Join this on demand webinar from Finextra, in association with Oracle and PwC and listen to experts discuss how firms should approach the IFRS 17 implementation and delivery process.
IFRS 17 for Insurance Contracts brings a considerable challenge in the way insurance contracts need to be treated. There is a heavy reliance on actuarial calculations which means there is a need for significant alignment between actuarial, finance and IT functions.
The standard has significant implications on technology and the state of the current architecture, especially where there are significant legacy and hangovers from acquisitions. By leveraging the standard, insurance firms can not only process and analyse current and historical data but also see the impact on the CSM (Contractual Service Margin) under the three different methods- General Measurement Model (GMM), Premium Allocation Approach (PAA) and Variable Fee Approach (VFA).
Even with the extension of the deadline to January 2022, that standard would have significant implications on management, strategy and IT systems, as well as on P&L and P&L volatility. The transition from IFRS 4 to IFRS 17 will be complex.
During the webinar, we will discuss:
- Consolidating and managing data across Actuarial and Finance
- Flexibility required in the management of Cohorts
- Automating measurement and projection analysis
- Impact on accounting and financial statements
- Efficiently generating and communicating results internally and to shareholders
- Alignment of IFRS 9 and IFRS 17
- Akhil Arora, Principal, Financial Services Analytics, EMEA, Oracle
- Viswanathan Swaminathan, Senior Manager, PwC
- Lisa Walker, Insurance Policy & Technical Lead, HM Revenue & Customs
- Anna Milne, Editor, Finextra