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Impacts of IFRS 17 on data, systems and processes

Impacts of IFRS 17 on data, systems and processes

In KPMG's webcast recorded in 2017 - Impacts of IFRS 17 on data, systems and processes - we share practical examples of how the new standard may impact an insurer’s current systems architecture.

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The International Accounting Standards Board’s (IASB) insurance contracts standard, IFRS 17, is expected to significantly affect data requirements and the systems and processes used for data collection, actuarial projections, and on calculating and accruing interest under the new standard.

In discussion with insurers around the world, we found that most expect to face challenges accessing and handling data of the right quality and granularity under the new standard. And many see significant effort associated with capturing, storing and analyzing this information going forward given historical data quality and the use of legacy systems.

In KPMG's webcast recorded in 2017 - Impacts of IFRS 17 on data, systems and processes - we share practical examples of how the new standard may impact an insurer’s current systems architecture. In addition, we explore the data that will be required and how the standard will influence new estimates, computations and processing. We also share lessons that we have learned from helping insurers through Solvency ll and the importance of developing a data management policy early on.

Following this webcast, which lasts approximately 1 hour, participants will be able to explain:

  • how IFRS may impact your systems environment and management of data
  • the data requirements of IFRS 17, including similarities and differences with Solvency II
  • which aspects of data and systems will be most significantly impacted when implementing the Building Block Approach for measurement and presentation

As investors and regulators strive for ever-accelerated reporting timetables, insurers will want to streamline processes and ensure clear, concise communication to shareholders, investors and other key stakeholders.

© 2018 KPMG LLC, an Isle of Man Limited Liability Company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

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