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With IFRS 17 the insurance industry is facing yet another round of regulation – hot on the heels of Solvency II. Many insurers readily admit to having spent a large amount of Solvency II only to end up with compromised, tactical solutions which enable compliance, but added nothing – or very little – to better business performance. It is also debatable whether technical improvement was achieved in terms of systems and data. In many cases the data elements were the most challenging aspect of Solvency II and many complex processes to move, alter, enrich data and consolidate were developed that now result in difficulties proving data lineage, providing end to end audit trails of the journey and treatment of the data and a high cost of ownership.
So, now that insurers are facing IFRS 17 – at a similarly estimated high cost of implementation, how can they be assured of achieving business improvement as well as compliance? IFRS 17 represents a significant change for many insurance companies, both in terms of financial results and finance operating model. For example, preparing and understanding numbers now to be presented in a different format and at a more granular level and using a new measurement model (or models), along with additional disclosures will have a major impact on the insurance industry and those evaluating its performance.
These are some of the main points to consider when choosing an IFRS17 solution:
While there is much to do and the deadline of January 1st 2021 is getting closer, there is still time to ensure an IFRS 17 approach that does deliver business improvement and indeed any such approach may also accelerate implementation and ensure a lower overall cost of ownership.
What needs to be considered and how may we categorise this between Obligation and Opportunity?
… and on the solution side, what options are available for insurers to choose from?
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Geplaatst op: 18 april 2018
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