PSAK-117 implementation: Data, system & process challenges

IFRS-17, better known as PSAK-117 in Indonesia, is currently one of the hottest items in the insurance business, because it changes most, if not all, of the measurements and financial reporting for insurance contracts.

Indonesia’s Financial Regulator (OJK) has mandated that all of the insurance businesses in Indonesia need to implement PSAK-117 by January 2025.

With many insurance companies now preparing both their framework and system to implement PSAK-117, KPMG would like to share the challenges we experienced with PSAK-117 implementation from a data, systems, and methodological perspective.