We would like to present KPMG benchmarking report - In it to win it - feedback from insurers on the journey to IFRS 17 and IFRS 9 implementation one year in.
In the publication our experts gathered, analyzed, and benchmarked data from 160 insurance companies across 30 different countries to understand how insurers have advanced in their journey to IFRS 17 and IFRS 9 implementation.
Key findings and call to action:
- Time pressure is already becoming acute - there is a vast amount to do.
- The organizations that are furthest along with their projects (generally, larger insurers) are the ones feeling the time challenge the most - the more they do, the more they realize how hard the task is and how much work is involved.
- While working on implementation, the leading insurers are seeking to optimize systems and processes at the same time in order to reap longer-term, enterprise-wide benefits too - though recognizing that this may take longer than 2021.
- Smaller insurers have done the least to date - many of them urgently need to engage and get started.