For many Insurers, IFRS 17 will fundamentally change the way they manage, measure and report business results. It will transform how and when profit is recognized and disclosed across the life of an insurance contract.
What is IFRS 17 AND wHAT dOES IT mEAN FOR iNSURERS?
IFRS 17 represents one of the most significant shifts to insurance accounting requirements in the last 20 years. For many Insurers, IFRS 17 will fundamentally change the way they manage, measure and report business results. It will transform how and when profit is recognized and disclosed across the life of an insurance contract.
The new tracking regulations will affect the way information is gathered, accounted for, and reported on the company's financial statements, inevitably changing the requirements for many finance ERP and actuary systems.
WHEN DOES IT BECOME EFFECTIVE?
IFRS 17 becomes effective January 1, 2023. To achieve a successful conversion by January 1, 2023, companies must provide 1 year of competitive statements - effectively narrowing the window of time that insurers have to plan for the new standard, which will have significant implications for IT systems, data, strategic management, and business processes.
Insurers will need to think quickly and holistically about the dramatic impacts of IFRS 17 on their organizations.
how emergence can help
Emergence will work with your current systems and leverage your technology investments to put together the best approach.
We will work with your organization to map out current system gaps, software requirements and specific details on how your data will be formed to meet specific IFRS 17 requirements.
Using Prophix, the Emergence IFRS 17 solution will fill in those gaps identified, where source systems typically fail, and provide an end solution to meet your specific needs.
Emergence recommends starting preparations now to understand the financial and operational impacts on the required transition. Companies delaying any form of action face the high risk of not delivering compliance on time and are likely to end up paying bigger costs. Don't delay. The time is now.