With the IFRS 17 effective date fast approaching, many teams are hampered by a spreadsheet-based approach to task management which is inefficient, labour intensive and potentially prone to error. That’s why at KPMG we have developed an accelerator tool which automates tasks and creates significant efficiencies.
KPMG Intelligent Close Automation for Insurers
Insurers have challenging workloads to meet the requirements of the new standard, which involves significant updates to systems, data and processes. With the changing IFRS 17 environment, our accelerator tool automates tasks and creates efficiencies by enabling real-time identification of bottlenecks and challenges in the process to drive future process optimization. The flexibility to customize a process and learn/adapt is built in, eliminating task management that traditionally has been performed manually. This supports a safer and more controlled IFRS 17 implementation, while creating a new, technology-enabled ‘business as usual’ way of working which will provide benefits far into the future.
In tandem, a real-time operational Management Information (MI) provides on a self-service basis a view of IFRS 17 process performance which will support trial runs during the process implementation as well as provide further insights post go-live.
To understand more about the features and benefits of KPMG Intelligent Close Automation, or schedule your personalized demo, please contact a member of our team.
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