IFRS 17 will be effective from 1 January 2023 and it will change the recognition, measurement, presentation and disclosure of insurance contracts. It directly impacts how insurers value their insurance liabilities and recognise profits.
Insurers must define methodologies for non-prescribed items such as discount rate, risk adjustment, contract boundaries. New systems must be developed to handle data, perform calculations and generate accounting ledger entries.
Validation of your entire IFRS 17 landscape.
Including methodology, configuration and output from accounting engine (cashflows, journal entries and disclosures) which helps provide assurance and identify any gaps in your process.
Our in-house IFRS 17 Toolkit includes:
Independent model validation review.
Setting key design principles, assessing implementation of the methodology, data, assumptions and documenting results.
Assistance in performing your parallel runs and reconciliations with the current IFRS 4 and with the solvency balance sheet
Technical and process recommendations and benchmarking will allow you to refine your approach ahead of transition
Audit Trail with clear documentation of our independent validation process which can be used as support for external audit and future reviews
Frans is an actuary and Financial Risk Manager with international experience in the pensions and insurance sectors. He has been specialising in climate change risk management, actuarial valuations (AXIS), financial reporting (IFRS17, IAS19), regulatory reporting (BMA EBS, Solvency II, ICS, IORP II), market risk management (ALM, SAA) and investment consulting.
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.