KPMG has published the latest edition of IFRS 17 benchmarking report Testing times: Feedback from leading insurers on IFRS 17 implementation. This year KPMG firms have taken a refreshed approach to benchmarking insurers’ readiness for IFRS 17, focusing on a selected group of 18 of the largest insurers in the Forbes 2020 Global 2000 which have mature IFRS 17 implementation programs that have been running for several years.
By sharing this knowledge on an anonymised basis, we hope to provide useful insights to companies large and small as they work to make IFRS 17 a reality.
Here are the headlines and key findings from the research:
- Life insurers and composites are generally further advanced than Property Casualty insurers.
- Even among leading companies developing designs for updated processes and controls is lagging – this is the least advanced suite of tasks.
- Nearly 80 percent are still developing their approach to transition and their opening balance sheet. With less than a year to run before the date of the IFRS 17 opening balance sheet, the clock is ticking.
The journey to implementation is not easy, and late starters face multiple jeopardies — more ground to cover and a smaller talent pool on which to draw. Those who delay also risk forgoing the opportunity to be strategic in how they can operationalise the new standards and potential to realise greater efficiency.
Much needs to be achieved. Download the report to learn four keys to success for laying the foundations for implementation.