While the timing of the implementation of the standard has been well known, time is now of the essence.
interpreting the requirements of the standard into actual operationalized procedures is a much more complex exercise..
Compliance can’t be achieved without substantial alignment of supporting IT systems..
For most short-term business, the premium allocation approach (PAA) can be used and it generally gives bottom- line results similar to current practice.
By now, most insurers have established an IFRS 17 implementation plan and are working on the design of their solution.
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.
Valani Global supports life insurance companies in achieving their financial risk management goals through implementations of Moody’s Analytics solutions including AXIS and RiskIntegrity for IFRS 17.