With the publication of IFRS 17, insurers are now embarking on a journey to implement and operationalize the new standard alongside IFRS 9. And the one question we hear most often from the many insurers we work with is, ‘how does my progress compare with my peers?’
To help answer this question, last autumn KPMG International launched a periodic series and we’ve heard from many insurers that the benchmarking data has been extremely helpful in their planning. To continue to support you with valuable data-driven insights, we are pleased to announce the launch of our second report in the series -
In it to win it- feedback from insurers on the journey to IFRS 17 and IFRS 9 implementation one year in
- where we analyzed and benchmarked data from 160 insurance companies from over 30 countries, and captured insights and recommendations from insurance leaders and professionals worldwide.
Key findings and call to action:
- time pressure is already becoming acute — there is a vast amount to do
- the organisations that are furthest along with their projects (generally, larger insurers) are the ones feeling the time challenge the most — the more they do, the more they realize how hard the task is and how much work is involved
- while working on implementation, the leading insurers are seeking to optimize systems and processes at the same time in order to reap longer-term, enterprise-wide benefits too — though recognizing that this may take longer than 2021
- smaller insurers have done the least to date — many of them urgently need to engage and get started.
Many of you are lobbying for more time to implement IFRS17 and further changes to the standard. Whatever the outcome there is a huge amount to be done and no insurer can afford to slacken the pace of their implementation efforts. The journey to implementation is not easy and late starters face multiple jeopardies — more ground to cover and a smaller talent pool on which to draw. Those who delay risk forgoing the opportunity to be strategic in how they operationalize the new standards and to achieve greater efficiency.
Much needs to be achieved. Whatever your situation KPMG professionals are here to help.
We hope this report will help you recognize how your organisation is positioned on your implementation journey and identify factors to consider as you define your desired path forward.