IFRS 17

Let PwC take the headache out of IFRS17

PwC's IFRS 17 In A Box Solution

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In Indonesia, IFRS 17 is being adopted as PSAK 74. PwC's IFRS 17 In A Box provides an end-to-end, efficient and cost effective solution that brings together PwC's IFRS 17 software with our soft-design accelerators to meet the needs of Indonesian insurers.

At PwC, we have used the collective experience of over 100 IFRS 17 projects to create a one-stop-shop solution centred around an industrial strength IFRS 17 valuation engine.

Watch the video for a quick introduction to PwC’s PSAK 74 In A Box offering. 

For English version (IFRS 17 In A Box) see here.

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Other ways PwC can help on your IFRS17 journey

Workshop

The introduction of IFRS17 will lead to significant changes across the business. The workshop sessions will help to:

  • Align key stakeholders across the main business units on the technical aspects of reporting under a new standard.
  • Ensure that key stakeholders are making decisions based on a sound understanding of the IFRS17 principles.
  • Provide your team the grounding for next steps, including the gap analysis and determine the transition project plan.

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Gap analysis

By analysing the gaps between your current process of financial reporting and a process under the new standard, you will have:

  • An indication of the areas that are going to be most affected from your current IFRS reporting.  This will consider:
    • The major data gaps / system that are likely to exists
    • The differences from your current accounting policies and methodologies to  IFRS17 for key products
    • The gap between the processes that will be needed for IFRS17 and your current processes. It includes an assessment that measure the current readiness and help you to set priority for change in key areas in scope.
  • An estimation of resources required for the future project.
  • A key input to understanding the deeper systems impact.

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Financial impact assessment

The financial impact assessment will help you to:

  • Gain deep understanding of the scope and measurement models introduced by the new standard – IFRS 17.
  • Acknowledge the key concepts of the measurement models such as coverage units (CU), level of aggregation, risk adjustment, and PAA eligibility.
  • Identify high priority products, measurement model, and analyse develop profit signatures and its volatility.
  • Build up understanding of where IFRS 17 is likely to materially different from ADD’s current accounting.
  • Derive the baseline input for your future multi-year integrated IFRS 17 implementation plan.

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Technical design

After understanding the result from the performed impact assessment and the gap between what your company has and what is needed, the next challenge would be on making the leap to the implementation stage in the near future. You might be wrestling with how to start this long-term IFRS 17 implementation project – this is where the technical design stage comes into play as it sets the foundation for the other phases towards implementation stage.

During this phase, we will work with you to provide industry knowledge about how your peers are planning to account for their business, produce new charts of accounts and disclosure requirements, evaluate the target operating model, and design the likely analyst packs and communications. Our insurance experts will partner with you to help you understand the areas to focus on when designing your underlying systems architecture.

To succeed in these endeavors, we advocate taking a “soft design” approach which introduces a flexible way of working following three well-established principles.

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Transition

The new standard requires insurers to restate their opening balance sheet to reflect their existing business. This one-off exercise should not be overlooked. For life companies this is a critical component of P&L for next ten plus years. PwC can support you with the design and implementation of the opening balance sheet and advise you on how to convert your existing processes to your target financial architecture, using existing data in the most effective way.

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Integration

PwC will work with you to ensure a smooth transition when implementing the new systems architecture and processes. This implementation will cover:

  • Systems and infrastructure: Design the most efficient end state to accommodate the additional requirement of IFRS 17.
  • Data: Develop an information model and a robust data framework which will enable the transition to and ongoing management of new standards, which includes data preparation and cleansing.
  • Organizational design: Design and implement the target operating model. Develop a framework which allows effective coordination between finance, actuarial, capital, and risk management.
  • Process and controls: Design and implement the end to end process, controls  and dependencies required to achieve compliance, as well as enhancing your control framework to identify any bottlenecks or risks and breaches while ensuring the consistency and quality of the information provided.

We will also help you in different review activities such as post implementation review and remediation, internal audit review and external audit review.

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It’s not just another piece of software... PwC’s IFRS 17 In A Box contains:

A PwC endorsed IFRS 17 end-to-end offering

…Centred around off-the-shelf software delivering IFRS 17 compliant financial statements and disclosures

Release 2.0 ready for implementation. Can be used to support accounting policy choice decisions, UoA and financial impact assessments and much more

Designed to minimise the disruption to existing finance, actuarial and risk systems and processes

Includes a technical insurance sub-ledger, Debits and Credits posting engine that can easily be interfaced with your General Ledger

A powerful reporting layer with full drill down capability facilitating detailed analysis of IFRS 17 results and wider management information as well as a simulation module that can support “what if” analysis and more

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Contact us

Djohan Pinnarwan

Djohan Pinnarwan

Partner, PwC Indonesia

Tel: +62 21 509 92901

David Wake

David Wake

Advisor, PwC Indonesia

Tel: +62 21 509 92901

Herry Setiadie

Herry Setiadie

Director, PwC Indonesia

Tel: +62 21 509 92901

Dwi Jayanti

Dwi Jayanti

Senior Manager, PwC Indonesia

Tel: +62 21 509 92901

Ivina Hartopo

Ivina Hartopo

Senior Manager, PwC Indonesia

Tel: +62 21 509 92901

Nathania Hartalim

Nathania Hartalim

Manager, PwC Indonesia

Tel: +62 21 509 92901

Marcella Aliguna

Marcella Aliguna

Manager, PwC Indonesia

Tel: +62 21 509 92901

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