Data management in the new world of insurance finance and actuarial

The emergence of several regional and national regulatory reforms on insurance solvency and financial reporting are creating a number of challenges for the data management of insurers. The often-raised questions have been: What are the key challenges insurance companies currently face around data management? How does the work to address IFRS 17 fit with the approach insurance companies take on data management?

IFRS 17's technical requirements are expected to lead to a significant increase in data volume in the finance and actuarial functions. These requirements also accentuate the need to have high quality data that is accurate and auditable to support the financial reporting process. This edition of Insurance Accounting Insights describes how the work to address IFRS 17 fit with the approach insurance companies take on data management.

The report discusses:

• The overview of the current insurance data environment from a finance and actuarial perspective;
• The new data requirements for insurance financial reporting under IFRS 17; and
• The impact of IFRS 17 on data and systems.