PwC, Oracle exchange views with PH insurers on IFRS 17 compliance and digitization

Specialists from PwC and Oracle shared insights and key considerations for the IFRS 17 implementation journey with Philippine insurance finance and IT leaders in the event “Road to IFRS 17: Accelerating your journey to compliance and digitization”. 

According to PwC’s IFRS 17 Health Check Survey, insurers in the Philippines have been found to be facing challenges in the areas of technology, skills/talent and time constraints. With 1 January 2025 as the effective date for local IFRS 17 adoption, insurers need to make key decisions sooner and execute their next steps for this major transition.

Held on 14 December 2022 at the Ascott Makati, the event featured the following speakers.

• Anna Tan, Head of Apps at Oracle Philippines and Queenie Eng, Oracle Alliance Partner at PwC South East Asia Consulting (SEAC), gave the opening remarks.
  
• PwC Philippines Assurance Partner Imelda Mangundaya gave her “IFRS 17 Journey in Philippines” presentation in person.
  
• From his remote location, Oracle’s Chief Customer Architect William Edmond discussed the topic “Digitization addressing continuous compliance needs”.
  
• Vince Ryan, a Cloud Enterprise Architect at Oracle, also virtually delivered his presentation, “Front-to-back office transformation for Insurers”.
  

PwC and Oracle specialists jointly interacted with the participants in an intimate roundtable discussion: Assurance Partners Imelda Mangundaya and Dexter Toledana, and Consulting Director and Financial Services Leader Alvin Dave Pusing from PwC Philippines; CEO Simon Gealy, Partner Queenie Eng and Alliances Strategy & Operations Senior Manager Lisa Sam from PwC SEAC; and Head of Apps Anna Tan, ERP Sales Cloud Applications Manager Flaire Pudadera and ERP Cloud Sales Manager Emmanuel Baesilico from Oracle Philippines.

Alex Jee, the Director for Finance Transformation at Oracle Corp., joined virtually to deliver his closing presentation, “Fusion Apps. Designed for Change. Built for You.” 

PwC would like to thank the insurers for taking part in the event, and to Oracle for the fruitful collaboration.