ACTOMATE
LIC ROBOT
LIC Robot is an IFRS 17 robot that helps insurers analyse data and generate reports for Liability for Incurred Claims (LIC), in line with IFRS 17 requirements. It streamlines LIC financial reporting by automating the workflow from input upload and actuarial analysis to LIC account, journal posting, trial balance, chart of accounts, and underwriting statement outputs. Users can upload the required CSV input files, select key setup fields such as company name, tranche type, and reporting currency, run calculations, and download results in structured formats. The app organises LIC reporting outputs by portfolio, class, and subclass, with views in both the functional and reporting currencies. By reducing manual spreadsheet work and showing the calculation flow in a controlled interface, the robot helps actuarial, finance, and reporting teams improve accuracy, consistency, and reviewability. LIC Robot streamlines IFRS 17 reporting processes and helps insurers meet tight reporting timelines more efficiently.
IFRS 17 LIC reporting
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Analyses data and generates reports for Liability for Incurred Claims (LIC), in line with IFRS 17 requirements.
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Supports reporting by portfolio, class, and sub-class.
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Helps insurers streamline LIC reporting processes with a structured, automated workflow
actuarial analysis
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Processes uploaded input files and displays relevant calculation steps before generating LIC accounts.
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Supports actuarial analysis using exposure and claims data, discount rates, opening balances, manual adjustments, and mapping files.
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Helps improve consistency and traceability in IFRS 17 LIC calculations.
accounting outputs
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Generates LIC accounts, journal postings, trial balances, chart of accounts, and underwriting statements.
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Provides downloadable results by portfolio, class, sub-class, and total company.
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Supports both functional currency and reporting currency outputs.
Who Can Use It
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Actuarial teams for LIC analysis and IFRS 17 calculation review.
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Finance and accounting teams for journal postings, trial balances, and the chart of accounts outputs.
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Financial reporting teams for IFRS 17 underwriting statement preparation.
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Management teams for monitoring and reviewing IFRS 17 reporting readiness.
Why It Matters
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Help insurers manage complex IFRS 17 calculation and reporting requirements.
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Supports faster coordination between actuarial, finance and reporting teams under tight deadlines.
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Reduces reliance on manual spreadsheet processes and repeated manual reconciliation.
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Provides a structured workflow that improves transparency, consistency, and traceability.
PRACTICE LEADER
Nicholas Yeo
FIA FASM FSA FSAS FSAT
創設者＆アクチュアリー
Jone Keat joined Actomate in 2020, he is the Technology Development Lead of the company. He has over 5 years of experience serving as a programmer and software developer in the actuarial industry. Jone Keat has practical experience in both the software development and actuarial works including frontend and backend web applications, application programming interface (API), database, and actuarial valuation in Malaysia.
Jone Keat is proficient in R, Visual Basic for Applications (VBA), HTML and CSS, and he is learning Javascript and Rust programming languages. He is also proficient with actuarial applications and automation tools such as Excel, Data Conversion System (DCS) and Data3Sixty. He has worked on several software development projects, including ReACC Robot for reinsurance accounting, LRC Robot, LIC Robot for IFRS 17, and job recruitment application. To better understand our client needs, Jone Keat is proactively involved in actuarial valuation projects of general insurance. Jone Keat is also an experienced trainer, he has developed training materials and conducted technology trainings to internal staff.
Jone Keat has prior work experience in the economic database company, to ensure the accuracy and timeliness of the economic data and financial forecast. In his prior experience, Jone Keat is equipped with knowledge of building automation tools to enhance the efficiency of the operations, and modelling time series.
Jone Keat graduated from Universiti Tunku Abdul Rahman with a BSc (Hons) in Actuarial Science. He is currently studying towards attaining Fellowship of the Casualty Actuarial Society (CAS).