IFRS 17 Compliance Tool - Ghana Insurance Market

Module 1: IFRS 17 Readiness Assessment

Complete this 5-minute assessment to understand your compliance status

📊 Start Your Compliance Gap Assessment

Answer 12 key questions to generate your personalized readiness report

1. Do you have granular policy-level data for all insurance contracts?

2. Can you identify contract boundaries for each insurance product?

3. Have you classified all products by measurement model (PAA vs BBA/VFA)?

4. Do you track insurance acquisition costs separately by contract cohort?

5. Is your actuarial team trained on IFRS 17 requirements?

6. Do you have IFRS 17 compliant disclosure templates ready?

Your Overall Compliance Score

0%

Based on 6 critical IFRS 17 readiness factors

Data Quality

0%

Critical Gap

Measurement Approach

0%

Needs Attention

Team Readiness

0%

In Progress

Disclosure Readiness

0%

Critical Gap

🎯 Priority Actions for Your Organization:

Immediate: Establish policy-level data extraction process
Week 1-2: Complete product classification by measurement model
Week 3-4: Set up acquisition cost tracking system
Month 2: Implement disclosure template framework
Month 3: Conduct parallel run with existing systems

Module 2: Measurement Model Selector

Automated classification of insurance products using IFRS 17 criteria

Product Line	Coverage Period	Investment Component	Recommended Model	Status
Motor Comprehensive	12 months	None	PAA (Premium Allocation Approach)	✅Eligible
Motor Third Party	12 months	None	PAA	✅Eligible
Fire & Burglary	12 months	None	PAA	✅Eligible
Marine Cargo	< 12 months	None	PAA	✅Eligible
Goods in Transit	12 months	None	PAA	✅Eligible
Engineering All Risks	24-36 months	None	BBA (Building Block Approach)	⚠️Review Required

📋 Classification Summary:

5 products eligible for simplified PAA treatment
1 product requires BBA due to coverage period > 12 months
Documentation package ready for auditor review
Estimated calculation complexity: Low-Medium

Module 3: Data Quality Checker

Upload your policy register to identify data gaps

📁 Upload Policy Data (Excel/CSV)

Demo: Click to see sample analysis results

Module 4: IFRS 17 Disclosure Generator

Pre-built templates aligned with NIC requirements and IFRS 17 standards

📊 Insurance Contract Liabilities Roll-Forward

Reconciliation of opening to closing balances with components breakdown

📈 Contractual Service Margin (CSM) Movement

Opening balance, new business, CSM released, closing balance

⚠️ Risk Adjustment Analysis

Confidence level, methodology, and movement disclosure

📋 Claims Development Table

Incurred claims by accident year with development patterns

🇬🇭 Ghana NIC-Specific Disclosures Included:

Transition approach selection and justification
Comparison of IFRS 17 vs. Previous IFRS 4 basis
Reinsurance contract assets and liabilities breakdown
Product-level disaggregation as required by NIC circulars
Quarterly shadow reporting format for regulatory submission

Investment That Pays for Itself

Choose the plan that fits your organization's size and complexity

Basic

GHS 3,000

per year (~$250/year)

✓ Gap Assessment Tool
✓ Disclosure Templates (10)
✓ Regulatory Update Tracker
✓ Email Support
✓ 1 User License
✓ Quarterly Training Webinars

Ideal for: Small insurers, brokers

Professional

GHS 8,000

per year (~$650/year)

✓ Everything in Basic, plus:
✓ Data Quality Checker
✓ Measurement Model Selector
✓ Implementation Roadmap
✓ Priority Email Support
✓ Up to 5 User Licenses
✓ Monthly Expert Q&A Sessions
✓ Custom Report Builder

Ideal for: Medium insurers

Enterprise

GHS 15,000

per year (~$1,250/year)

✓ Everything in Professional, plus:
✓ Unlimited Users
✓ Dedicated Account Manager
✓ Quarterly Compliance Health Checks
✓ On-site Training (1 session/year)
✓ API Access for System Integration
✓ Custom Module Development
✓ 24/7 Phone Support

Ideal for: Large insurers, composite

💰 Implementation Services (Optional Add-On)

Need help getting started? We offer implementation support:

Initial system setup & configuration: GHS 5,000
Data migration & quality remediation: GHS 8,000
Staff training (2-day workshop): GHS 6,000
Complete implementation package: GHS 15,000 (Save 20%)

🇬🇭 IFRS 17 Compliance Tool