The introduction of IFRS 17 is one of the largest regulatory shocks to the insurance industry in the past decade. At heart, the accounting standard attempts to combine traditional reporting with forward-looking actuarial calculations.
How to build a strong foundation in the regulatory insurance landscape
The insurance industry agrees that data requirements are a key challenge in the implementation of IFRS 17. Although the main purpose of IFRS 17 is to harmonize the insurance industry by setting principle-based standards, the new accounting standards also enforce a new level of data management. At Zanders we believe that this is the right opportunity to build a strong data foundation. Not only for the implementation of IFRS 17, but to prepare for any future regulatory or market changes.