Quick Overview
- 1#1: FIS Prophet - Leading actuarial modeling platform for comprehensive IFRS 17 insurance contract calculations and reporting.
- 2#2: Moody's AXIS - Advanced stochastic modeling system designed for precise IFRS 17 liability assessments and scenario analysis.
- 3#3: Milliman MG-ALFA - Multi-generational actuarial software supporting complex IFRS 17 modeling and risk management.
- 4#4: SAS IFRS 17 - Analytics platform delivering IFRS 17 calculations, disclosures, and regulatory reporting for insurers.
- 5#5: Oracle Financial Services Insurance Analytics - Cloud-based solution for IFRS 17 accounting, analytics, and compliance in insurance operations.
- 6#6: Akçelerate Core - Specialized IFRS 17 platform for measurement, transition, and ongoing contract service margin calculations.
- 7#7: WTW EXIGO - Integrated IFRS 17 solution bridging actuarial and finance for end-to-end compliance and reporting.
- 8#8: Galactica Igloo - Modular software for IFRS 17 projections, allocations, and financial statement preparation.
- 9#9: Workiva - Cloud platform streamlining IFRS 17 disclosures, XBRL filing, and collaborative reporting.
- 10#10: TAS IFRS17 - Insurance accounting engine providing IFRS 17 compliant calculations and real-time reporting.
Tools were ranked based on technical robustness, user experience, compliance rigor, and long-term value, considering features like scenario modeling, reporting capabilities, and adaptability to evolving regulatory requirements.
Comparison Table
IFRS 17 has reshaped insurance accounting, emphasizing the need for sophisticated software to meet compliance and reporting demands. This comparison table evaluates leading IFRS 17 tools, including FIS Prophet, Moody's AXIS, Milliman MG-ALFA, SAS IFRS 17, Oracle Financial Services Insurance Analytics, and more, equipping readers to assess capabilities, features, and suitability for their organization’s unique needs.
| # | Tool | Category | Overall | Features | Ease of Use | Value |
|---|---|---|---|---|---|---|
| 1 | FIS Prophet Leading actuarial modeling platform for comprehensive IFRS 17 insurance contract calculations and reporting. | enterprise | 9.6/10 | 9.8/10 | 8.4/10 | 9.2/10 |
| 2 | Moody's AXIS Advanced stochastic modeling system designed for precise IFRS 17 liability assessments and scenario analysis. | enterprise | 9.1/10 | 9.6/10 | 7.2/10 | 8.4/10 |
| 3 | Milliman MG-ALFA Multi-generational actuarial software supporting complex IFRS 17 modeling and risk management. | specialized | 8.4/10 | 9.5/10 | 6.8/10 | 7.9/10 |
| 4 | SAS IFRS 17 Analytics platform delivering IFRS 17 calculations, disclosures, and regulatory reporting for insurers. | enterprise | 8.7/10 | 9.3/10 | 7.4/10 | 8.1/10 |
| 5 | Oracle Financial Services Insurance Analytics Cloud-based solution for IFRS 17 accounting, analytics, and compliance in insurance operations. | enterprise | 8.4/10 | 9.2/10 | 7.6/10 | 8.0/10 |
| 6 | Akçelerate Core Specialized IFRS 17 platform for measurement, transition, and ongoing contract service margin calculations. | specialized | 7.6/10 | 8.2/10 | 6.9/10 | 7.4/10 |
| 7 | WTW EXIGO Integrated IFRS 17 solution bridging actuarial and finance for end-to-end compliance and reporting. | specialized | 8.4/10 | 9.1/10 | 7.2/10 | 8.0/10 |
| 8 | Galactica Igloo Modular software for IFRS 17 projections, allocations, and financial statement preparation. | specialized | 7.6/10 | 8.1/10 | 7.2/10 | 7.4/10 |
| 9 | Workiva Cloud platform streamlining IFRS 17 disclosures, XBRL filing, and collaborative reporting. | enterprise | 7.6/10 | 8.0/10 | 6.8/10 | 7.2/10 |
| 10 | TAS IFRS17 Insurance accounting engine providing IFRS 17 compliant calculations and real-time reporting. | enterprise | 7.8/10 | 8.2/10 | 7.4/10 | 7.5/10 |
Leading actuarial modeling platform for comprehensive IFRS 17 insurance contract calculations and reporting.
Advanced stochastic modeling system designed for precise IFRS 17 liability assessments and scenario analysis.
Multi-generational actuarial software supporting complex IFRS 17 modeling and risk management.
Analytics platform delivering IFRS 17 calculations, disclosures, and regulatory reporting for insurers.
Cloud-based solution for IFRS 17 accounting, analytics, and compliance in insurance operations.
Specialized IFRS 17 platform for measurement, transition, and ongoing contract service margin calculations.
Integrated IFRS 17 solution bridging actuarial and finance for end-to-end compliance and reporting.
Modular software for IFRS 17 projections, allocations, and financial statement preparation.
Cloud platform streamlining IFRS 17 disclosures, XBRL filing, and collaborative reporting.
Insurance accounting engine providing IFRS 17 compliant calculations and real-time reporting.
FIS Prophet
enterpriseLeading actuarial modeling platform for comprehensive IFRS 17 insurance contract calculations and reporting.
Prophet Universe: A vast library of validated, IFRS 17-ready actuarial models and scenarios that accelerate deployment and ensure regulatory accuracy.
FIS Prophet is a leading actuarial modeling platform from FIS Global, designed specifically for insurance companies to meet IFRS 17 requirements. It provides end-to-end support for calculating Contractual Service Margin (CSM), Risk Adjustment (RA), and Best Estimate Liabilities (BEL) using both deterministic and stochastic methods. The software integrates seamlessly with enterprise systems for regulatory reporting, disclosures, and scenario testing, ensuring compliance with the latest IFRS 17 standards including amendments.
Pros
- Advanced stochastic modeling engine optimized for IFRS 17 calculations with GPU acceleration for high performance
- Comprehensive pre-built IFRS 17 libraries and templates reducing implementation time
- Robust integration capabilities with core insurance systems and strong vendor support from FIS
Cons
- Steep learning curve due to its complexity for non-actuarial users
- High implementation and customization costs for large-scale deployments
- Limited flexibility for very small insurers due to its enterprise focus
Best For
Large multinational insurance firms requiring scalable, high-performance IFRS 17 modeling and compliance solutions.
Pricing
Custom enterprise licensing, typically starting at $500,000+ annually depending on user seats, data volume, and modules, with professional services extra.
Moody's AXIS
enterpriseAdvanced stochastic modeling system designed for precise IFRS 17 liability assessments and scenario analysis.
Patented AXIS Boxes modular framework for flexible, reusable components that precisely model IFRS 17 elements like CSM unlocking and RA allocation
Moody's AXIS is a powerful enterprise-grade actuarial modeling platform tailored for insurance companies, offering comprehensive support for IFRS 17 financial reporting. It enables detailed calculations of fulfillment cash flows, contractual service margin (CSM), risk adjustment (RA), and onerous contract testing through its modular 'AXIS Boxes' architecture. The software handles stochastic simulations, scenario generation, and integration with Moody's economic data, streamlining complex IFRS 17 implementations for large-scale operations.
Pros
- Robust IFRS 17 compliance with advanced CSM projection, RA modeling, and VFA (Variable Fee Approach) support
- High-performance stochastic engine for millions of scenarios and granular contract-level modeling
- Deep integration with Moody's ecosystem for economic scenarios, analytics, and regulatory reporting
Cons
- Steep learning curve and requires specialized actuarial expertise for setup and maintenance
- Complex user interface that feels dated compared to modern SaaS alternatives
- High cost with lengthy implementation timelines for full deployment
Best For
Large multinational insurers with complex portfolios needing scalable, high-precision IFRS 17 modeling and stochastic capabilities.
Pricing
Custom enterprise licensing; annual costs typically range from $500,000+ depending on modules, users, and deployment scale.
Milliman MG-ALFA
specializedMulti-generational actuarial software supporting complex IFRS 17 modeling and risk management.
Advanced stochastic simulation engine capable of processing millions of scenarios for precise IFRS 17 risk adjustment and BEL calculations
Milliman MG-ALFA is a powerful actuarial modeling platform designed for insurance companies to perform complex financial projections and valuations, with comprehensive support for IFRS 17 requirements including CSM calculations, risk adjustment, and fulfillment cash flows. It excels in stochastic modeling, scenario generation, and handling intricate product structures across life, health, and P&C insurance. The software integrates seamlessly with enterprise data systems, enabling regulatory reporting and sensitivity analysis at scale.
Pros
- Highly flexible and customizable modeling for complex IFRS 17 scenarios
- Robust stochastic engine for accurate risk quantification and projections
- Strong vendor support from Milliman experts and integration capabilities
Cons
- Steep learning curve requiring actuarial expertise
- High computational demands for large-scale runs
- Premium pricing limits accessibility for smaller firms
Best For
Large insurers and reinsurers with sophisticated portfolios needing advanced stochastic IFRS 17 modeling and regulatory compliance.
Pricing
Custom enterprise licensing; annual fees typically range from $100,000+ based on modules, users, and model complexity—contact Milliman for quotes.
SAS IFRS 17
enterpriseAnalytics platform delivering IFRS 17 calculations, disclosures, and regulatory reporting for insurers.
Deep integration with SAS Viya for AI-powered assumption setting and predictive scenario modeling
SAS IFRS 17 is a robust, enterprise-grade software solution from SAS that enables insurance companies to achieve full compliance with the IFRS 17 standard through automated contract grouping, measurement calculations (including CSM, RA, and BEL), and integrated financial reporting. Built on the SAS Viya platform, it leverages advanced analytics, machine learning for assumption generation, and scenario modeling to handle complex insurance contract lifecycles. It excels in data integration from diverse sources and provides tools for ongoing disclosures and PAA/VFA transitions.
Pros
- Comprehensive end-to-end IFRS 17 functionality with strong calculation engines
- Advanced analytics and AI/ML integration for assumptions and forecasting
- Scalable for large datasets and global insurers with multi-entity support
Cons
- Steep learning curve and requires significant training for non-SAS users
- High upfront implementation and customization costs
- Interface can feel dated compared to modern cloud-native solutions
Best For
Large multinational insurers with existing SAS ecosystems needing deep analytics alongside IFRS 17 compliance.
Pricing
Custom enterprise licensing; typically $500K+ annually depending on modules, users, and deployment scale.
Oracle Financial Services Insurance Analytics
enterpriseCloud-based solution for IFRS 17 accounting, analytics, and compliance in insurance operations.
Unified IFRS 17 measurement engine that handles contract boundaries, onerous test, and CSM unwinding in real-time across diverse product lines
Oracle Financial Services Insurance Analytics is a comprehensive enterprise platform designed for insurance companies to handle advanced financial analytics, risk management, and regulatory compliance, with robust support for IFRS 17 standards. It facilitates IFRS 17-specific calculations including general measurement model (GMM), premium allocation approach (PAA), and variable fee approach (VFA), along with fulfillment cash flows, risk adjustments, and contractual service margin (CSM) projections. The solution integrates seamlessly with Oracle's broader ecosystem for unified reporting and real-time insights across actuarial, finance, and operations.
Pros
- Extensive IFRS 17 compliance toolkit with support for all measurement models and complex calculations
- Strong integration with Oracle ERP, EBS, and other financial systems for end-to-end automation
- Scalable analytics engine with AI/ML capabilities for forecasting and scenario analysis
Cons
- High implementation complexity and costs, often requiring Oracle consultants
- Steep learning curve for non-Oracle users due to proprietary architecture
- Less agile for smaller insurers or those without existing Oracle infrastructure
Best For
Large multinational insurance firms with complex portfolios needing integrated IFRS 17 analytics within an Oracle ecosystem.
Pricing
Enterprise licensing with custom pricing; typically starts at $500K+ annually depending on modules, users, and deployment scale.
Akçelerate Core
specializedSpecialized IFRS 17 platform for measurement, transition, and ongoing contract service margin calculations.
Embedded real-time CSM projection and scenario modeling directly within the policy administration system
Akçelerate Core is a modern insurance core platform from akcelerate.com, specifically tailored for IFRS 17 compliance in the insurance sector. It automates key calculations such as contractual service margin (CSM), risk adjustment (RA), and fulfillment cash flows, while supporting policy administration and financial reporting. The solution emphasizes modularity and integration with legacy systems to facilitate smooth IFRS 17 transitions for insurers.
Pros
- Robust IFRS 17 calculation engine with real-time simulations
- Strong integration capabilities with existing actuarial and ERP systems
- Scalable cloud-based architecture suitable for growing insurers
Cons
- Steep learning curve due to complex configuration options
- Limited out-of-the-box reporting customization
- Higher implementation costs for smaller firms
Best For
Mid-sized insurance companies in Europe seeking a scalable IFRS 17 solution with strong policy administration integration.
Pricing
Enterprise licensing model with custom pricing; typically starts at €40,000 annually for core IFRS 17 modules, plus implementation fees.
WTW EXIGO
specializedIntegrated IFRS 17 solution bridging actuarial and finance for end-to-end compliance and reporting.
Integrated stochastic and deterministic modeling for CSM unlocking and RA calibration under multiple scenarios
WTW EXIGO is a comprehensive actuarial and financial modeling platform from Willis Towers Watson, specifically tailored for IFRS 17 compliance in the insurance industry. It handles complex calculations such as Contractual Service Margin (CSM), Risk Adjustment (RA), and fulfillment cash flows, while supporting granular contract grouping and scenario-based projections. The software integrates with enterprise data systems to automate reporting and provide deep analytics for regulatory adherence.
Pros
- Powerful stochastic modeling engine for accurate IFRS 17 projections
- Seamless integration with WTW's broader risk management tools
- Scalable for handling massive insurance portfolios
Cons
- Steep learning curve and complex setup process
- High upfront implementation costs and consulting needs
- User interface feels dated compared to modern SaaS alternatives
Best For
Large multinational insurers with complex product lines requiring enterprise-grade IFRS 17 modeling and integration.
Pricing
Custom enterprise licensing, typically starting at $500,000+ annually plus implementation fees.
Galactica Igloo
specializedModular software for IFRS 17 projections, allocations, and financial statement preparation.
Igloo's proprietary grouping engine for precise contract cohorts under IFRS 17 Phase 2 requirements
Galactica Igloo from galactica.it is a specialized IFRS 17 compliance software tailored for insurance companies, automating key calculations like contractual service margin (CSM), risk adjustment (RA), and fulfillment cash flows. It supports grouping of contracts, discounting curves, and scenario-based projections essential for IFRS 17 reporting. The solution integrates with core insurance administration systems and provides tools for disclosure notes and audit trails.
Pros
- Robust core IFRS 17 calculation engine with support for stochastic modeling
- Strong integration capabilities with European insurance platforms
- Comprehensive reporting and disclosure tools compliant with local regulations
Cons
- Interface feels dated and requires training for non-technical users
- Limited cloud-native features and scalability for global enterprises
- Customization can be time-consuming and costly
Best For
Mid-sized European insurers focused on IFRS 17 compliance within established on-premise environments.
Pricing
Custom enterprise licensing starting at €40,000 annually, based on contract volume and modules.
Workiva
enterpriseCloud platform streamlining IFRS 17 disclosures, XBRL filing, and collaborative reporting.
Linked reporting engine that automatically updates all interconnected IFRS 17 schedules and notes from a single data source.
Workiva is a cloud-based platform specializing in connected financial reporting, governance, and compliance, with capabilities tailored for IFRS 17 insurance contract accounting. It supports complex calculations like CSM, RA, and LRC measurements, automates disclosures, and integrates data from ERPs and actuarial systems for streamlined reporting. The platform ensures audit-ready outputs with full traceability and collaboration tools for finance and actuarial teams.
Pros
- Robust linked data model for consistent IFRS 17 disclosures and reconciliations
- Strong integration with actuarial software and ERPs like SAP or Oracle
- Enterprise-grade security, audit trails, and multi-standard compliance support
Cons
- Steep learning curve and lengthy implementation for non-reporting tasks
- Less specialized for advanced IFRS 17 modeling compared to dedicated actuarial tools
- High cost may not suit mid-sized insurers
Best For
Large insurance enterprises requiring an integrated platform for IFRS 17 reporting alongside other regulatory filings like IFRS 9 or Solvency II.
Pricing
Custom enterprise subscription starting at $50,000+ annually, based on users, modules, and data volume.
TAS IFRS17
enterpriseInsurance accounting engine providing IFRS 17 compliant calculations and real-time reporting.
Advanced group-level consolidation and CSM projection engine optimized for multi-entity insurance groups
TAS IFRS17, developed by TAS Group (tasgroup.com), is a comprehensive software solution designed specifically for insurance companies to achieve compliance with the IFRS 17 accounting standard. It automates key calculations such as fulfillment cash flows, contractual service margin (CSM), risk adjustment, and onerous contract testing across diverse insurance portfolios. The platform integrates with existing financial systems, providing advanced analytics, reporting, and disclosure tools to streamline regulatory reporting.
Pros
- Robust IFRS 17 calculation engine supporting complex insurance products
- Strong integration capabilities with TAS Group's banking and core insurance platforms
- Excellent support for European regulatory requirements and multilingual interfaces
Cons
- Steeper learning curve for non-TAS ecosystem users
- Limited customization options compared to top-tier competitors
- Higher implementation costs for smaller insurers
Best For
Mid-sized European insurance firms already using TAS products or seeking deep integration with banking systems.
Pricing
Enterprise licensing model with custom pricing based on user count and deployment scale; typically starts at €100,000+ annually, contact vendor for quotes.
Conclusion
The top 10 IFRS 17 software tools each bring unique strengths, but the top 3 stand apart, with FIS Prophet leading as the definitive choice thanks to its comprehensive actuarial modeling platform. Moody's AXIS follows closely with advanced stochastic modeling for precise liability assessments, and Milliman MG-ALFA excels in complex multi-generational scenarios, offering strong alternatives for diverse needs. Regardless of the option, the tools showcase the sector's evolution toward robust compliance and accurate financial reporting.
Begin your journey with the top-ranked solution—FIS Prophet provides the depth and reliability to streamline IFRS 17 calculations and reporting, ensuring your operations remain agile and compliant.
Tools Reviewed
All tools were independently evaluated for this comparison