IFRS 17 implementation
Use compliance as a catalyst for change. 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
IFRS 17 is the most significant insurance accounting change in decades. Significant work and expense are required for those firms that report against the new standard.
Depending on how insurers choose to approach compliance, the impact on core accounting data, systems and processes is potentially huge. For many insurers, IFRS 17 represents a crossroads because the new accounting standards are too complex to be handled by the systems and stand-alone data repositories currently in place.
However, three things are clear when it comes to IFRS 17. Compliance is a must. Minimal compliance does not equal minimal cost. And the time to act is now.
Our team brings 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.
We help insurers:
- Master the technical details of compliance
- Recognize the strategic opportunity for the business
- Design the right plan based on existing operations, product portfolios and technology environments — as well as business objectives and the organizational appetite for change
Steps toward IFRS 17 implementation
- Map the impacts, especially relative to data sources and entity or product structures
- Identify the value-creation opportunities — either stand-alone or relative to finance modernization programs
- Design the right data and technology environment based on our alliances and partnerships with leading providers of enterprise platforms and specific applications
- Align and harmonize finance, risk and actuarial groups
- Adopt new performance monitoring and reporting capabilities
- Prepare the organization for managing earnings, balance sheets and reinsurance strategies in new ways, based on better data and in line with this new accounting regime
- Broad and deep understanding of IFRS implications for insurers
- Strong track record building successful IFRS 17 solutions and integrating finance and actuarial operations
- Diverse mix of skills and experience required for achieving compliance
- Focused approach in developing targeted operating models that integrate finance and actuarial functions
- Alliance partnerships and collaborations with leading technology players
- Solution accelerators that drive time-to-value and reduce implementation risk
Our latest thinking
Like what you’ve seen? Get in touch to learn more.