The value of a joint IFRS 17 and Solvency 2 Technology Solution

In the dynamic landscape of insurance and financial services, the convergence of regulatory requirements such as IFRS 17 and Solvency 2 presents both challenges and opportunities. As insurers navigate these complex regulations, the value of a joint technology solution that addresses both IFRS 17 and Solvency 2 cannot be overstated. This unified approach not only ensures compliance but also unlocks synergies, enhances efficiency and drives strategic decision-making.

March 2024

Seamless compliance

The foremost benefit of a joint IFRS 17 and Solvency 2 technology solution is seamless compliance. These regulations impose distinct yet overlapping requirements on insurers, including data management, reporting, and risk assessment. By integrating both frameworks into a single system, insurers can streamline their compliance efforts.

Rather than managing separate systems for each regulation, a joint solution allows for centralized data storage, standardised processes and automated reporting. This not only reduces the risk of errors but also saves time and resources that would otherwise be spent reconciling data between disparate systems.

Efficiency and cost savings

A unified technology solution for IFRS 17 and Solvency 2 brings significant efficiency gains and cost savings. Insurers can eliminate duplicative processes and streamline workflows, leading to faster and more accurate financial reporting. This efficiency extends to data governance, as a single source of truth reduces the need for manual data reconciliation and validation.

Moreover, by leveraging the same technology stack for both regulations, insurers can benefit from economies of scale. This means lower maintenance costs, reduced IT complexity, and a more agile infrastructure that can adapt to evolving regulatory requirements without the need for extensive customization or additional investments.

Holistic Risk Management

IFRS 17 and Solvency 2 are not just compliance exercises; they are also essential frameworks for understanding and managing risk. A joint technology solution enables insurers to take a holistic approach to risk management by integrating financial and actuarial data.

By analysing data across both IFRS 17 and Solvency 2 requirements, insurers gain a comprehensive view of their financial health and risk exposure. This enhanced visibility allows for more informed decision-making, better capital allocation, and improved strategic planning.

Strategic insights and competitive advantage

Beyond compliance and efficiency, a joint IFRS 17 and Solvency 2 technology solution provides insurers with valuable strategic insights. The integrated data and analytics capabilities enable advanced modelling and scenario planning, empowering insurers to assess the impact of various strategies on their financial performance and solvency position.

Insurers can also use this data-driven approach to gain a competitive advantage. By leveraging predictive analytics and machine learning, they can identify market trends, customer preferences, and emerging risks. This foresight enables proactive risk mitigation, product innovation, and targeted marketing strategies to stay ahead in a rapidly changing industry.


In the complex and highly regulated world of insurance, a joint technology solution for IFRS 17 and Solvency 2 is not just a convenience—it’s a strategic imperative. By unifying compliance efforts, enhancing efficiency, and enabling holistic risk management, insurers can unlock synergies that drive business growth and resilience.

This integrated approach goes beyond meeting regulatory requirements; it empowers insurers with actionable insights and a competitive edge in the market. As insurers embrace the opportunities presented by convergence, a joint IFRS 17 and Solvency 2 technology solution emerges as a powerful enabler of success in the modern insurance landscape.

What next? 

To help you progress from ‘just about managing’ to thriving with IFRS 17, Millennium Consulting can help. Whether it’s optimal reconfiguration of recently-implemented software, advice on updating legacy systems, or weighing up your options for futureproofing your data architecture, our change management specialists are ready to supplement your in-house capabilities.

To see what’s possible, speak to us today.

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