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IFRS 17; Local knowledge on a Global scale

IFRS 17; Local knowledge on a Global scale

KPMG Global IFRS 17 Bootcamp

Frank van den Wildenberg

Partner Audit Financial Services

KPMG Nederland

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As you are aware, the new accounting standard IFRS 17 'Insurance Contracts' (IFRS 17) strives to give users more insight into an insurer's financial health than ever before with the goal to increase transparency and comparability between insurers. However, the change from a rules-based methodology to a principal-based one, comes with the risk of multiple interpretations which might result in quite the opposite (similar discussions arose with IFRS 9).

The impact of IFRS 17, as we already see in the results of our impact studies, varies significantly from company to company, but in any case the impact is wide-spread. Something that is recognised across the Global Market.

With the IFRS 17 programme progressing the focus and dynamics shifts and as most of our clients reach the tipping point from assess to design, one of the key requirements for a successful implementation of IFRS 17 becomes more eminent – a sound IT architecture and IT solution. This will set the heartbeat throughout the company and define the new way of working together in the Business as Usual (i.e. Finance, Actuarial (Risk) and IT).

With a go-live date of the 1st of January 2022 and IFRS 17 requiring a full scale transformation, meeting the deadline entails a huge challenge. We are currently advising and supporting industry leading insurers with their IFRS 17 programme, at all phases of their transformation, across essential functions such as Finance, Actuarial (Risk) and IT. Combined with our globally adopted delivery approach for effective workstream coordination & implementation enables us to bring hands-on experience to our other clients and truly understand the challenges clients encounter with their IFRS 17 implementation.

One of our initiative to stay in touch with our Global KPMG network, our Strategic Implementation Partners and our clients is our Global IFRS 17 Bootcamp. These initiatives help us to stay ahead of the game, keep advising and supporting our clients in the best possible way and keep improving ourselves so we keep the quality of our delivery above par.

During this Bootcamp there were several break-out sessions on the following topics:

  • Share our lessons learned and bundle our collective experience across the Global market
  • Get the latest insights on how IFRS 17 will affect Data, Systems and Processes at an implementation level
  • Speak to leading vendors about what their IT solutions entail, discuss the key requirements and strengthen our Strategic Partnership
  • Learn directly from our clients what challenges they are facing and where they see our added value
  • Deepen our accounting and actuarial understanding of the standard and implications for our clients

It is inspiring to see how we can to tap into the Global KPMG knowledge, reflect it to our local clients' needs and develop standard-setting thought-leadership that is second to none.

In the video of the IFRS 17 Bootcamp we've captured the energy of the day, the key lessons learned, our key message for clients and our experience working together with our Strategic Partners. We hope you enjoy the video and look forward to discuss IFRS 17 and the challenges you encounter in more detail.

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