Caribbean insurers: Pragmatic IFRS 17 solutions in action

With the significant level of change impacting systems, processes, and people resulting from IFRS 17, Caribbean Insurers are looking for right sized implementation strategies that will achieve compliance or further optimization. BDO, Optimus SBR, Valani and KR Consulting will show how to achieve strategic business objectives with your IFRS 17 implementation and what you should be looking for in your IFRS 17 implementation.

Given the investments required for IFRS 17 and the impacts to the business, many insurers have their sights set on a range of targets, from base compliance to those that may be considered well beyond standard compliance. The most sophisticated 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.

BDO, Optimus SBR, Valani, and KR Consulting discuss cost-effective solutions focusing on:

• Data maturity including Data Connectivity, Quality, Granularity, Completeness, Ownership and Security Issues.
• Leveraging IFRS 17 as a catalyst event to launch a data governance program forward.
• An IFRS 17 solution accelerator in the form of InsurHub which offers an IFRS 17 compliant data model to cross-functionally bring it all together with the opportunity to leverage such data for business objectives well beyond compliance.
• Cost-Effective IFRS 17 Accounting Engine based on Moody’s RiskIntegrity platform.
• Leveraging data maturity advancement to achieve objectives beyond IFRS 17 compliance such as risk intelligence and customer intelligence.