Impacts of IFRS 17 on data, systems and processes
28 February 2017, 9:00AM - 3:00PM, CET
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.
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 given historical data quality and the use of legacy systems.
In the third of our webcast series - Impacts of IFRS 17 on data, systems and processes - we will share practical examples of how the forthcoming standard may impact an insurer’s current systems architecture. In addition, we will explore the data that will be required and how the standard will influence new estimates, computations and processing. We will also share lessons that we have learned from helping insurers through Solvency ll and the importance of developing a data management policy early on.
And, as we are expecting to hear more from the IASB’s February Board meeting on the evolution of the draft standard as it nears the finishing line we’ll provide an update on those discussions.
Following this webcast, participants will be able to explain:
Mary Trussell, Global Insurance Accounting Change Lead Partner, KPMG in Canada
Martin Hoser, Global Insurance Accounting Change Data and Systems Lead Partner, KPMG in Germany
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. KPMG’s approach is distinctive, recognizing that this is more than just a technical accounting and actuarial issue.
Mark your calendars for future webcasts:
If you have any questions, please contact us.
Head of Banking and Insurance