IFRS 17 implementation
IFRS 17 is the biggest insurance accounting change in decades. Our skilled team understands both the business and technical issues around IFRS 17 and can work with you to achieve compliance that’s aligned with your finance transformation programs.
What EY can do for you
While IFRS 17 poses many significant challenges for insurers, it also represents an opportunity to modernize and upgrade technology and data capabilities in finance, risk and actuarial operations. Depending on how insurers choose to approach compliance, the impact on core accounting data, systems and processes is potentially huge.
EY teams bring deep technical and industry knowledge, and we work with you to achieve IFRS 17 compliance efficiently, strategically and in line with your finance and risk transformation programs and broader business goals. For insurers seeking a bolder approach, we go beyond compliance to automate reporting environments and integrate finance, risk and actuarial functions in ways that produce lasting value for the business.
Why choose EY as your IFRS 17 implementation partner?
We can help you navigate the new regulatory agenda and help align your organization to drive a successful implementation by offering:
- Broad and deep understanding of IFRS implications for insurers
- Focused approach in developing technology-driven targeted operating models that integrate finance and actuarial functions
- Extensive knowledge of solution options and vendor landscape with proven approach to evaluation, selection tools and technology
- Alliance partnerships and collaborations with leading technology players
- Strong track record building successful IFRS 17 solutions and integrating finance and actuarial operations
- Diverse mix of skills and experience required for achieving compliance
- Solution accelerators that drive time-to-value and reduce implementation risk
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Disclosure of expected impacts of IFRS 17 and IFRS 9 prior to initial application November 2022