Most insurers worldwide will face the mandates of IFRS 17 as early as January 2023. As companies race to overhaul their finance and actuarial processes to meet the requirements of the new reporting standard for insurance contracts, SAS and Deloitte have worked together to offer a faster, more cost-effective approach to compliance: Regulatory Assist for IFRS 17.
Built on Amazon Web Services, the pre-configured, cloud-based solution can be deployed in any data center globally. Property and casualty (P&C) and life insurers of any size can benefit from the offering’s suite of five accelerators: Requirements Assist, Data Assist, Configuration Assist, Testing & Use Case Assist, and Reporting Assist.
The accelerators provide an integrated approach through Deloitte's managed service combined with the industry-proven SAS® Solution for IFRS 17 which delivers key, out-of-the-box capabilities from data orchestration and flexible, scalable analytics to robust reporting, including internal reports and disclosure statements. Insurers can expect to generate results in as little as 90 days. The ready-to-go solution helps reduce overall compliance costs while helping insurers expedite their IFRS 17 readiness.
“Early in the planning stage, insurers need to understand how to align their finance, actuarial, data, and IT resources to sustain their IFRS 17 program,” said Nat D'Ercole, Partner at Deloitte Canada. “The Regulatory Assist offering helps align organizational units and gets our clients to the finish line quicker.”
EDC fast-tracks its compliance path
Taking effect between January 2023 and 2026, IFRS 17 will standardize the way many insurance companies keep their books, boosting transparency and comparability in financial reporting industrywide. The complexities and rigors of the impending regulations will require insurers, primarily in the European Union, Asia, Latin America and Canada, to overhaul accounting standards and processes.
Export Development Canada (EDC) is an international export risk firm that provides risk mitigation insurance solutions that reduce the risks associated with trade and conducting business abroad. Facing a Jan. 1, 2023, compliance deadline, EDC chose Regulatory Assist to get a leg up on its compliance objectives.
According to a written statement from EDC: “Deloitte IFRS 17 Accelerators can provide insurers an approach in fast-tracking the compliance journey and reduce the time to value by leveraging innovative and industry-leading assets. Assets cultivated from the firm’s global experience, coupled with its leadership in IFRS 17 programs and the SAS solution, gave us confidence as we navigated through our IFRS 17 compliance journey.”
Globally, Deloitte has a network of more than 1,500 practitioners across the globe to support SAS clients with their regulatory compliance requirements.
“The transition to IFRS 17 and its impacts on insurers’ financial statements, key performance indicators, systems and processes cannot be understated,” said Troy Haines, Senior Vice President and Head of Risk Research and Quantitative Solutions at SAS. “Regulatory Assist takes the guess work out of being IFRS 17-ready. It aligns Deloitte’s advisory services and industry expertise with SAS’ end-to-end solution, replete with all the necessary capabilities to support compliance calculations at scale and with the requisite granularity, data lineage and transparency.”
Deloitte (deloitte.com) provides industry-leading audit, consulting, tax and advisory services to many of the world’s most admired brands, including nearly 90 percent of the Fortune 500 and more than 5,000 private and middle market companies. Our people work across the industry sectors that drive and shape today’s marketplace to make an impact that matters delivering measurable and lasting results that help reinforce public trust in our capital markets, inspire clients to see challenges as opportunities to transform and thrive, and help lead the way toward a stronger economy and a healthy society. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them.
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