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Insurers: Are You Ready for IFRS 17?

White Paper Published By: SAS
SAS
Published:  Sep 05, 2019
Type:  White Paper
Length:  16 pages

For many insurers, this accounting process will look familiar:

Tools and processes vary for different lines of business.
The needed data is stored in hundreds of files.
Calculations are performed by multiple, undocumented spreadsheets, with little or
no version control.
Humans have to step in to help cobble together data from different channels.
The process of preparing and presenting financial data is not manageable or traceable.
The path from input data to P&L numbers is largely a black box.
 

In a simpler time, this patchwork was passable. But change is coming. New regulations will bring greater complexity to the accounting process for insurers, which will make semi-manual, legacy processes look like a house of cards and raise doubts about the validity of the final numbers on the P&L sheet.



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