KPMG professionals can help you navigate the complexities of the forthcoming insurance contracts standard. Our multi-disciplinary teams comprise highly skilled accountants, actuaries, data scientists and project managers to ensure your transition is well prepared for and executed in a timely and efficient manner.
The methodology we apply is one that has been refined and tailored through practical application in a wide range of organizations and circumstances. The tools and templates are enriched and developed with each subsequent project. Insurers will benefit from these leading-edge tools and approaches that are easily adaptable to suit individual circumstances, while focusing on the ultimate ambitions of their insurance change program. Having a consistent application of methodology, regardless of location, means consistent deliverables and easier comparison across sites.
Our preferred team structure is predicated on key roles being held by members of your organization, partnered with KPMG specialists woth diverse skillsets. This establishes a potent combination of specialist skills and commercial understanding of your organization and its culture. Working as a joint team also helps facilitate the transfer of knowledge over the life of the project. KPMG's legacy is a sustainable set of financial management and business processes delivered with confidence by your people.
Our assistance is scalable and modular. We can be your end-to-end provider, or engaged purely to provide ad hoc technical accounting or actuarial support. KPMG professionals will help you understand how the changes affect your financial statements and performance metrics and can help you navigate complex policy decisions and their messaging to key stakeholders.
Your IFRS initiative will require a collaborative approach, backed by experienced global resources. KPMG is a worldwide network of member firms with shared values and approaches and a shared approach to accounting and actuarial change for insurers. This means our clients benefit from consistency in our service delivery, with empowered leaders who are readily accessible to your management in each of your key locations.
KPMG’s global footprint is extensive with international locations corresponding with major insurance markets. Our global insurance accounting change team —with specialist partners in each of the Americas, Europe/Middle East/Africa (EMA), and Asia Pacific, and subject matter experts from a wide variety of disciplines—includes the appropriate skills so we can be both responsive and efficient around the world.
To learn more about how KPMG can help you prepare for the forthcoming insurance contracts standard, please contact your local KPMG member firm today.
IFRS insurance contracts standard will have far reaching impacts for life and P&C insurers and reinsurers.