Solutions
IFRS 17 – Comprehensive Approach to Insurance Companies Reporting
Our Czech team has 37 specialists including auditors, actuaries, IT specialists, business and process analysts as well as project managers who deliver complex services, making use of their previous experience with IFRS 17 projects for more than 20 clients in the Czech Republic and Europe. For insurance companies that want more than just to meet the requirements of IFRS 17, we are implementing automated solutions that integrate financial and actuarial functions in a way that generates extra value to companies in their day-to-day operations. Although insurance companies will start reporting under IFRS 17 as late as in 2023, thorough preparations for the implementation of this standard are underway on the insurance market already. Effective cooperation of actuarial, accounting, business, IT, risk and other specialists is crucial for successful implementation of IFRS 17.
Areas in which we most often help our clients
Actuarial modelling
We will develop or optimise your actuarial models for life and non-life insurance to ensure their readiness for IFRS 17.
Methodology
We will prepare the IFRS 17 methodology that will reflect the general IFRS 17 principles in a way that they are comprehensible for your company, as well as provide necessary support for integration of group requirements. This methodology will also be a clear supporting material for the adjustments and developments of your financial, data and actuarial systems.
Impact studies
We will be able to respond to the fundamental question – how will the implementation of IFRS 17 affect your financial results?
Graphic visualisation and reporting
With the use of interactive visualisations in Tableau, PowerBI and QlikSense, we can make it easier and more convenient for you to view and analyse the effects of IFRS 17.
Cooperation with leading technology players
We are interconnected with the most prominent providers of IT solutions for IFRS 17. Deloitte is the only Big 4 company, that is acknowledged as SAS Global Platinum Partner. We have strategic partnerships with SAP and Anaplan. Because of these as well as other relations, we will be able to guarantee that your selected solution will be implemented in a way corresponding to your requirements and limitations.
Business analysis
We will analyse the impacts on your IT systems and define business requirements that will share your business needs, correspond to your IT strategy and will ensure effective implementation of the standard. We will also assist you in developing a solution interconnecting local and group IT with external suppliers.
Processes
To ensure a smooth implementation of the standard using synergies from previously implemented regulations, we will help you define and optimise accounting closing procedures and interconnect them with the existing Solvency II processes. A detailed process design will allow you to set a precise timing of the financial statements to ensure the required speed and accuracy level. Our experience indicates that, it might be the case that local entities may only have 10 days to report the IFRS 17 results to the group.
Project management
We will support your project management during implementation at both the local and global levels. Our standardised approach includes not only project management and coordinating/informing individual project streams with key stakeholders but also project risk management, interconnection of different suppliers necessary for IT solutions and a smooth handover to operation upon project completion.
Data services
We will modify or develop a data model that will not only meet the needs of the standard, but also connect all of your core systems.
Workshops / training
We will help you and your employees understand the IFRS 17 requirements and their impacts on your company.
