IFRS Processes, Controls and IT Advisory Services

Insurers are facing structural changes to cope with new complex IFRS rules in the next years

Insurers depend on technology as never before. The recent introduction of IFRS 9, IFRS 17 and other complex accounting rules in IFRS will pose a significant challenge for insurers in Switzerland and other countries

Technology and the Insurance Marketplace

Business-led, technology-enabled

Today, business and technology innovation are inextricably linked, and the demand for technology-enabled business and finance transformation services is growing rapidly. Organizations are looking to transform their IT operations to suit new business goals, dynamics, accounting and regulatory pressures.

New complex IFRS rules will demand a specific roadmap to adapt or implement new systems to cope with the significant changes brought by IFRS 17 and IFRS 9.

The biggest change in financial reporting regulations in the history of the insurance industry

The solution necessary to implement the IFRS 17 and IFRS 9 requirements for Swiss insurers needs to facilitate a transformation of finance, actuarial and risk functions.

Swiss insurers will have to analyse existing data from multiple and diverse sources against the new IFRS requirements to calculate the margins that the new forthcoming insurance standard would report as an insurance company profit. This process can be critical for Swiss life insurers given their portfolios of assets backing insurance liabilities and complexities to measure specific new components that will have to be reported separately under Phase II.

The Swiss market faces the significant technical complexity of the new IFRS and Solvency II requirements and has the opportunity to transform their finance to a more efficient yet compliant operating model.

How Deloitte can help

Deloitte’s IT-Related consulting services brings simplicity and efficiency through the establishment of new financial services infrastructure and processes to address IFRS.

Deloitte has been engaged by large insurance companies and conglomerates delivering IFRS technology-enabled solutions in Switzerland and abroad to address the application of IFRS in a variety of situations.

We understand the specific needs of insurers. Our team has a large experience in the implementation of systems and IT strategy in the context of IFRS for financial instruments, insurance contracts and other relevant accounting areas that bring the most relevant challenges for the insurance industry. Deloitte has been reaching the CFO community within the insurance sector successfully with recognised leadership in IFRS, Solvency II and actuarial solutions.

Deloitte’s global network of technology professionals helps clients identify and solve their most critical information and technology challenges. With deep technical experience in Enterprise Applications, including Oracle, Salesforce, and SAP, Technology Advisory, and Application Management Services, market leading industry expertise, and award winning business and finance transformation capabilities, our network of practitioners create unmatched market offerings to solve our clients’ toughest business and accounting issues.
Our comprehensive range of IFRS IT-Related services:

IFRS Processes, Controls and IT Advisory Services
  • Full IT advisory for implementation of IFRS 17 and IFRS 9 for insurers including the definition of IT Strategy, support and advisory for systems implementation and modification as a result of the introduction of new accounting standards in IFRS.
  • Automation of IFRS for measurement, disclosures and financial reporting process for insurers, including reconciliations.
  • Review of accounting processes under IFRS and development of IT cost reduction programmes.
  • IT advisory for improvement or implementation of advanced finance analytics strategy under IFRS enabling companies to make smarter decisions that drive strategy and improve business performance. Deloitte’s comprehensive approach to analytics is fuelled by our deep insurance industry and products knowledge, broad functional experience and mastery of technology.
  • Design and implementation of controls over financial reporting and business processes as a result of current or new accounting standards introduced by IFRS.
  • IT Project Management and lifecycle implementation for your project.