Guidebook for Insurers to Solve the IFRS 17 Reporting Puzzle

17 Apr 2020
by Ronak Doshi, Aaditya Jain, Supratim Nandi, Shrey Kalawatia, Anurag Singh

In this research, we provide a comprehensive system-readiness checklist for insurers and analyze 12 leading IFRS 17 technology platform vendors, focusing on their capabilities across accounting, actuarial, and data management. The new reporting standard, IFRS 17, was finalized in May 2017 and is now expected to be introduced on January 1, 2023. Our assessment is based on Everest Group’s proprietary transaction intelligence database, public disclosures, and discussions with enterprises, technology vendors, and service providers.

Scope

We have assessed capability maturity for the following 12 IFRS 17 platform vendors:

Aptitude Software, AON, FIS, IBM, Legerity, Moody’s Analytics, Oracle, RNA Analytics, SAS, SAP, Tagetik, and Willis Towers Watson

Contents

We study the following topics in this report:

  • Background and definition of IFRS 17 reporting standards for insurers
  • Implications of IFRS 17 on actuarial processes and financial reporting
  • Enterprise system readiness for IFRS 17
  • Assessment and capability dashboard for IFRS 17 reporting solutions
  • Scope of services provided by IT service providers for compliance with IFRS 17

Membership(s)

Insurance - IT Services (ITS)

 

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