2.2 Why Oracle Insurance Accounting Analyzer?

Oracle Insurance Accounting Analyzer application follows the Accounting standards diligently and enables insurance companies to adhere to the disclosure requirements as proposed under Accounting, along with an ability to compute Contractual Service Margin and Net Liabilities.

IFRS 17 requires Insurance companies to have consistent accounting standards for the Insurance contracts which ensure timely recognition of losses in the book of accounts. Insurance companies are required to identify and report the Fulfillment Cash Flows and Contractual Service Margin at every reporting date, based on the current market conditions. Oracle Insurance Accounting Analyzer Application helps organizations in arriving at insurance obligations (Insurance Contract liabilities reported on the balance sheet), using different methodologies for a set of portfolios, by assessing the net liability for every insurance contract.