What is the IFRS 17 tool?

Understanding KPMG’s IFRS 17 Tool: A Game-Changer for Insurers

For insurance companies navigating the complexities of modern financial reporting, the arrival of IFRS 17 has been nothing short of transformative. This global accounting standard reshapes how insurers recognize, measure, and disclose their contracts, demanding greater transparency and consistency. But with increased accuracy comes increased complexity—enter KPMG’s IFRS 17 Tool.

This solution isn’t just another piece of software—it’s an end-to-end platform designed to streamline the entire IFRS 17 compliance journey. From calculating insurance contract liabilities using the new measurement models (like the building block approach or premium allocation) to generating detailed accounting records, financial statements, and disclosures, the tool handles the heavy lifting. It’s built to support actuaries, finance teams, and auditors in producing reliable, auditable results under tight reporting deadlines.

What sets KPMG’s tool apart is its integration of deep technical expertise with practical functionality. It doesn’t just compute numbers—it reflects real-world insurance dynamics, such as variable fees, risk adjustments, and cash flow projections, all while aligning with local and international regulatory expectations. For multinational insurers, that consistency across jurisdictions is invaluable.

And while IFRS 17 has posed significant challenges—requiring system overhauls, data reengineering, and cross-departmental coordination—tools like this help turn compliance from a burden into an opportunity. They enable clearer financial storytelling, improve stakeholder trust, and ultimately lead to better business decisions.

In a landscape where precision and clarity are paramount, KPMG’s IFRS 17 Tool isn’t just about meeting a standard—it’s about mastering it. For insurers stepping into this new era, it’s quickly becoming an essential ally.