IFRS17: The Catalyst for Actuarial System & Process Transformation
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2 IFRS17: The Catalyst for Actuarial System & Process Transformation Trang Duncanson Keith Chong 2018 Deloitte Consulting Pty Ltd This presentation has been prepared for the Actuaries Institute 2018 Financial Services Forum. The Institute Council wishes it to be understood that opinions put forward herein are not necessarily those of the Institute and the Council is not responsible for those opinions.
3 What are we facing?
4 CFOs perspectives 1 Control and governance 2 Ability to generate required results in a short (..and shorter) period of time 3 Seamless connections with the rest of the finance IT landscape 4 Ability to produce information with flexible level of granularity
5 CFO challenges Regulatory change - IFRS17 test Governance Data Communications Measurement Higher level of granularity of measurements required Governance Better control and governance are required for cost control and efficient management purposes Data Change in data collection, storage and analysis Communications More communications between business functions required Challenges to insurers Disclosure Additional disclosure is required under new accounting standard
6 IFRS17: Actuarial system & process readiness Rate the overall effectiveness of the following actuarial modelling system/processes at your organisation
7 Common pain points Data / other inputs Data processing Actuarial models Excel reporting Model & team efficiency Analyses Business users /usage
8 IFRS17: Actuarial system & process readiness What do you consider to be the greatest challenges in implementing IFRS17 in your organisation? Least Challenging Most Challenging Understanding changes to the reporting processes to meet core requirements Securing sufficient skilled resources Core actuarial system enhancement requirements Data availability/management to perform required calculations and to meet disclosure requirement Data and system governance to maintain quality and auditability Average Rating Scale
9 SYSTEM & MODELLING CONSIDERATIONS
10 End to end Valuation Process PAS Other Database Input Models Run Results Storage Interrelated Assumptions Reports Accounting System
11 End to end Valuation Process PAS Other Database Input Models Run Results Storage Interrelated Assumptions Reports Accounting System
12 End to end Valuation Process PAS Other Database Input Models Run Results Storage Interrelated Assumptions Reports Accounting System
13 IFRS17: Actuarial system & process readiness Which of the processes below best describes how input data is fed into your actuarial models? Which of the processes below best describes how assumptions is fed into your actuarial models?
14 End to end Valuation Process PAS Other Database Input Models CFs RA Run Results Storage CSM Interrelated Assumptions Reports Accounting System
15 IFRS17: Actuarial system & process readiness What level of change do you anticipate to your core actuarial systems in preparation for IFRS17? What is your current plan for the location and responsibility of the CSM calculation engine? 58.33% 25% 16.67% 0% High Medium Low Unsure
16 End to end Valuation Process PAS Other Database Input Models Run Results Storage Increase in volume of data Interrelated Assumptions Reports Accounting System
17 End to end Valuation Process PAS Other Database Input Models Run Results Storage Interrelated Assumptions Reports Accounting System
18 End to end Valuation Process PAS Other Database Input Models Run Results Storage Interrelated Assumptions Reports Accounting System Transition approach BAU future state
19 WHERE TO FROM HERE?
20 IFRS17: Actuarial system & process readiness Where are you in your IFRS17 modelling implementation journey? 16.67% 41.67% 16.67% 25% Budget approved Implementation Started Not Started Scoping and plan phase
21 IFRS17: Actuarial system & process readiness Where is your actuarial function in the journey of adopting new technology to improve processes and services to stakeholders?
22 The Robots are coming : The Future of the Actuary Monday 1.40pm Caroline Bennet Ajay Parshotam
PERSPECTIVES
PERSPECTIVES S 17 IFRS 17 IFRS 17 IFRS 17 IFRS 17 IFRS 1 R R S 17 IFRS 17 IFRS 17 IFRS 17 IFRS 17 IFRS 1 R 17 IFRS 17 IFRS IFRS 17: 17 AN IFRS OVERVIEW 17 IFRS 17 IFRS 1 R 17 IFRS 17 OF IFRS THE 17 CHALLENGES
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