Caribbean insurers: Accelerate adoption of IFRS 17 with lessons learned from front runners
03 May 2020
IFRS 17 compliance poses significant implementation challenges to the world's insurers and Caribbean insurers are no exception.
Given the investments required for IFRS 17 and the impacts to the business, many insurers have their sights set on a target outcomes well beyond standard compliance. Insurers are automating processes, advancing analytics, and venturing into the World of AI. Many front runners have engaged in varying strategies to achieve compliance with the new standard while also advancing on strategic business objectives.
With the wide range of insurance companies across the Caribbean there are many paths to adoption and informed decision making on which is the right path for your company is critical.
BDO, Optimus SBR, Valani & KR Consulting discuss how to streamline your implementation based on key lessons learned from the front runners where we focused on:
Standard Complexity & Expense of Implementation - All options appear to be expensive and time consuming, is there a simplification?
IFRS 17 Data Challenges- Data is a challenge for many insurers, systems and functions are siloed. IFRS 17 magnifies the problem. Is there a way to connect these all together and progress our analytics forward at the same time?
Systems, Processes & Financial Reporting- The current financial and month end processes for many insurers are quite challenging, can we achieve automation with compliance?
IFRS 17 Common Pitfalls Experienced by Frontrunners - Given that many have already progressed significantly into the IFRS 17 journey, can we learn from past experiences to avoid the same pitfalls?
IFRS 17 Cross-Functional Execution Demands- With the breadth and complexity of the standard, what’s the best way to keep Finance, Actuarial and IT aligned throughout the journey?