IFRS 17 : Is your company ready for it? 

IFRS 17 becomes effective January 1, 2023 and represents one of the most significant shifts to insurance accounting requirements in the last 20 years.  Are you ready? 

 

Emergence will work with your current systems and leverage your technology investments to put together the best approach. 

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. 

Collect, Transform & Aggregate

  • Provide a centralized area for all policies and their attributes to be stored

  • Clean and Transform the data as needed to ensure proper reporting can be achieved

  • Link multiple source and destination systems together automating data flow

  • Allow for Year over Year recording of policy data

Calculate or Collect

  • Provide an area to hold all the inputs for the calculations (rate cards, inputs to the policy calculations)

  • Martian history keeping for all inputs and calculations

  • Calculate if required: PV Cash Flows, Risk Adjustment, CSM Amount, Variance relating to Year over Year balances as per each input

Reports, Disclosures & Dashboards

  • By connecting the Prophix environment to the ERP system, financial statements can be prepared from the GL data

  • Disclosure information that needs to accompany the financial statements can be produced

  • Standard dashboards can be customized to show important data points throughout the process

Get Started

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.

Meet Your IFRS 17 Practice Lead

aaron samuel

CPA, CMA

Solution Architect

Aaron Samuel is a Chartered Professional Accountant and Certified Management Accountant.   For the past 12 years, Aaron has worked with companies in various industries as a Solution Architect to implement and design ERP solutions such as Microsoft Dynamics GP and Business Central.

HOW CAN EMERGENCE HELP YOU TO REACH YOUR GOALS?

Emergence is a leading Microsoft Gold Partner delivering Microsoft Dynamics 365, ERP, CRM, business process, analytics, and collaboration solutions on premise and in the cloud.


Our team of Microsoft consultants has helped hundreds of customers achieve successful digital transformation projects using the full suite of Microsoft technologies and applications.
 

  • Black Facebook Icon
  • Black LinkedIn Icon
  • Black YouTube Icon

Phone: (441) 295-0913

Fax: (441) 292-3998

© 2018 by Emergence Limited