How data can help with IFRS 17 regulatory compliance reporting

With the International Financial Reporting Standard (IFRS 17), due to come into effect on the 1st of January 2022, insurers are facing the most significant change to insurance accounting requirements in over 20 years. This will require a complete overhaul of insurer’s financial statements requiring a huge change to accounting, reporting and data systems across the entire organisation to collect and provide the data points required.

IFRS 17 will bring a broad and extensive swathe of new controls and reporting requirements to the insurance industry, with different levels of reporting required depending on the type of contract, industry, vertical and size of the portfolio and company. Whilst determining your regulatory responsibilities will often fall to your legal and audit teams, ensuring that your company can access the data required by these new standards is a job for the IT department.

This article highlights how data can help insurers with IFRS 17 regulatory compliance reporting.

Topics covered:
• The technology to match the challenge.
• The technology choice – spend more now or later?
• Using legislation to drive investment.