Making the most of the IFRS transition | KPMG | GLOBAL

Making the most of the transition: preparing for the forthcoming insurance contracts standard

Making the most of the IFRS transition

Forward-thinking insurance executives are looking at how they can turn compliance into business benefits. They are looking at the wider implications of the forthcoming insurance contracts standard and how they might leverage this opportunity for longer-term competitive advantage.

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Global Insurance Change Lead Partner

KPMG in Canada

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With the forthcoming insurance contracts standard on the horizon, many forward-looking insurers are thinking about how they might use these changes as a catalyst to transform their finance and actuarial operations, data, management and IT systems for the better. For the confident, change is an opportunity. Why not take it?

"Time spent identifying data sources and implementing measures to assure proper data quality should be not viewed as a 'compliance' exercise. These are what will bring business benefits in terms of reduced rework time and create opportunities for value-added data analysis."  Martin Hoser, Partner, KPMG in Germany

Making the most of the transition

  • Be bold and visionary: This is an opportunity to transform the way the organization operates. Identify key decisions early and set out a vision for the future that drives engagement and encourages support from across the enterprise.
  • Focus on the business outcomes: The goal of the transformation should not focus solely on a regulatory requirement. Finance leaders will need to design their new operating model and processes with their business objectives front and center.
  • Break down the program into manageable deliverables: Massive transformation projects can be difficult for employees to digest and complex to manage and deliver. While the overall initiative must remain focused on achieving the long-term vision, insurers will want to break down their projects into manageable steps and retain the ability to innovate and adapt to change.
  • Measure progress: Ensure there is a disciplined way to measure progress on a regular basis - both from a cost and benefits perspective. Flexibility is key, be ready to make adjustments if elements of the program are not meeting their goals.
  • Look at the bigger picture: Insurers that approach these changes purely as a technical issue will likely miss significant opportunities to drive real business value. Go beyond the technical considerations to think about the strategic impact on the organization.
  • Expect the goals to shift: Even with the advantages of modern technology and agile approaches, transformation can still take time and much can change in the internal and external environment before the end point is reached. Set clear goals and objectives but prepare to reassess the strategy if necessary as the business evolves and as interpretations are clarified.

To learn more about how KPMG can help you prepare for the forthcoming insurance contracts standard, please contact your local KPMG member firm today.
 

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