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IFRS 17

    IFRS 17 is a new accounting standard, that even though it addresses the same scope as the previous norm will have major effects in terms of transparency and comparability. On top introducing a whole new set of concepts and operational practices in the insurance world, those effects will be compounded by the introduction of IFRS 9 and the need for far reaching disclosures.

    OUR TAKE ON THE KEY CHALLENGES

    • Methodological challenges : On top of the need for different approaches (BBA, VA, PPA), the sheer complexity of the RA & CSM calculations will require key decisions.
    • Volumes & Architecture : The level of calculations’ detail (cohort, contract, unit of exposure) and the number of entities involved warrant a review of the IT environment for robustness.
    • Data Governance : The need for auditability, accuracy and completeness of data requires the setup of a new data governance.
    • Processes : Short closing periods and need for seamless collaboration across departments are a key challenge.
    • Reporting and Disclosures.

    WHAT WE DO

    Thanks to our broad expertise in those areas our approach is based on maximum reuse of the existing data flows, repositories, procedures and internal knowledge. We do not consider IFRS 17 as a standalone project on top of existing frameworks.

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