After the arduous journeys IFRS 17 filers underwent to implement the standard, it would only make sense for insurers to seek the best return on their investment post effective date of 1/1/2023. Many insurers are now embarking a new phase of the journey that involves wrapping up any unfinished business as they might have taken a minimum compliance route to finish implementation and thinking about the knock-on effects the new standard has on the way they carry out business and perform financial reporting.
Besides continued modernization of actuarial models, insurers are engaging in day two activities such as the following to set themselves up for future success:
- Integration of financial reporting with performance management through design and monitoring of new KPIs that are incorporated in the company's planning and forecasting
- Shift to a new operating model between actuarial and finance for future BAU
- Enhanced data analytics to draw out more granular and timely business insights by carrying out new targeted actuarial transformation initiatives
- Come discuss some ways in which insurers can set themselves up for success and maximize their ROI.