How are you preparing for IFRS17

Although not coming into effect until 4 years time, the global impact across the insurance industry with the new accounting reporting standards for insurance contracts is the biggest change in the last 20 years for insurance companies.

This new standard is to align the insurance reporting framework globally to ensure consistency, transparency and the ability to compare coming into effect January 2021.  Some of the changes required cover system changes to support enhanced reporting and the quality of data.

Draft standards are available and APS suggest that an early impact assessment is undertaken against these draft standards to understand the impact to your business.  This will help you understand what is required from both a cost and resource requirement to ensure you are IFRS17 compliant.

Additionally this early impact assessment approach supports your critical path roadmap, to ensure any other regulation change programmes or digitalisation of your platforms does not require any duplication of work across your business.

Some items to consider for IFRS17

• What is the impact across your business on a day to day basis as well as knowledge transfer and Change delivery planning?
• Whats the impact to your current Solvency II Programmes
• What training is needed to ensure your organisation is ready
• How do you assure your delivery across the business and IT
• What opportunity do you have as a result of IFRS17, project and programme and dependencies as well or organisational changes.

How can APS help?

APS have developed a comprehensive portfolio of business solutions, testing and programme management service offerings to support our activities. We pride ourselves on delivering projects on time, budget and quality expected in a rapidly changing landscape. At APS we don’t simply provide people, we believe in treating each new business opportunity as unique and tailoring the solution to meet defined objectives

For further information on APS contact us Dave.Newland@apsolutions.org.uk or mark.blake@apsolutions.org.uk