The International Accounting Standards Board’s (IASB) insurance contracts standard, IFRS 17, is expected to significantly affect data requirements and the systems and processes used for data collection, actuarial projections, and on calculating and accruing interest.
In discussion with insurers around the world, we found that most expect to face challenges accessing and handling data of the right quality and granularity under the new standard. And many see significant effort associated with capturing, storing and analyzing this information going forward given historical data quality and the use of legacy systems.
In the third of our webcast series - Impacts of IFRS 17 on data, systems and processes - we will share practical examples of how the forthcoming standard may impact an insurer’s current systems architecture. In addition, we will explore the data that will be required and how the standard will influence new estimates, computations and processing. We will also share lessons that we have learned from helping insurers through Solvency ll and the importance of developing a data management policy early on.
Following this webcast, participants will be able to explain:
the latest discussions on the draft standard by the IASB at their February meeting;
how IFRS may impact your systems environment and management of data
the data requirements of IFRS 17, including similarities and differences with Solvency II
which aspects of data and systems will be most significantly impacted when implementing the Building Block Approach for measurement and presentation.
Mary Trussell, Global Insurance Accounting Change Lead Partner, KPMG in Canada Martin Hoser, Global Insurance Accounting Data and Systems Lead Partner, KPMG in Germany