IFRS 17

Much more than an accounting issue

Insurers will need to think quickly and holistically about the dramatic impacts of IFRS 17 on their organizations. The new standard should be considered much more than an accounting issue. The standard will have significant implications for IT systems, strategic management, business processes and employee skill sets.
 

“For many Insurers, IFRS17 will fundamentally change the way you manage, measure and report business results. Although the changes seem daunting, this new standard gives you the opportunity to revisit your business model and optimize your financial reporting infrastructure.”


- Allan Buitendag, National Insurance Leader


 

As you approach the changes ahead, you’ll face a number of challenging questions:

To what extent will the change in revenue and earning pattern impact your product, investment and business strategy?
 
Transition will be comprehensive and complex; you’ll need to start pricing and develop business plans on an IFRS 17 basis before the effective date of the new standard. What will be the level of education, training and commutation needed?
How will IFRS 17 affect key areas (operational processes, systems, reporting and management information, compensation plans, key performance indicators, tax, controls and debt covenants) in your company?
 
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How does IFRS 17 impact you? 

PwC's Alodie Brew and Marco Fillion deliver a presentation about the impact of the new International Financial Reporting Standard (IFRS 17) on both Life and P&C insurers. Discover the top 10 questions insurers should be asking and find out the next steps. 

Our experience

PwC is a worldwide leader in insurance finance and actuarial conversions. Our IFRS 17 team brings you leading thinking from its global experience and uses it in a way that’s relevant to you. Our accelerator tools for impact assessments, financial modelling, target operating model design, budgeting and project management will help you hit the ground running. We’ll work as an integrated team with you to ensure alignment and knowledge transfer for you to take control and be ready by January 1, 2021.

How will we help you navigate the IFRS 17 changes?

  • education and awareness training
  • help hitting the ground running faster with our accelerator tools
  • actuarial models to analyze profit signatures and identify operational and accounting policy issues
  • globally and locally connected specialists who will help you assess and make decisions consistent with the industry

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Contact us

Allan Buitendag

Partner, Financial Services Consulting Leader & National Insurance Leader, Toronto, PwC Canada

+1 416 815 5239

Email

Alodie Brew

Partner, Toronto

+1 416 947 8957

Email

Chris Couture

Partner, Toronto

+1 416 687 8232

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Marco Fillion

Partner, National Actuarial Services Leader, Toronto

+1 416 814 5789

Email

Owen Thomas

Partner, Insurance, Toronto

+1 416 687 8009

Email