The new Insurance accounting standard will require significant implementation efforts and may result in more than just accounting changes.
Some insurers, for example, may need to re-visit the design of their products and even go further and re-examine strategic decisions such as investment allocation and resourcing. Others comment that they would need more time with their software providers to test, validate and configure the respective solutions.
Now that insurers have an extra year to implement IFRS 17 as a result of the proposed one-year deferral to 2022, they should make the most of this window of opportunities to pace their plans and efforts.
What is changing?
Here are some of the ways in which IFRS 17 will impact insurers:
How to make the most of the extra year?
The one-year deferral is not simply a rewinding of the clock. It proves a chance for agile insurers to re-focus efforts on where they are needed the most. Here are some of the key actions to set the course on the right track:
How KPMG can help
The approach we take is tailored to help answer the questions that are important to each specific insurer. We bring deep market insights and experience of the global KPMG network to accelerate thinking in the most complex aspects of the new requirements. And we always emphasise that there is no “one size fits all” solution in order to enable clear communication of the issues that matter to you.
To learn more about how KPMG can help unlock value from your IFRS 17 programs, get in touch with us.
Svilena Whitney, Insurance Lead, presented the topic at the 2019 KPMG Client Business Seminar.
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