Overview
IFRS 17 provides opportunities for effective data harness
IFRS 17 is about to replace IFRS 4 on accounting for insurance contracts and has an effective date of 1 January 2021. IFRS 17 provides opportunities for effective data harness with improvement in structuring of finance functions for better business decisions. The implementation of IFRS 17 will have profound impacts on all aspects of your organization, from front- to-back office.
Auronova provides solutions that involves comprehensive data management approach to improve data and analytics capabilities strategically.
Auronova provides solutions that involves comprehensive data management approach to improve data and analytics capabilities strategically.
Offerings
Our Offerings towards IFRS 17
Reporting Challenge
IFRS 17 represents the biggest change to insurance accounting requirements in last 20 years. That will require a complete revamp of the insurer’s financial statements. Other than the anticipated financial and actuarial functions, this will have a huge impact across Data, Systems and Processes.
The standard uses three measurement approaches, namely :
Reporting Challenge
IFRS 17 represents the biggest change to insurance accounting requirements in last 20 years. That will require a complete revamp of the insurer’s financial statements. Other than the anticipated financial and actuarial functions, this will have a huge impact across Data, Systems and Processes.
The standard uses three measurement approaches, namely :
Implications
Understanding the gaps in data, systems and processes are critical aspects for optimal implementation of IFRS 17. Improvising IFRS 17 will imply complete overhaul of end-to-end financial processes and underlying systems. Operational Implications involve following factors:
Implications
Understanding the gaps in data, systems and processes are critical aspects for optimal implementation of IFRS 17. Improvising IFRS 17 will imply complete overhaul of end-to-end financial processes and underlying systems.
Operational Implications involve following factors:
Solutions
We understand that most efficient way to approach IFRS 17 and future reporting challenges will be through an integrated operating model and technology platform for finance and actuarial, enabling them to work essentially as one unified team with one seamless calculation and reporting system. Only with a truly integrated solution that connects the data, systems and process environment between Finance and Actuarial will insurers be able to meet the new regulatory and accounting reporting challenges of the future.
Solutions
We understand that most efficient way to approach IFRS 17 and future reporting challenges will be through an integrated operating model and technology platform for finance and actuarial, enabling them to work essentially as one unified team with one seamless calculation and reporting system.
Only with a truly integrated solution that connects the data, systems and process environment between Finance and Actuarial, Insurers will be able to meet the new regulatory and accounting reporting challenges of the future.
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