Case Study: a leading life insurer achieves audit-ready IFRS 17 compliance with Coherent Spark

a leading life insurer deploys 5 IFRS 17 workflows with Coherent

A leading life insurer faced a significant challenge with its IFRS 17 compliance process. Its actuarial team used VBA-powered Excel spreadsheets to generate ledger entries, but this method lacked version control and a clear audit trail, raising concerns from auditors. The insurer needed a governed and traceable solution that would not disrupt its existing spreadsheet-based workflows or require IT support. They turned to Coherent and its product, Coherent Spark, to address this.

Using Coherent Spark, the insurer's business users rebuilt five ledger entry workflows, introducing full audit trails, permission controls, and approval processes. The solution provided complete traceability from input to output, greatly reducing audit risk and receiving positive feedback from auditors. This was achieved without any IT involvement. As a result of this success, the insurer plans to expand its use of Coherent Spark to at least 20 actuarial use cases, establishing a foundation for enterprise-wide governance.