Critical Milestones for Foreign Branches in 2021

Article #6 - Model changes sometimes sound simpler than they really are. One constant in our IFRS 17 projects is that change ends up being more complex and require more resources than anticipated.

Article #1 - While the timing of the implementation of the standard has been well known, time is now of the essence.

Article #2 - Reading of the standard is, for the experienced reader, a relatively straightforward exercise. However, interpreting the requirements of the standard into actual operationalized

Article #3 - Compliance can’t be achieved without substantial alignment of supporting IT systems to match new accounting policies, data accessibility and data analytics/reporting

Article #4 - Many of our clients originally underestimated the work needed to comply with the standard. For most short-term business, the premium allocation approach (PAA) can be used and it generally

Article #5 - By now, most insurers have established an IFRS 17 implementation plan and are working on the design of their solution.

Article #7 - When many insurers think of implementing IFRS 17, they may not recognize there other standards that may also need to be applied—including IFRS 9 for in-scope assets, and potentially IFRS

Given the investments required for IFRS 17 and the impact to the business, many insurers have their sights set on targeted outcomes well beyond standard compliance.

With the significant level of change impacting systems, processes, and people resulting from IFRS 17, Caribbean insurers are looking for implementation strategies that will achieve compliance

It’s essential for businesses to have a comprehensive cross-functional strategy and collaborate with the finance, actuarial, and IT departments for implementing these new tools.