Swiss Re and software provider SAP have teamed up on a project to reduce the complexity and time spent on financial reporting to multiple regulators across the globe.
The companies argue that different valuation methods like IFRS 17 and US GAAP make it difficult for insurers and reinsurers to capture reliable, comparable financial information for reporting and decision making.
The new solution will be based on SAP's HANA platform, a database management system that retrieves data and performs analytics. It will attempt to incorporate new valuation methods as they become applicable and generate reports based on these different valuations at the same time.
Swiss Re said it will also cut the time spent on operational tasks while increasing the capacity for analytics, as well as improving the ability to steer the allocation of financial resources.
The solution will eventually be made available to other re/insurers.
Gerhard Lohmann, reinsurance CFO at Swiss Re said: "We chose to work with SAP on this initiative, because it is a renowned software provider with a long and deep history of working with global insurance companies.
"I genuinely believe that together we can achieve our strategic vision to enable integrated steering and reporting for ourselves and across the industry."
