FINNOVA (MFRS-17)
Your Solution for Seamless MFRS 17 Compliance
Get MFRS compliance with ease
Staying Compliant
Welcome to FINNOVA, your ultimate solution for seamless compliance with the Malaysia Financial Reporting Standard 17 (MFRS 17) in the insurance industry. As the landscape of revenue recognition undergoes significant changes, it’s crucial for insurance companies to adapt to the new provisions. With FINNOVA, we simplify the complexities of MFRS 17 and empower you to navigate the regulatory requirements effortlessly.
Our comprehensive, integrated, and user-friendly solution ensures accurate calculations and reporting using the General Measurement Model (GMM), Premium Allocation Approach (PAA), and Variable Fee Approach (VFA). Moreover, our predictive accounting engine provides invaluable insights into future numbers, giving you a competitive advantage in this dynamic market. Say goodbye to compliance challenges and welcome a new era of streamlined financial reporting with FINNOVA
The Challenges
Simplified with FINNOVA
Implementing MFRS 17 requirements poses significant challenges for insurance companies, particularly in terms of actuarial and finance reporting processes, systems, and data. At Deloitte, it is predicted that the effort and costs incurred in complying with MFRS 17 will be comparable to those faced during the adoption of Solvency II regulations in the European Union. To overcome these challenges and ensure seamless compliance, we offer FINNOVA.
Unveiling Key Features and Benefits
Simplicity
Adaptability
Business requirements and regulations are constantly evolving. With our unique use-case driven approach and framework, FINNOVA can be easily extended to address future requirements, serving as the foundation for your finance transformation.
Comprehensive Solution
FINNOVA is not just limited to MFRS 17 compliance. It serves as a one-stop solution for other important standards such as MFRS 9, MFRS 15, MFRS 16, and MFRS 17, ensuring a comprehensive approach to regulatory compliance.
Cost-Effectiveness
We understand the value of your investment. That's why we have ensured that the total cost of ownership (TCO) for FINNOVA is the lowest in the market among MFRS 17 solutions. Get maximum value for your compliance efforts without breaking the bank.
Predictive Accounting Engine
Gain a competitive edge in this era of fierce competition with our powerful predictive accounting engine. It enables a holistic simulation of future business events, providing you with a clear understanding of unbiased future numbers. With FINNOVA, achieving your end goals of accurate reports and disclosures becomes a reality.
Consequences of Non-Compliance
Don't Let Your Business Suffer
Non-compliance with FINNOVA can have far-reaching consequences for your business. From difficulties in audits to limited access to credit lines and investors, the ramifications can be severe. Delaying compliance only adds complexity and escalates costs, making it essential to take immediate action. With FINNOVA , you can confidently meet the regulatory requirements and ensure your business stays on the right track.
Unlock the Power of FINNOVA
Measurement Model
Our solution supports the General Measurement Model (GMM), Premium Allocation Approach (PAA), and Variable Fee Approach (VFA), providing you with flexibility and accuracy in revenue recognition.
Comprehensive Measurement
From initial measurement to subsequent measurement
Predictive Accounting
Experience the true power of our predictive accounting engine. By unlocking insights into future information under FINNOVA, you gain a competitive edge and make informed decisions for your business.
Level of Aggregation
FINNOVA supports mandatory levels of aggregation, such as portfolio, annual cohort, and profitability group. Additionally, we offer the flexibility to configure additional levels to meet your unique aggregation requirements.
Unlock the full potential of your insurance business with FINNOVA
FINNOVA for MFRS-17
Embrace simplicity, adaptability, and predictive insights to stay ahead in the ever-evolving regulatory landscape. Say goodbye to compliance headaches and welcome a comprehensive solution that covers MFRS 9, MFRS 15, MFRS 16, and MFRS 17. With MFRS 17, you not only ensure compliance but also gain a competitive edge, enhance decision-making, and reduce costs. Don’t let non-compliance hinder your growth; choose FINNOVA today and revolutionize your financial reporting. Experience the power of seamless compliance and propel your insurance business to new heights.
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