A Look Back at 2018 – From Assessment to Implementation
The Insurance industry has started to realise the challenges and opportunities of IFRS 17 and we have seen firms complete Impact Assessments and consider their next step. Legerity has engaged with many firms over the last 12 months, progressing through our IFRS 17 workshops and ‘Proof of Concept’ programme, and in the first half of 2019 we will see firms move into the implementation phase.
IFRS 17 is a once in a generational opportunity to deliver significant business benefits and the recent extension to the deadlines makes this even more possible.
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JANUARY WEBINAR – DEFINING YOUR DATA STRATEGY
Fundamental to the success of any IFRS 17 implementation is data management. However, identifying the data required for both actuarial and finance, plugging any gaps, and getting agreement across all stakeholders is a significant challenge.
On January 22nd we host the next in our series of webinars looking at different stages on the route to implementation.
Register now for our January webinar here.
Proof of Concept
Our Cloud-based IFRS 17 Proof of Concept program is proving extremely successful in helping firms take the next step along the journey towards compliance. Legerity IFRS 17 SaaS demonstrates the power of market-leading technology and our unrivalled expertise.
For those planning on running a Proof of Concept in the near future, it is important to define your PoC objectives – which accounting policy choices and business scenarios you are looking to validate, what is the most important criteria the PoC will prove, and functional or non-functional considerations.
Find out more here
An Industry View
Kevin Griffith, Global Insurance IFRS Lead at EY, recently shared a LinkedIn article on how insurers should respond to the IFRS 17 delay, covering the impact of the extension, and how Insurers are responding.
KPMG’s Brian Morrissey also covers the extended implementation date for IFRS 17 here.
Kim Vander Aerschot, Partner at PwC Canada, shared 3 Essentials for getting started with your IFRS 17 change management strategy. This article looks at understanding the current climate within your organisation, and how to learn from previous mistakes when approaching a change program.
Contact Legerity today to speak to a member of the team, or to register for our upcoming webinars and events:
Tel: +44 (0) 203 871 2944