IFRS 17 CALCULATION

Milliman Mind–IFRS 17

IFRS 17 calculation, with the power of Milliman Mind.

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Milliman Mind–IFRS 17

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OVERVIEW

Powerful out-of-the-box modeling

Milliman Mind–IFRS 17 provides secure, auditable, and traceable reporting without costly customizations or complex software.

Nuanced, comprehensive—and challenging

IFRS 17 requires a multi-disciplinary program with involvement from accounting, risk management, and actuarial teams.

Read our latest thinking

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At a glance

How it works

Step 1: Upload data

Provide input files with current-period and expected future cash flows together with historical discount rates and parameter settings.

Step 2: Actuarial calculations

Roll forward historical annual discount rates, interpolate them to cash flow frequency, and perform a step-by-step analysis of the movement of the present value of expected future cash flows.

Step 3: Accounting results

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.

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BENEFITS

Milliman Mind–IFRS 17 benefits

Easy deployment

A cloud-based app, Milliman Mind–IFRS 17 requires no local installation, and can be used on laptops, tablets, and even smartphones. Milliman handles updates, which can be applied at your request.

Simple, cost-effective licensing

The IFRS 17 model can be purchased and used without any recurring license fees. Milliman Mind is licensed as an annual subscription.

Local support

Implementation support is provided by your nearest Milliman office worldwide, building on our local market knowledge.

Audit trail

Every change is tracked—you always know who imported which input and when.

Traceability & reproducibility

A full model backup, including inputs and outputs for each closed period, provides peace of mind. Manage access rights to control sign off and validation.

Open source flexibility

The open-source model can be tailored to your market and portfolio.

Customizable rights

Manage rights using a robust role-based system to ensure security and workflow efficiency.

Rapid deployment

The solution includes complete IFRS 17 parameters and is ready for immediate use.

Familiar tools

Convert easily from Milliman Mind to Excel and back again as needed.

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Technology

Milliman Mind–IFRS 17 technology

Powerful, cloud-based calculation engine

Excel formulas are automatically converted to C#, enabling maximum utilization of a multi-threaded, AI-based calculation engine for fast results.

Powerful API

Fully integrate Milliman Mind within your IT mainframe to import data, launch complex calculations and export results directly.

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Milliman Mind

Milliman Mind is a flexible and easy-to-use web-based platform, which converts Excel spreadsheets into more powerful models with the capabilities and controls of more expensive “black-box” systems, all within a secure, auditable framework.

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RELATED SERVICES

Services related to Milliman Mind–IFRS 17

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Resources

Milliman Mind–IFRS 17 resources

White paper

Harmonising data: The art of validation and management

Amid increasing regulatory requirements and the growing complexity of data, insurance firms must take the time to improve their data processes.

Read the article

Press Release

Milliman wins three InsuranceERM UK & Europe Awards 2024

Milliman Mind awarded “Analytics Solution of the Year,” Milliman Mind-IFRS-17 awarded “IFRS-17 Solution of the Year,” and Milliman Vega awarded “Regulatory Reporting Software of the Year”.

Download PDF

BROCHURE

Milliman Mind–IFRS 17 brochure

Learn more about Milliman Mind–IFRS17

Download PDF

Press release

Milliman Mind earns award for "Best end-user computing risk management solution"

Read the press release

Milliman Mind–IFRS 17

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Milliman Mind–IFRS 17

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Powerful out-of-the-box modeling

Nuanced, comprehensive—and challenging

Loading component...

How it works

Step 1: Upload data

Step 2: Actuarial calculations

Step 3: Accounting results

Loading component...

Milliman Mind–IFRS 17 benefits

Easy deployment

Simple, cost-effective licensing

Local support

Audit trail

Traceability & reproducibility

Open source flexibility

Customizable rights

Rapid deployment

Familiar tools

Loading component...

Milliman Mind–IFRS 17 technology

Powerful, cloud-based calculation engine

Powerful API

Loading component...

Milliman Mind

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Services related to Milliman Mind–IFRS 17

Implementation support

Milliman worldwide expertise

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Milliman Mind–IFRS 17 resources

Harmonising data: The art of validation and management

Milliman wins three InsuranceERM UK & Europe Awards 2024

Milliman Mind–IFRS 17 brochure

Milliman Mind earns award for "Best end-user computing risk management solution"

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We’re here to help

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Milliman Mind–IFRS 17

Milliman Mind–IFRS 17

Nuanced, comprehensive—and challenging

How it works

Step 1: Upload data

Step 2: Actuarial calculations

Step 3: Accounting results

Milliman Mind–IFRS 17 benefits

Easy deployment

Simple, cost-effective licensing

Local support

Audit trail

Traceability & reproducibility

Open source flexibility

Customizable rights

Rapid deployment

Familiar tools

Milliman Mind–IFRS 17 technology

Powerful, cloud-based calculation engine

Powerful API

Milliman Mind

Services related to Milliman Mind–IFRS 17

Implementation support

Milliman worldwide expertise

Milliman Mind–IFRS 17 resources

Harmonising data: The art of validation and management

Milliman wins three InsuranceERM UK & Europe Awards 2024

Milliman Mind–IFRS 17 brochure

Milliman Mind earns award for "Best end-user computing risk management solution"

We’re here to help