Thank you for your interest in our industry round table event “IFRS 9/17 in Turbulent Times: How to Make Use of the One Year Postponement without a Significant Cost Increase”on March 21st 2019inMunich.
Over the last two years, most insurers have undergone an IFRS 17 impact assessment and started to plan their project initiatives. When they started to dig into the details, they discovered many challenges, discussed alternative scenarios, considered several IT solutions, and analysed changes to process, data and operating models.
One of the biggest concerns we have heard over the last 12 months has been how to address the multiple challenges and historical issues within the tough implementation timeline.
Given the intensive time pressure to develop new accounting framework while reorganising the IT landscape, many insurers accepted workarounds and system breaks to achieve the final deadline.
The additional year allows for the reconsideration of the scope and the road map. Postponement might be used to step back, but the time would be better used by taking concrete actions to keep momentum alive.
There are good opportunities to make the intended solutions better, but there are also risks and challenges to deal with.
One more year increases the appetite for expanding the scope significantly, spending more money, bringing in new people with new ideas and burning the ones who have been working on the topics for two years on top of their daily jobs.
Insurance companies are aware of these challenges when reshaping and adapting their IFRS 17 programmes. While one more year will raise the project cost, many insurers are discussing how to avoid a significant cost increase and make wise use of the additional time given.
To enable an industry experience exchange, we are organising round tables in Zurich and Munich to discuss the impact of the postponement on your current IFRS 9/17 road map. The purpose of these round tables is to share different approaches, challenges, opportunities, changes to the scope, and risks reflecting the postponement of IFRS 9/17.
Due to the complexity of a typical IFRS 9/17 programme, the round tables will cover a wide range of aspects from the Actuarial and Finance departments as well as Controlling, Accounting, Investment and IT.
We reserve a significant part of the round table agenda for peer discussions and would highly appreciate your interest in participating in one of these round tables.