The main difficulties linked to IFRS17 are:
- To restructure data to respect the level of aggregation of insurance contracts as required by IFRS17,
- The complexity of the norm,
- The computation of the different models,
- Redefining and understanding the result in profit or loss,
- The important number of disclosure requirements,
- The huge workload and complexity for the transition management in 2022,
- To take advantage of all possibilities permitted by the norm in order to nullify most of volatility in Profit or Loss.
What Act-unity can do for you:
Support for actuarial department:
- Controls: validation of the different steps of calculation, consistency of developments with the accounting standard specificities,…
- Developments: the accounting standard classifies the insurnace contracts into 3 categories that require different calculation methods to obtain their specific financial statements. Our help can consist in:
- Presenting in details the 3 categories methodology, to help you to gain lots of precious time regarding the accounting standard,
- Helping you to implement your IFRS17 solution by understanding your needs and developing the calculations,
- If necessary, helping you to analyse your portfolio to lead to choices of hypothesis.
Project management help:
- Act-unity can help you to have a view on the transition project as a whole:
- A summary of IFRS17 can be presented to the company and technical aspects can be explored,
- Act-unity can help you to analyse your business to determine the process.
- If the project is already started, Act-unity may constitute a reinforcement to face a punctual workload and propose complementary improvements.