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For many, moving to IFRS 17 compliance has not meant moving into business as usual (BAU). Insurers have been struggling to define where they are in their journey to BAU with IFRS 17 and how to fully capitalize on their investment.

Reading the standard, for the experienced, is a relatively straightforward exercise. However, interpreting the requirements of the standard into actual operationalized procedures is a much more complex task, especially when […]

The insurance industry is in a period of transition due to the changes in consumer expectations, exposure to climate, health, and economic events, regulatory pressures, and shifting market conditions. A […]

Digitization does not always equal modernization. The insurance industry still wrestles with dated, manual, and time-consuming processes often involving fragmented legacy systems.

In this article, we outline the benefits and challenges of advancing data maturity and how to leverage the investments in LDTI as a foundation to address the data needs of the broader enterprise.

This article looks at how the changes in accounting policies affect actuarial measurements and what they look like before and after the implementation.

For many insurers, this is the time to question the investment in upgrading legacy point-to-point systems, using LDTI as the reason to consider an upgrade to a data fabric that captures all components of the requirement.

LDTI Article #1 – LDTI is the most significant change in decades to the existing accounting requirements under USGAAP for long duration contracts that are non-cancellable or guaranteed renewable contracts.

In this final article of our IFRS 17 series, we pull everything together and discuss the other large standard impact that is likely to occur.

IFRS projects produce their own actuarial challenges. We discuss what changes you likely face, and how to address them.

This article outlines how the right data strategy for IFRS 17 can be extended across the enterprise to advance an insurer’s data maturity rapidly and cost effectively leveraging the investments in IFRS 17 as a foundation.

Even the simplest, monoline property and casualty insurers have realized there are significant complexities in practice. We have detailed some of the items you need to consider on your IFRS 17 journey.

Here are a few of the key implementation realities that insurers are faced with as they look to decide on upgrading their point-to-point system or upgrade to a new data hub environment.

We have detailed a few of the key implementation realities that insurers are faced with as they seek to comply with the new standard.

With time running out, the only question left for most insurers is whether they use the opportunity of IFRS 17 compliance to simply create a minimum viable product or to truly transform their business into the 21st century and take a market leadership position.

The goal of effective product management is to ensure that products remain relevant, competitive, and profitable in the current environment. Product Optimization takes product management to the next level.

Must-do projects like regulatory changes can seem overwhelming and daunting, but it doesn’t need to be. With some careful forethought and the right expertise, regulatory programs can extend beyond just staying onside with the regulator, and set your organization up for long-term success.

This Briefing Note highlights key elements of interest to our clients from the 2019 Ontario Budget announcement.