Yes, however this would be subjected to the size of the company. For larger companies with sufficient resources, they are expected to purchase the software as a service directly from Moody's Analytics, rather than via our service bureau.
I understand Moody’s Analytics RiskIntegrity™ IFRS17 uses the cloud. Will my regulator accept a cloud based solution?
Individual data such as policyholders name, identification number, and other personal details will never be stored on the cloud. Thus there should be no problems with data protection and confidentiality. This is however something which can be discussed with your regulator.
Of course, you will simply provide us with the cash flows and then we will do the rest.
If I have my own actuarial resource, for example, in-house or if I have my existing actuarial consultant I am comfortable with, can I continue to use them?
Definitely, your existing consultant can collect your data, develop assumptions and perform the actuarial calculations and then provide them to us for us to put together the IFRS17 entries to the accounts. We can then provide the necessary info back for you to use accordingly. We can be involved as little as this, or as much as you need us to be, including being your appointed actuary.
Who is responsible for signing off on the surplus distribution to shareholders as the accounts are now on an IFRS17 basis with calculations from the service bureau?
The service bureau performs the calculations, whereas the various assumptions used are from the insurer, most likely your appointed actuary. Thus signing off on surplus distribution remains with your appointed actuary or other responsible person of the insurer.
Definitely, we have worked with Takaful models from around the world and are able to cater for the nuances of each.
Definitely, with this approach we are not forcing you to purchase any additional hardware or otherwise connect to your existing infrastructure. If you would like to move to another solution such as building your own internal solution this is fine and in fact is a huge advantage to this approach.
If I build up my internal resources and eventually want more control can I take over full control of Moody’s Analytics RiskIntegrity™ IFRS17?
Yes, you can opt in future to purchase your own direct license of the RiskIntegrity™ IFRS17 Solution from Moody's Analytics. Note this would be subjected to the geographical areas Moody's Analytics provide support. We would be happy to assist in the implementation of the solution in your company.