Reaching the best outcome requires a ‘living plan’ with defined objectives, clear accountabilities and realistic timelines.
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
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:
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:
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.
IFRS insurance contracts standard will have far reaching impacts for life and P&C insurers and reinsurers.