Insurers need to respond to a changing world. But navigating complex challenges and staying ahead requires a new approach. Many insurers struggle to access financial information efficiently or effectively. Current reporting and forecasting processes can be slow and siloed. Data can be fragmented, incomplete, or out of date. Processes and systems can often be neither scalable nor future ready.
On top of these challenges, IFRS® 17 represents a significant change in the calculation and presentation of insurers’ financials, and it has a direct impact on data, systems and processes, and consequently, profitability.
The urgent need to prepare for IFRS 17 provides insurers with the rare opportunity to address some long-standing business challenges. Regulatory change is usually perceived as a burden, but by requiring a more integrated process, IFRS 17 can instead help insurers lay the foundation for achieving an important, long-term competitive advantage.
To help companies address these business challenges including adapting to an IFRS 17 world, KPMG has developed the Integrated Business Accelerator for Insurers, a dynamic intelligence capability that is designed to help speed smart and predictive financial analysis, forecasting, performance management and controlling.
This article was originally published on kpmg.com by Mary H. Trussell, Insurance Accounting Change Lead Partner, KPMG International.