IFRS 17 will apply as from 1 January 2023. Depending on which stage of the IFRS 17 implementation process you are, Finalyse can help you with the gap analysis, the proof of concept, the development of the right tools and processes to meet the target operating model, your impact analysis, the parallel runs and the go-live launch.
The new accounting standard changes the recognition, measurement, presentation and disclosure of insurance contracts. It directly impacts how insurers value their insurance liabilities on their balance sheet and how they recognise profits in their Income Statement.
We define business, functional, and technical requirements
We facilitate coordination between functions such as Finance, Actuarial and IT in the process of accounting systems upgrading
We design and test use cases, and deploy parallel and dry runs
We help insurers select the right risk mitigation techniques and ALM strategies to reduce IFRS 17’s Income Statement and Balance Sheet volatility
We help you select your target operating model / IT tool
We offer parallel implementation of IFRS 17 and IFRS 9
We have a team of IFRS 17 subject matter experts, including actuaries, and a dedicated competency centre with significant hands-on experience in the development and implementation of target operating models for all aspects of financial reporting, including the integration of actuarial and accounting processes as well as the data management and quality processes.
Francis is a Principal Consultant in charge of our Insurance practice in Dublin. He has 15 years of experience within the life and non-life (re)insurance industry as an actuary. His expertise covers the areas of financial reporting, prudential regulation and actuarial modelling. Francis has worked in both industry and consulting with extensive exposure to domestic and international clients and a keen eye on new regulatory developments.
Evelyn McNulty is a qualified actuary with over 13 years’ experience in the insurance industry. Evelyn is currently supporting multinational non-life insurer in climate change risk management design and was involved in SAS IFRS 17 Solution implementation projects. Evelyn has a broad range of experience including financial and regulatory reporting (Solvency II, GAAP, MCEV), capital modelling (SCR, ORSA), leading client audits, process improvements and data analysis, with proficiency in Prophet and VBA.
Divyank is a Senior consultant in Finalyse risk advisory insurance practice with more than 7 years of experience. He comes with expertise in Solvency II, IFRS17 and MCEV. His technical expertise covers various tools such as Prophet and DCS, R, VBA. He has acquired considerable experience for modelling in Prophet, DCS and statutory valuation.
Paramjeet is a nearly qualified actuary within the life industry with 7 years of proven experience across various projects and countries. His expertise covers the areas of IFRS17 implementation, Solvency II and Prophet Modelling. He worked in the life insurance industry for several large insurance projects in a valuation and modelling capacity with a variety of domestic and international clients across various insurance regulatory requirements.