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.
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
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.