Mapping your insurance accounting change program

Mapping your insurance accounting change program

Reaching the best outcome requires a ‘living plan’ with defined objectives, clear accountabilities and realistic timelines.

Global Insurance Change Lead Partner

KPMG in Canada

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If implementation of the forthcoming insurance contracts standard is to reach the best possible outcome for your organization, we believe it needs to be seen as more than just a compliance exercise. This will entail combining multiple strands into a common program, identifying linkages and addressing dependencies across the business in a logical sequence and thinking strategically about possible effects on the organization and its stakeholders. A well-developed and living plan assigns clear accountabilities and breaks down objectives into manageable tasks for delivery to realistic time-scales in order to establish an effective blue-print for success.

"We see smart CFOs saying this is becoming a reality, we can use it to our advantage as a lever for change. The lets us do the things we have always wanted to do but never had the time or money to achieve - like investment in automation and digitization."  Mary Trussell, Global Insurance Change Lead Partner, KPMG in Canada

 

Taking a modular approach

Our scalable and modular approach offers our firms’ clients a well-established and flexible methodology to tackle otherwise daunting changes with confidence. Our methodology groups activities into four manageable phases:

  • Assess the change; identifying accounting, actuarial, tax and reporting changes, and assessing the data,  IT systems, process and business impacts
  • Design your response; accounting and actuarial policies and methodologies are defined, blueprints for IT system changes created and training modules developed
  • Implement your design; designed changes are proto-typed, tested, rolled out and put into operation
  • Sustain your new practices, securely embedding them in business as usual.

Gain confidence using a proven methodology as your compass

KPMG International’s methodology reflects current reporting challenges and increasing technological sophistication. The methodology has been used over 1,500 times to help entities of varying shapes and sizes successfully implement large-scale accounting changes

Our global insurance practice recently tailored the methodology in response to forthcoming  accounting, actuarial and regulatory changes within the insurance sector. The result is a scalable, globally consistent approach, complemented by a sophisticated suite of tools. These tools include an initial Impact Assessment Toolkit to help you to:

  • assess the impact of the changes on your business and help scope your change program
  • develop a living plan to guide your progress and facilitate reporting to senior management and other stakeholders.

Our assistance is aligned to your needs and circumstances. 

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

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