EY | November 8, 2017
Across the globe an unprecedented wave of new reporting and regulatory requirements are driving changes that are significantly impacting the way insurers manage their business. The new financial reporting standard IFRS 17 will undoubtedly represent the most significant change to insurance accounting requirements in over 20 years.
IFRS 17 is scheduled to be applied for reporting periods starting on or after 1 January 2021. Its dynamics will not only have implications on the financial disclosures of insurers – it will also have profound operational impacts on all aspects of the organization.
In the next years insurers will need to implement significant technical and practical changes in order to appropriately respond to these questions.
There are significant opportunities to use IFRS 17 as a catalyst for further changes needed in supporting functions such as Finance and Actuarial. We believe that only with a truly integrated solution that closely connects the data, systems and process environment between Finance and Actuarial will insurers be able to meet the challenges of the future.
This paper makes the case for why insurers need to understand the new data, systems and process challenges before they start committing to a demanding implementation journey that is likely to be transformational. It also looks at the considerations and options for an IFRS 17 solution that will ultimately need to combine what is needed to comply with the IFRS 17 requirements, and at the same time have to meet the insurers’ finance strategy and business objectives. Lastly we provide practical actions to guide an implementation that’s focused, sustainable, and able to deliver the expected results.
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