Best In Class IFRS 17 | Valani Global

IFRS 17

The statutory requirements of IFRS 17 are forcing a massive disruption and ultimately a transformation within the insurance industry. No IFRS compliant insurer will be able to escape the profound changes in their operating model, accounting policies, and subsequent accounting system outputs and flows. This extends to connectivity and alignment with and actuarial systems and outputs—all underpinned by IT systems construct data and reporting requirements.

IFRS 17 – Race to the Finish – Disruption and Transformation at Your Doorstep

While the timing of the implementation of the standard has been well known, time is now of the essence.

IFRS 17 – The Race to the Finish – The Standard vs. Implementation Realities

interpreting the requirements of the standard into actual operationalized procedures is a much more complex exercise..

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IFRS 17 – The Race to the Finish – Technology Solution Point-to-Point vs. Data Hub

Compliance can’t be achieved without substantial alignment of supporting IT systems..

IFRS 17 – Race to the Finish – Don’t Underestimate the Complexity, Even for P&C

For most short-term business, the premium allocation approach (PAA) can be used and it generally gives bottom- line results similar to current practice.

IFRS 17 – Race to the Finish – The Right Strategy for Data

By now, most insurers have established an IFRS 17 implementation plan and are working on the design of their solution.

IFRS 17 – Race to the Finish – Actuarial Work and IFRS 17

Model changes sometimes sound simpler than they really are. One constant in our IFRS 17 projects is that change ends up being more complex and require more resources than anticipated.

IFRS 17 – Race to the Finish – The Link Between IFRS 17 and IFRS 9

When many insurers think of implementing IFRS 17, they may not recognize there other standards that may also need to be applied—including IFRS 9..

Consultants’ views of IFRS 17

Santiago Fiallos, Senior Manager, Actuarial & Quantitative Services, at Sia Partners; and Nazir Valani, President and Co-Founder, Valani Global share their thoughts on IFRS 17 implementation at non-life insurers.