RNA Analytics wins IFRS 17 consultancy of the year for the effectiveness of its accounting solutions as well as its innovation in this area.

The judges were highly impressed with the work done by RNA Analytics for Nordic insurer Gjensidige in preparation for IFRS 17. As a provider of actuarial software and consulting services, this involved RNA Analytics developing models internally for all Gjensidige's businesses.

RNA then continued to support Gjensidige and led the IFRS 17-specific calculations, leveraging its model package and adjusting it to suit the client's own processes.

Following a series of testing and parallel runs of the IFRS 17 reporting and subsequent refinements, Gjensidige announced its successful implementation in Q1 2023 – a conclusion that was corroborated by auditor Deloitte in its own evaluation.

In addition to continuing to support Gjensidige with continuous model customisation, the judges also liked the fact that RNA Analytics has made a number of wider improvements to its IFRS 17 package.

The addition of a new disclosures file in the IFRS 17 solution is amongst these improvements, along with the calculation functionality. RNA Analytics said the upgrade was "made as a result of an internal global alignment project, a process whereby our global teams share their local experiences".

Javier Alvarez, managing director for Emea at RNA Analytics, says the InsuranceERM award recognises the provider's expertise and capabilities in assisting organisations with implementing IFRS 17.

He adds the most recent enhancements have played a paramount role in providing a full end-to-end solution, that can suit any customer's needs thanks to a flexible, scalable and modular approach.