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. 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 Solvency II and BMA-regulated clients and a keen eye on new regulatory developments.
Divyank is a Senior Consultant with more than 8 years of experience and a part qualified Actuary. He has acquired expertise in Solvency II, IFRS17 and MCEV reporting and has worked for life and non-life business. He has extensive experience in Prophet modelling, DCS, statutory valuation and IFRS17 implementation and his coding skills include Prophet and DCS modelling, SAS, VBA, R.
Finalyse InsuranceFinalyse offers specialized consulting for insurance and pension sectors, focusing on risk management, actuarial modeling, and regulatory compliance. Their services include Solvency II support, IFRS 17 implementation, and climate risk assessments, ensuring robust frameworks and regulatory alignment for institutions. |
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About FinalyseOur aim is to support our clients incorporating changes and innovations in valuation, risk and compliance. We share the ambition to contribute to a sustainable and resilient financial system. Facing these extraordinary challenges is what drives us every day. |
Finalyse CareersUnlock your potential with Finalyse: as risk management pioneers with over 35 years of experience, we provide advisory services and empower clients in making informed decisions. Our mission is to support them in adapting to changes and innovations, contributing to a sustainable and resilient financial system. |
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