectivity solution. & Health

Libraries Prophet GI
Fulfilment Cash Flows Libraries
The liability libraries allow for complete
fulfilment cashflow projections to support
the regular reporting cycle:
• Future cashflows
• Time value of money Other Non-
• Risk adjustment Cash Flow
Models
 Prophet GI for IFRS 17 3

Method Comparison
Prophet GI’s liability libraries also provide full projected financial
statements, using both general model and premium allocation
approach (PAA) calculation methods, with and without interest,
and supporting detailed out-of-reporting-cycle method
comparisons and eligibility analysis.

What IF…
The hard work of IFRS 17 compliance had already been done for you?

IFRS 17 Library
The Prophet IFRS 17 Group Calculations library uses fulfilment
cashflows from Prophet’s full range of liability libraries, including
those developed for Prophet GI.
You can perform reporting calculations for each unit of
measurement according to your chosen method – general
model or PAA. Calculations include the CSM and/or loss
components as appropriate.
Our IFRS 17 Group Calculations library also provides full financial
statement calculations, including balance sheet and income
statement accounting lines, as well as disclosure balance and
analysis of change lines.
Calculation data, including opening balances, expected period
values, actual values and projection data, can be read from
specific data tables, directly from previous Prophet results, the
IDR or other data warehouse.

Scope of IFRS 17 Group Calculations library

UNIT OF CONTRACTUAL FINANCIAL RESULTS

MEASUREMENT SERVICE MARGIN STATEMENTS OUTPUT

Aggregate results for General model All measurement Closing and expected
contract groups or variable fee models balances at unit of
measurement
Results from Experience adjustments and Income statement and
Prophet models assumption changes balance sheet Other reported
information at chosen
Results from external Loss component and CSM Analysis of change and level of granularity for
systems reinstatement other disclosures financial reports

Allow for outcome of Run off in line with Forecasted and

onerous tests coverage units transition values
4 Prophet GI for IFRS 17

What IF…
You had a proven, end-to-end solution for IFRS 17 compliance?

Prophet Data Management Platform
The Prophet Data Management Platform (PDMP) provides a
fully controlled, end-to-end solution for compliance. Together, the
PDMP’s core components of Prophet Professional, the Data
Conversion System (DCS) and Excel Reporting, combined with
the IFRS 17 Group Calculations and liability libraries, provide a
complete IFRS 17 solution. Additional, optional components can
further enhance governance, control and connectivity.
Prophet Enterprise provides a full production environment for
calculations:
• A production control platform for Prophet models
• Controlled, protected, fully auditable and versioned environment
• Locked-down, controlled multi-user and multi-workspace
• Job scheduling and automation
The IDR adds full data connectivity:
• A persistent store for historic data and the interface to the
general ledger
• Powerful Prophet results mapping and storage
• Dimensionality for easy reporting and interfacing with
downstream systems
• Combining data from different calculations
• Importing from other sources
• Linking meta-data to the results
The PCC provides an integrated workflow tool:
• Control of Prophet applications
• Automating processes and providing an audit trail
• Integrating widely with other systems
• Interactivity with people
• Process consolidation and improvement
• Faster and more controlled processes

Prophet controlled end-to-end solution

PRE-PRODUCTION DEVELOPMENT POST-PRODUCTION

Prophet Professional Excel Reporting

Components Data Sources: • Direct access to all
• Model development
of Prophet Data Policy, Finance, etc.
• Promotes model to
Prophet results
Management production
Platform General Ledger Other systems
• S tandard IFRS 17
integrate with On premise
calculations, transition installation
most known IT and disclosure
platforms, across requirements
a variety of
deployment Prophet Modules:
PRODUCTION Insurance Data Repository
models Glean
• Maps results to
Data Conversion Prophet Enterprise business context
System Managed
• Executes runs using PP •P
 rovides standard
Cloud
models reporting schema Services
Prophet core •P
 roduces consistent • Supports BI
and auditable results dashboards and
components
• Maintains execution external data load
history

Prophet suite Prophet Modules: Business intelligence

Prophet Results Database
components Assumption and regulatory reporting
Manager • Collates results Centralized /
Additional data; Reporting and
•H
 olds metadata dashboards decentralized
finance, etc
from model runs deployments
External • Converts data to
components/ SQL format
sources

Prophet • Automates Prophet jobs • Manages data transfer between stages

Control Centre • Maintains process audit trail • Enhances data lineage and traceability
 Prophet GI for IFRS 17 5

What IF…
You had the most experienced partner to lead your IFRS 17 journey?

Implementation

Typically, implementing an IFRS 17 calculation solution with Prophet GI will involve setting up data flows, configuring
standard calculations and preparing output that best meets your specific needs. Supported by the initiation and deployment
phases, we will walk you through these key steps and work closely with you to establish a mutual understanding of your
requirements and our solution. In a series of workshops, our experienced staff will guide you through the discovery and gap
analysis phases before proposing and implementing the chosen solution design.

Project Initiation (Define and Scope)

Agree objectives Data Implementation
• Define required data
• Review available data Review the provided data Calculation Implementation
• Data gap analysis
Transform into Prophet Configure calculations
Define required policy calculations Result Implementation
readable format as required
• Identify test cases
Setup required Deployment
Set up data processes Test on agreed cases
Define required outputs reporting
Setup data feeds Delivery
as required User acceptance testing
Train end users

Where the wider Prophet Data Management Platform is utilized, the implementation will evolve to include the
selected elements as required.

What IF…
You could set off right away

Imagine that all of the above was proven, available and ready to go today.

It’s not your imagination: It’s FIS’ Prophet GI

CONTACT US at getinfo@fisglobal.com to find out more.

About FIS’ Prophet
FIS’ Prophet is a leading enterprise-wide actuarial modeling
system that helps insurance and financial services
companies meet reporting responsibilities, improve risk
management, and develop more profitable products faster.
Prophet uses customizable actuarial libraries for all major
product types, including regional variations. It provides the
transparency, performance and control required by today’s
actuaries and risk managers through integrated financial
modeling and data management capabilities. Prophet is used
by more than 10,000 users at nearly 1000 customer sites in
over 70 countries.
www.fisglobal.com
getinfo@fisglobal.com
©2019 FIS
FIS and the FIS logo are trademarks or registered trademarks of FIS or its subsidiaries in the U.S. and/or other countries.
Other parties’ marks are the property of their respective owners. 615422
About FIS
FIS is a global leader in financial services technology,
with a focus on retail and institutional banking, payments,
asset and wealth management, risk and compliance,
consulting and outsourcing solutions. Through the depth and
breadth of our solutions portfolio, global capabilities and
domain expertise, FIS serves more than 20,000 clients in over
130 countries. Headquartered in Jacksonville, Florida, FIS
employs more than 53,000 people worldwide and holds
leadership positions in payment processing, financial software
and banking solutions. Providing software, services and
outsourcing of the technology that empowers the financial
world, FIS is a Fortune 500 company and is a member of
Standard & Poor’s 500® Index. For more information about
FIS, visit www.fisglobal.com
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