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IFRS 17 Conference Takeaways

insurance contracts

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.

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The Finance and Risk Integration Challenge for Banks

Today’s financial institutions face a highly structured work culture and a seemingly never-ending barrage of new regulations such as Basel III and accounting standards such as IFRS 17.

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A functional approach to weather future storms

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.

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Functional Data Management: What makes data projects very costly and never-ending?

Missing the functional piece in a data project puzzle – The financial industry is going through a disruptive phase, in which buzzwords such as blockchain, big data and deep learning are enticing financial institutions to ride the technological wave. Solid data management is the foundation of these developments. Financial institutions not only have an internal drive to create this foundation, as this improves analysis and decision-making, but also face challenging regulations imposed by national and international supervisors.

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Upcoming challenges for insurers

Due to upcoming regulatory changes, technology advancements and the potentially catastrophic rise of so-called InsurTech companies, life as an insurer gets busier and busier. They are currently facing an awe-inspiring amount of challenges, such as IFRS 17, the Solvency II review, Net Capital Generation, Artificial Intelligence, InsurTech and the reform of interbank offered rate (IBOR). So, how are insurers coping with all these challenges?

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