The purpose of this article and the full guide (below) is to demonstrate a basic framework for options to be considered and applied to reduce the complexity and cost of cross-regional and global IFRS 17 projects.
We articulate a framework for decision-making that enables insurers to reduce the cost and complexity of their implementations by eliminating effort and spend where it is least valuable and focussing it on areas of greatest gain.
Insurers can go through a step-by-step review at any point in their implementation projects to check if they are on course to deliver their objectives.
The length of time to undertake such a study and the success of such an exercise will be dependent on the availability of information and the willingness of stakeholders to contemplate beyond their immediate areas of responsibility. The whole strategic process is illustrated below:
Download our full guide here:
A strategy to reduce cost and complexity of IFRS 17 - v5 web version.pdf (PDF, 735KB)