All insurance companies reporting under IFRS (International Financial Reporting Standard) will be impacted by the new reporting standard when it becomes effective in January 2023. IFRS 17 will result in significant changes to the way that financial information is presented, and adoption will require significant planning.
IFRS 17 presents opportunities to harness data more effectively, to improve the structure of your finance function and to better inform your decision making. Ultimately IFRS 17 is about what story you want to tell about your company… and if you really grab the opportunities that implementing the standard presents, imagine the sort of business you could be running in 2023.
IFRS 17 Managed Service provides access to a PwC developed solution in the 17 Solved calculation engine, coupled with ongoing support from a reliable global IFRS 17 implementation leader. The Managed Service fills the gap for many insurers who do not have the time and resources available to develop an in-house IFRS 17 capability and to purchase a vendor solution.
The implementation of IFRS 17 will be a major challenge for the insurance industry, fundamentally changing accounting and reporting practices.
Our aim is to ensure that key stakeholders in your business have a sound understanding of IFRS 17 and its business impact ahead of IFRS 17 implementation in 2023. We have developed a suite of training materials to be delivered in one of three ways; via PwC facilitated training, via the comprehensive PwC IFRS 17 e-learning curriculum, or via a blend of the two.
Are you looking for an “out of the box” solution for your IFRS 17 implementation project?
At PwC, we have used the collective experience of over 190 IFRS 17 projects to create a one-stop-shop solution centred around an industrial strength IFRS 17 valuation engine.
In a recent external assessment by Chartis Research, IFRS 17 In A Box was rated as the most complete offering among other Insurance Accounting softwares.
Watch the video for a quick introduction to PwC’s IFRS 17 In A Box offering.
PwC IFRS 17 webcast invitation: "IFRS 17: A Global Challenge or an Industry Opportunity?"
Date: Wednesday 2nd June 2021
IFRS 17 continues to evolve and develop at such a fast pace. We heard from PwC IFRS 17 leads around the world on how insurers are approaching the IFRS 17 journey, helping to inform your own decision making - no matter what stage you have reached.
The PwC IFRS 17 experts aimed to answer the question whether IFRS 17 is seen as an opportunity or a challenge, as well as what insurers need to consider over the remainder of 2021 but also looking over the 18 months remaining until compliance is required by most of the globe, 1 January 2023.
Alex Bertolotti (Global IFRS 17 Leader)
Richard Hart (PwC Asia-Pacific IFRS 17 Finance Transformation Lead),
Jan-Huug Lobregt (PwC EMEA IFRS 17 and Actuarial Lead),
Rich de Haan (PwC Americas IFRS 17 and Global Actuarial Lead),
Gail Tucker (PwC Global IFRS 17 Technical Lead) and
Alwin Swales (PwC UK IFRS 17 Technology Consulting Lead)
IFRS 17 has been finalised - “It's time to accelerate”
Monday 7th December 2020
With the effective date just over a year away, insurers are required to refocus their efforts on getting IFRS 17 ready within their organisation. Watch on demand the webcast hosted by Rich de Haan alongside other PwC experts Andrea Pryde, Alwin Swales, Danielle Atherton and Florian Möller to hear key takeaways from over 250+ projects worldwide on how you can accelerate your IFRS 17 Project.
#IFRS17ItsTimetoAccelerate
#PwCdoesIFRS17
PwC IFRS 17 webcast: Latest IFRS 17 developments - “IFRS 17: Are you there yet?”
24th March 2020
The effective date of IFRS 17 is moving closer and insurers are getting ready for implementation. Join PwC’s interactive global IFRS 17 webcast on Tuesday 24 March 2020 to hear from Alex Bertolotti, Alwin Swales, Gail Tucker and the IASB’s Rika Suzuki to hear the latest developments and find out how insurers are getting ready to implement IFRS 17.
#IFRS17areyouthereyet?
#PwCdoesIFRS17
Date: Thursday 5th September 2019
Timing: 15.00 BST / 10.00 EDT / 22.00 HKT
IFRS 17 continues to evolve & develop. Join PwC’s interactive global IFRS 17 webcast on Thursday 5 September 2019 to hear from Alex Bertolotti, Alwin Swales, Gail Tucker and the IASB’s Nick Anderson to hear the latest developments.
#FaceIFRS17withconfidence
#PwCdoesIFRS17
Following the IASB’s vote to defer the start date for IFRS 17 until 1 January 2022, we have been speaking with clients across the globe about how this might affect their implementation plans.
Watch the reply of our webcast from 17th January 2019, hosted by Alex Bertolotti, PwC’s IFRS 17 leader, with Gail Tucker (PwC Global Technical leader), Alwin Swales (PwC UK Technology Consulting Leader) and Darrel Scott from the IASB board, to find out how insurers are using their extra time, helping to inform your own decision making - no matter what stage you have reached.
It is now more than one year since the announcement of IFRS 17 and the scale of the implementation challenge is becoming clear.
Watch the replay of our webcast to see PwC’s IFRS 17 leaders and Darrel Scott, IASB board member, discussing progress to date.
We shared stories of the varied ways companies around the world are tackling their IFRS 17 programmes, and discuss some of the issues that have arisen along the way. We also provided news of the latest developments at the IASB and the Transition Resource Group.
This webcast is suitable for all members of IFRS 17 teams, as well as other stakeholders in the business that want to get a better understanding of progress across the global insurance community.
As a leading provider of professional services to insurance organisations across the globe PwC has extensive knowledge of the issues and challenges that insurers face with IFRS 17. Helping you to plan and understand how you can use IFRS 17 outputs to better inform your decision making is our priority. Our credentials, capabilities and experts span across the globe, with over 160 IFRS 17 territory champions who are ready to help to support you in this journey. For more information and contact details of your local territory experts please contact Stuart Low, Global IFRS 17 Business Driver, PwC UK.
The collaboration with Oracle will provide PwC insurance clients with enhanced visibility related to near-term and ongoing compliance with the IFRS 17 Standard. Together, Oracle and PwC will enable broader risk and finance transformation as well as help insurers to adopt IFRS 17. Oracle will provide the data management platform to enable finance transformation and analytical applications for IFRS 17 with pre-built business rules, valuations, contractual service margin calculations and disclosures. PwC will act as Oracle’s strategic advisor and provide consulting and implementation services and accelerator tools delivering tailored enhancements. Insurers will benefit from improved decision making, modernized actuarial analytics, and more timely and insightful reporting related to compliance needs.
The collaboration with Moody’s Analytics will allow us to provide an unparalleled end-to-end solution with a rich blend of domain knowledge, tools and execution capabilities spanning Finance, Actuarial and Operations to help insurers meet the new International Financial Reporting Standard for Insurance contracts (IFRS 17) globally.
Dara Reynolds
Global IFRS 17 for Insurance Programme Lead, PwC United Kingdom
Tel: +44 20 721 31592
