IFRS 17 Insurance
IFRS 17, IASB’s new standard for insurance contracts, will come into effect January 1, 2023. Deloitte IFRS 17 specialists are committed to helping insurers of all sizes design pathways to implement the new standard. Unique facets of each company require different policy decisions and varying levels of automation—there is no one size fits all solution.
Speak with one of our accounting, actuarial, or technology industry specialists to develop a plan for navigating your IFRS 17 implementation pathway.
“Early in the planning stage, insurers need to understand how to align their finance, actuarial, data, and IT resources to sustain their IFRS 17 program. Everyone must understand their role and the level of commitment required to achieve success. Implementing IFRS 17 will be a long haul, so plan for breaks and checkpoints.”
Nat D’Ercole
ndercole@deloitte.ca
“IFRS 17 demands close collaboration between actuaries and accountants that emphasize earnings analysis and encourage joint responsibility for the numerous line items in the financial statements.”
Paul Downes
pdownes@deloitte.ca
“IFRS 17—the devil is in the detail! It is clear that under IFRS 17, one approach will not fit all. Each insurer should perform an IFRS 17 assessment that considers their variations in facts and circumstances that guide how the standard is applied.”
Elaine Hultzer
ehultzer@deloitte.ca
“Early in the planning stage, insurers need to understand how to align their finance, actuarial, data, and IT resources to sustain their IFRS 17 program. Everyone must understand their role and the level of commitment required to achieve success. Implementing IFRS 17 will be a long haul, so plan for breaks and checkpoints.”
Nat D’Ercole
ndercole@deloitte.ca
“IFRS 17 demands close collaboration between actuaries and accountants that emphasize earnings analysis and encourage joint responsibility for the numerous line items in the financial statements.”
Paul Downes
pdownes@deloitte.ca
Discover and experience the Regulatory Assist difference
The Regulatory Assist IFRS 17 solution was created to enable IFRS 17 deployment for both P&C and Life Insurers.
It offers a suite of accelerators to enable insurers to deploy their IFRS 17 solutions at a lower predictable cost and with the quality and confidence expected to achieve minimum compliance on time and on budget.
IFRS 17 set to take effect in January 2023. Is your organization on track?
15 Months
Months to implement on average
13 Months
Months left to start parallel run
Zero
Vendor solutions are plug-n-play ready
100+
Insurers in Canada to comply, amplifying resource shortage
Regulatory Assist Accelerators for IFRS 17 by Deloitte
Requirements
Requirements Assist
Level 1 and Level 2 functional requirements tailored for P&C and Life insurers to accelerate requirements fit gap analysis to your needs. Includes advisory services from Deloitte.
Accelerate requirements confirmation through workshops, including key policy decisions.
Use Case Assist
Library of Life and P&C Use Cases. Includes IFRS 17 advisory services from Deloitte.
Accelerate definition of your use cases through structured workshops leveraging our library of use cases for IFRS 17.
Data
Data Assist
Data dictionary, data model and database scripts to confirm your data requirements and establish your source systems data integration solution. Includes data advisory services from Deloitte.
Enable IT, Actuaries and Accountants to talk the same language and shorten your data standardization effort by up to 50%.
InsurCloud Assist
Data integration from Deloitte's InsurCloud Solution to Deloitte's Data Assist Accelerator. Includes data integration and advisory services from Deloitte.
Rapid data integration solution and data quality methods for P&C Insurers running the Deloitte InsurCloud solution.
Configuration
Configuration Assist for SAS
Standard configuration for SAS IFRS 17 PAA minimum compliance solution. Includes SAS configuration services from Deloitte.
Rapid configuration of SAS for P&C Insurers that accelerates implementation and go live with the ability to operationalize your solution in 3 months.
Testing
Testing & Use Case Assist for SAS
Pre-packaged Deloitte P&C use case library, data integration definitions, Quickstart integration, testing data, expected results and journal entry validation tailored for the SAS IFRS 17 Engine; includes services to enable knowledge transfer and creation of new use cases for the SAS IFRS 17 solution.
Reduce testing time by 50% or more to complete use cases, end-to-end testing and data integration of your PAA SAS IFRS 17 solution.
Testing & Use Case Assist for Other Solutions
Deloitte P&C use case library, testing data, expected results and journal entry validation tailored for your IFRS 17 solution (Moody's/Oracle/Aptitude/Others); includes services to enable knowledge transfer and creation of new use cases for the SAS IFRS 17 solution.
Accelerate planning and execution of your testing program for IFRS17 and enable actuaries, accountants and technology professionals with a common solution for testing activities.
Regulatory Assist Solutions and Managed Services for IFRS 17 by Deloitte
Deloitte Regulatory Assist For SAS IFRS 17
Key Highlights: Packaged, cost effective solution designed to help Mid-Market Insurers establish and sustain compliance to IFRS 17 with confidence.
- Pre-configured data integration to Deloitte's Data Assist accelerator and SAS
- Pre-configured calculation engine for LIC,LRC and accounting sub-ledger
- Pre-configured reporting and note disclosures for IFRS 17
- Pre-configured integration to Deloitte's InsurCloud (Optional)
- Availible on multi-cloud platforms and on-premise
- Single or Multi-Country configuration for IFRS 17
- Includes implementation services to test and operationalize your solution
- Operate services and SLAs tailored to your needs (optional)
- Flexible, cost-effective commercial arrangements
Accelerate compliance to IFRS 17 with minimum cost and disruption to your organization.
- Leverage learnings from the big Insurers
- Predictable opex expenditure and overall lower total cost of ownership
- Protected investment to enable future scale up in functionality, data management, analytics or business complexity
- Scalable technichal architecture to grow with your business on demand
- Piece of mind with access to Deloitte's actuarial, accounting and technology professionals for ongoing support
Workiva Reporting Assist for IFRS 17
Key Highlights: Web based IFRS 17 reporting, disclosure narrative solution for P&C and Life for mid-market and large insurers
- Pre-built integration with most major IFRS17 subledger solutions
- Connects and leverages data from existing ERP general ledger
- Pre-configured report and disclosure templates
- Remote access for users
- Digitalized processes and controls
- Monitor workflows, reporting and disclosures progress to completion in real time
- Customizable management information reporting
- Linked documents and presentations
Bridging Solution: (optional)
- Bridging Solution for IFRS 4 to IFRS 17 supporting P&C insurers with predominantly PAA business with minor adjustments to existing actuarial and finance systems
Accelerate IFRS 17 compliance and management reporting, integrated with your IFRS 17 engine and general ledger
- Scalable solution to address broader management and financial reporting needs
- Piece of mind with access to Deloitte's actuarial, accounting and Workiva professionals for ongoing support
- In-buit audit trails
- Customizable data analytics engine
- Collaboarate in real time
- Includes services to tailor your IFRS 17 reporting solution to your needs
Events
24
March
2021
You are invited to our IFRS 17 Implementation Forum 2022
Time: 1:00 p.m. - 2:30 p.m. ET
As insurer's across Canada are progressing through the home stretch of their respective core IFRS 17 implementations, our forum offers the chance to hear from our insurance leaders on a wide range of related topics including: testing challenges, pre and post go live considerations, and commentary on enhancements insurers can make now to aid with optimizing their IFRS 17 audit experience.
During this forum, you’ll explore:
- Reporting and chart of account considerations
- IFRS 17 data testing
- Pre and post technical go-live considerations
- Getting ready for audits under IFRS 17
10
June
2021
You are invited to our June 2021 IFRS 17 Implementation Forum
Time: 3:30 p.m. - 5:30 p.m. ET
During this forum you’ll explore:
- Insights on reporting Key Performance Indicators (KPIs) under IFRS 17 and
- Risk Share Pooling & IFRS 17 Reporting with our guest speakers
4
March
2021
IFRS 17 Implementation Forum 2021
Time: 1:00 p.m. - 2:30 p.m. ET
During this forum, we will share our insights on practical considerations, implications, and capabilities required to operationalize complex IFRS 17 functionalities required by P&C insurers.
Deloitte continues to support and advise the Canadian and Global Property & Casualty community. Whether you are well along on your journey or just starting out, our forum provides an opportunity to hear from your peer group and learn to overcome common implementation challenges to help you decide the right path forward for your organization.
Watch our demo video now
Deloitte’s Reporting Assist for IFRS 17
The Deloitte Reporting Assist is a cost-effective cloud-based solution to support P&C insurers in achieving efficiency and collaboration in the reporting process. The solution leverages existing actuarial and finance systems to prepare pro-forma financials as well as disclosures.
Review IFRS Assist features
Reporting Assist is powered by Workiva and offers solutions for both large and smaller insurers:
- For PAA reporting, the solution bridges IFRS 4 and IFRS 17 with minor adjustments to existing actuarial and finance systems.
- For more complex insurers, the solution connects with other IFRS 17 vendor solutions to accelerate production of statements and disclosures.
Brochures & Articles
IFRS 17 Business Impacts
Business implications for Canadian Property & Casualty (P&C) insurers.
Because cloud is never just about cloud, a podcast about cloud isn’t either. Tune in as our two powerhouse hosts tackle the tough topics that can help you master today’s fundamental shift toward the future of business and technology.
Accelerating IFRS 17 readiness
Cost effective solution for P&C insurers with Deloitte’s IFRS Assist Reporting Assist