Have Insurers started their IFRS 17 implementations?

Legerity ran the latest in its IFRS 17 webinar series at the end of April, tackling detailed design considerations around data.

Data quality, data management and data integration are often the most challenging areas of finance transformation and finance projects, and the Legerity webinar examined the benefits that a best practice IFRS 17 Data Framework can deliver.

Watch a recording of the webinar here.

Legerity’s IFRS 17 webinars attract a large global audience of insurance professionals, gaining a considerable market insight by polling webinar attendees. As IFRS 17 projects start to move into a critical period of detailed design and implementation we were keen to see where Insurers are in their IFRS 17 change programs.

We saw a fairly even split in the results.

Yes, already in progress (27%)

The ideal place to be, these firms will have completed their assessments, Proof of Concepts and technology selection and will have moved on to detailed solution design and implementation. Insurers who are already in progress stand the best chance of achieving compliance and utilising digital transformation to deliver game-changing business benefits.

 

About to start in the next couple of months (33%)

These firms will have finalised their requirements, and by mid-year their project teams need to be fully mobilised with solution designs in place and technology selected. If they haven’t already, now is an ideal time for these firms to undertake a Proof of Concept (PoC), delivering a clear and structured route from impact assessment to implementation. Having completed a PoC, firms will be in an ideal position to understand their data integration challenges and commence the detailed design of their IFRS 17 solutions.

Watch our IFRS 17 Cloud PoC overview

 

Plan to start later this year (27%)

With the IFRS 17 effective date pushed back to January 2022, some insurers may have delayed starting their change programs until later in the year. However, the deferral is not a reason to delay. Legerity’s view is that firms should not lose momentum on their IFRS 17 projects as timescales will continue to be challenging even with the additional 12 months

Watch our video on how firms should utilise the extra year.

 

No idea when we will start (13%)

The 13% that have no idea when they will start should be thinking about mobilising soon, as they run the risk of huge challenges further along the process. IFRS 17 projects will require full-time resources, and SME business and technical resources that can be called upon periodically to contribute to the requirements, design and testing of the solution. Firms that haven’t identified the resources and requirements for their IFRS 17 change program by now are in danger of not delivering compliance in time for January 2022.

View our interactive countdown page to see where your firm should be in the IFRS 17 process.

 

Available on the Cloud and pre-configured for IFRS 17, Legerity FastPost can help insurers accelerate their programs.

Contact Legerity today to discuss your program with our IFRS 17 experts.