Data-driven reporting is the new trend
From being the Cinderella of financial reporting, insurance accounting is about to become the Star as it goes live with IFRS 17 on 1 January 2023
Published: 9 February 2022
IFRS 17 has created the most impactful changes for accounting in the insurance industry globally. A lot of new data has been created in order to feed a brand new set of disclosures, far more transparent than ever before.
After more than five years of hard work, many insurers are now testing their IFRS 17 systems. The 2023 go-live date is approaching fast, insurers still have to address the question of how to report the data presented in the systems.
After you get data, the difficulty is how to prepare data so that it's most intelligible to investors, regulators and consumers, as applicable. There is also a desire from inside organizations to access high quality reports any time and fast. The biggest challenge for a lot of companies is how to automate the data preparation and present the data in ways to suit the different needs of their stakeholders.
Information is power. Reports are becoming more important to provide that transparent message on how complexity can be simplified so people can digest it and make prompt business decisions in a rapidly changing world.
There is a clear opportunity for insurance companies to use the data disclosed under IFRS 17 to their advantage and beyond compliance. By leveraging data-driven reporting solutions, insurers can maximize the ROI from their enormous investment in the IFRS 17 transformation, and use the incredibly large amount of data to help managers make better decisions.
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Continue watching to find out more about our impactful journey of Deloitte and Workiva partnership:
This March, we are going to expand and deepen our discussion on "Future of Reporting" with more industry experts and insurance executives in a webinar jointly held by Deloitte and Workiva. Please stay tuned.