IFRS 17: the insurance contracts standard

At PwC We recognise that every business has different aspirations and is at different stages of the journey. So, whatever you want from IFRS 17 and wherever you are now, we can help you face IFRS 17 with confidence.

Facing IFRS 17 with confidence

Drawing on our experience of more than 100 IFRS 17 assignments, we know the possibilities, know the potential pitfalls and know what works.

We cut through the complex technicalities to help you understand the most pressing operational and investors relations implications for your particular business.

We can help you weigh up the cost-benefits of the various compliance, compliance plus and transformational options, gauge the necessary investment and timelines, and match aspirations with a pragmatic roadmap for delivery that ensures you’re ready in good time.

We can also help you simplify and accelerate implementation and overcome unforeseen demands and roadblocks to implementation.

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IFRS 17 framework

Impact assessment

Our impact assessments don’t just look at the gaps in operational capabilities, but also how your numbers will change and the implications for how your business is judged by analysts and investors.

From future-proofing systems to the information you use to run your business, we also look at what IFRS 17 means for your organisation as a whole, with key input coming from our strategy, technology, assurance and tax teams.

The result is a realistic evaluation of what needs to be done, by when and by whom within your organisation.

Soft design

Our experience has shown many of you are solely focusing on how to bridge the capabilities gaps, while others see opportunities to modernise systems and use IFRS 17 as the springboard for broader transformation.

Whatever your ambition, we can work with you to develop a clear target operating model and ensure resources are directed where they can make the most difference. This includes a robust data framework for transition, the ongoing management of technology solutions and a workforce plan for talent optimisation within your finance and actuarial teams.

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Detailed design and implementation

The shift from design to implementation is a pivotal period in the preparations for IFRS 17. It’s important to determine what ‘good’ looks like as high level designs are turned into action plans and applied in practice. This includes identifying what areas of your legacy systems are most in need of upgrading and what compromises are needed to get over the line.

One of the key differentiators is our ‘soft design’ approach, which allows your business to get preparations underway in good time by making working assumptions about data, systems, processes and control requirements, while building in the flexibility to make necessary adjustments as you go along.

Review and transition

We can help you to convey your investment story, cutting through any accounting noise to focus on the fundamentals of your performance and potential.

Familiar metrics including the combined ratio and adjusted profit are going to be very different under IFRS 17. It is therefore important to educate the board, analysts and investors about the impact and the implications.

IFRS 17 should be applied retrospectively wherever possible. However, where this isn't possible, there are choices available, which involve trade-offs between the level of future profit, the impact on equity, and operational considerations.

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Contact us

Alex Bertolotti

Partner, Global IFRS 17 Lead, PwC United Kingdom

Tel: +44 (0)7525 298694

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