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January 30, 2017
Like Solvency II before it, IFRS 17 will create a more complex reporting regime for insurance practitioners. But when it comes to putting the right financial system in place, it could be a costly mistake to focus purely on your day-one reporting requirements and the feeding of actuarial calculations to finance. Critically, you’ll also need the tools to manage your business effectively under the new regulation.
Beyond reporting, IFRS 17 is set to transform the way that insurers deliver value and protect the interests of customers, shareholders and other stakeholders. So it’s imperative that actuaries and finance teams are equipped appropriately across the board – whether for pricing contracts, business planning or active risk management.
Most fundamentally, any system under IFRS 17 will require the ability to make future projections for these purposes.
Here are four questions you must ask when considering solutions and how best to run your business under the new regulations:
As insurers plan in earnest for IFRS 17 implementation, there is a big risk of overlooking these essential wider system requirements – and missing a key opportunity to increase profitability and reduce costs. By thinking in concrete terms about how to manage your business under the new regulations, you can make IFRS 17 as much about improving your numbers as reporting them.
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