IFRS 17 has been live since January 2023, but that does not mean innovation in this area has stopped, and Moody's wins this award for actively supporting customers with their IFRS 17 needs.

With the insurance contracts accounting standard in effect in most jurisdictions, and many implementation projects completed, Moody's focus has shifted to supporting the adjacent workflows impacted by IFRS 17: specifically, financial planning and analysis processes such as budgeting, forecasting and business planning.

Moody's points to its 145 customers – comprising life insurers, property & casualty insurers, and reinsurers worldwide – that are reporting under IFRS 17 successfully and on time, using its tool.

The risk analytics and technology provider stood out for its continued innovation in IFRS 17. Over the last year, for example, it has made improvements to its software, such as with the addition of a sensitivity analysis module and a multiple roll-forward feature. Sensitivity analysis is a key disclosure requirement for IFRS 17. In the RiskIntegrity solution for IFRS 17, customers can now calculate the impact of sensitivity changes in insurance and market risk variables on profit or loss and equity.

Improvements have also been made to the user experience with Moody's IFRS 17 tool, with increased transparency and enhanced process monitoring.

A spokesperson for Moody's says its IFRS 17 solution stands out because it offers insurers integrations that maximise return on customers' investments in existing actuarial models, accounting systems, and processes that are unified by a robust data dictionary.

The spokesperson adds that its IFRS 17 solution offers "future-proof technology that is cloud-enabled, highly scalable, modular, and designed to address the demanding data volume and performance requirements of IFRS 17".