“There is no need to reinvent the wheel or duplicate efforts,” said Christian Knoller, IFRS 17 project manager at Allianz. “Insurers can derive confidence from using a pre-built IFRS 17 methodology and technology that encompasses the expertise of three market leaders and leading practices.”
Built on the existing SAS solution for IFRS17, KPMG IFRS 17 Express aims to provide a cost-effective approach that can significantly reduce the computational burdens of IFRS 17 with preconfigured options for automation and integration. Designed to foster collaboration between actuaries, risk managers and finance teams, the solution offers:
- Fully functional IFRS 17 contractual service margin calculation and display engine, including past, current and future reporting periods.
- Predefined data models and extended views designed to handle a wide range of insurance and reinsurance products available worldwide.
- A structured workflow process within a single, integrated platform, ensuring traceability, auditability and transparency.
“While the IASB’s changes to IFRS 17 were intended to make implementations easier, the pandemic has tested compliance efforts, and many insurers are not where they want or need to be” , said Marie Trussel, Insurance Accounting Change Manager, KPMG International. “With our combined financial and risk management experience, SAS’s award-winning IFRS 17 technology and Allianz-tested methodology, insurers can overcome delays and capability gaps and accelerate their journeys. compliance with IFRS 17.”
What is IFRS 17?
International Financial Reporting Standards establish common standards for the preparation of financial statements, making public companies more globally comparable. Touted as the first truly global accounting standard for insurance contracts, IFRS 17 will replace the current standard, IFRS 4, and increase financial transparency. While most affected countries are required to comply with the new standard by January 1, 2023some countries, including several in Asiawill have more time to prepare.
Regardless of the compliance deadline, IFRS 17 will change the way insurers calculate insurance liabilities and report profits or losses, requiring them to report more transparently how insurance and reinsurance contracts affect finance and risk. For most insurers, IFRS 17 compliance will require significant investment in new or upgraded technology – but KPMG IFRS 17 Express – powered by SAS offers them an efficient and cost-effective alternative that is just as comprehensive and robust as a personalized solution.
“IFRS 17 brings significant changes to the way insurance companies calculate, manage and report their financial exposures and risks. These changes require the right operating models, methodology and technology to be successful,” said Troy Haines, Senior Vice President of Risk Research and Quantitative Solutions at SAS. “Bringing together SAS, KPMG and Allianz real-world knowledge and hands-on experience with IFRS 17 gives insurers of all sizes exactly what they need: a fast track to IFRS compliance. 17 and a clear path for future growth. »
To learn more about IFRS 17 Express, request a demo at home.kpmg/ifrs17express.
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The Allianz Group is one of the world’s leading insurers and asset managers with 120 million individual and corporate customers in more than 70 countries. Allianz customers benefit from a wide range of personal and commercial insurance services, ranging from property, life and health insurance to assistance services, credit insurance and global business insurance. .
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