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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gratuity benefits
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end of service benefits
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pension benefits
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retirement benefits
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annuity
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long service benefits
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death & disability benefits
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withdrawal benefits
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ill-health early retirement benefits
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post retirement medical benefits
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flexible benefits
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salary planning
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scheme eligibility design
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sustainability analysis
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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gratuity benefits
-
end of service benefits
-
pension benefits
-
retirement benefits
-
annuity
-
long service benefits
-
death & disability benefits
-
withdrawal benefits
-
ill-health early retirement benefits
-
post retirement medical benefits
-
flexible benefits
-
salary planning
-
scheme eligibility design
-
sustainability analysis
PRACTICE LEADER
Lim Jone Keat
Technology Development Lead
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).