MM_IFRS17 is a tailor made IFRS 17 actuarial calculation solution for insurers where industrialised solutions are too heavy or too costly and would require too much tailoring to their specific needs. The product leverages on Milliman’s reputation in actuarial modelling, our track record on IFRS 17 and the capability of Milliman Mind to provide a secure, auditable and traceable reporting process.
Upload a limited set of input files with current period and expected future cash flows for each group of contracts, together with historical discount rates and parameter settings for each group of contracts.
Roll forward the historical annual discount rates, interpolate them to the input cash flow frequency and perform a step by step analysis of movement of the present value of expected future cash flows.
Upload the structure of your Chart of Accounts to create a tailor-made postings file for use by your accounting platform, plus all related disclosure tables.
Milliman Mind is built as a web & cloud-based app. It requires no installation on local IT or computers, and can be used on laptop, tablet and even smartphone. Updates are handled 100% by Milliman and can be applied at client's request.
Apart from the annual license for Mind, the IFRS 17 model can be purchased and used without any recurring license fees.
Implementation support is provided by our local Milliman office, building on their knowledge of products and IFRS 17 best practice in your market.
A complete audit trail track every changes to the model. You know who imported which input and when.
There is a full back-up of the model and used input and output for each accounting closing period. Specific assess rights exist to sign-off and validate the closing results.
MM_IFRS17 is completely open-source. Milliman Mind facilitates a conversion of the c# cloud model to a Microsoft Excel model for detailed training, testing and auditing purposes.
MM_IFRS17 is an open-source model that can be further tailored to your local market practice and your specific insurance portfolio situation.
Our solution features all components of IFRS 17 and is ready for use as soon as you have validated our approach for own use and set up the file transfers between your systems and the tool.
Milliman Mind bijectivity with Excel allows designing your model in Excel, convert it to a Milliman Mind project, then being able to comeback to Excel at any time, rework in Excel, and go back to Milliman Mind!
Milliman Mind provides customizable rights management feature for company administrators. You can easily manage rights upon projects, and create taylor-made roles for the setting up of robust workflow within your company.
Your Excel models are automatically uploaded to the cloud and formulas are converted into C# for faster calculations. A powerful multi-threaded and AI-based calculation engine will minimize memory consumption and lead to quicker runtime.
We provide a powerful public API to fully integrate Milliman Mind within your IT mainframe. You can import data, launch complex calculations and export results directly from your internal mainframe. We also provide full documentation to help your in-house developments.
Milliman Mind and MM_IFRS17 can both be made available within almost one business day. MM_IFRS17 is however an open-source model that can be further tailored to your interpretation of IFRS 17 and your specific insurance portfolio situation. Implementation support for this will be provided by the local Milliman office, which will also be close by for support after going live.
Milliman actuaries have been closely tracking the development of IFRS 17 over the last 20 year and have created this solution by leveraging on their practical experience from implementing IFRS 17
for first adopters since 2017.
We offer you a unique combination of global IFRS 17 expertise with local insurance product knowledge.