IFRS 17 Implementation in Advisory and Software
ABS has expertise to support implementation of IFRS17 in Asia. This is a complex new accounting standard for the insurance industry. It involves much more granular data, enhanced administration system, new finance and actuarial systems, complicated calculations, extensive disclosure and would impact on product and investment strategies. Premium will no longer be recognized as income and market ranking based on current definition of revenue will drastically change. This is a big paradigm shift that all insurers need to carefully plan for. We have senior members who have extensive experience implementing the changes in big insurance companies who will be a valuable resource to your company to map out the change roadmap needed.