In IFRS 17, our goal is to help companies obtain more effective data through annual reporting periods. The standard significantly impacts how insurance companies report their financial performance, affecting profit and loss, balance sheets, and how they assess the profitability of their products. 

1.  Core Data Collection: Our first step is to collect essential data.
2. Data Transformation, Validation & Error Checking: This step is crucial for generating key reports such as IBNR, payment patterns, risk adjustments, discounting and earning profiles.
3. Reconciliation: we apply accounting and financial principles to the data, to ensure data accuracy, detect errors, prevent fraud, and maintain compliance.
4. IFRS 17 Calculations Finally, we perform the necessary IFRS 17 calculations, to generate LRC (Liability for Remaining Coverage), ARC (Asset for Remaining Coverage), LIC (Liability for Incurred Claims), AIC (Asset for Incurred Claims), split of risk adjustment (RA), discounting impact, and the split of current and past service.