ACTOMATE
LRC ROBOT
LRC Robot is an IFRS 17 robot that helps insurers analyse data and generate reports for Liability for Remaining Coverage (LRC), in line with IFRS 17 requirements. It streamlines LRC financial reporting by automating the workflow from input upload and actuarial analysis to LRC account, journal posting, trial balance, and chart of accounts outputs. Users can enter key setup fields such as company name, report dates, reporting currency, and projection period, upload the required CSV input files, run calculations, and download structured results. The app organises LRC reporting outputs by total company, portfolio, class, and subclass, with views in both the functional and reporting currencies. The robot includes PAA and GMM views to support IFRS 17 reporting processes for different measurement approaches. By reducing manual spreadsheet work and showing the calculation flow in a controlled interface, LRC Robot helps actuarial, finance, and reporting teams improve accuracy, consistency, and traceability.
For more information on the LRC Robot, click HERE
IFRS 17 LRC Reporting
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Analyses data and generates reports for Liability for Remaining Coverage (LRC), in line with IFRS 17 requirements
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Supports LRC reporting views by total company, portfolio, class and sub class
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Provides functional currency and reporting currency views for easier review and reporting
actuarial analysis
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Displays relevant calculation steps before generating LRC accounts.
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Processes inputs such as premium register, cash register, earning patterns, interest rates, actuarial and accounting parameters, opening balances and manual adjustments
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Supports calculation review through PAA / GMM views, intermediate tabs and result tables.
accounting outputs
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Generates LRC and OCI accounts, journal postings, trial balances and chart of accounts outputs.
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Provides downloadable results by total company, portfolio, class and sub class.
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Supports actuarial, finance and reporting teams in reconciliation, review and IFRS 17 reporting preparation.
Who Can Use It
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Actuarial teams for LRC 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 founded Actomate in 2015, a leading actuarial firm in Asia. He is an actuary with exceptional business acumen and a global perspective. His clients and his organization benefit from his strong grasp of the strategic, operational, governance, and risk management aspects of the business.
Nicholas has developed various technologies and software applications, including IBNR Robot, ReACC Robot, PET Robot, LRC Robot, LIC Robot, PAA Robot, and Sallesillus Robot. Nicholas also has significant experience in captive insurance, offshore insurance, robotic process automation, artificial intelligence, and data analytics.
Nicholas has 20 years of experience in actuarial work, including life insurance, family takaful, general insurance, general takaful, employee benefits, pensions, social security, medical insurance, reinsurance, and Insurtech startups. Nicholas held appointed actuary and signing actuary roles in various jurisdictions across Asia.
Nicholas is a Fellow of the Institute and Faculty of Actuaries (UK) and a Fellow of the Society of Actuaries (US). He is a past Council Member of the Society of Actuaries’ Entrepreneurial & Innovation Section. He is also a past Chairperson of the Professional Development Committee and Events Committee of the Actuarial Society of Malaysia. Nicholas graduated from Bayes Business School with First Class Honours in BSc Actuarial Science. He is also a Certified Internal Auditor from The Institute of Internal Auditors.