Several insurers have successfully implemented IFRS 17, demonstrating the benefits of early planning, stakeholder engagement, and robust project management. One notable example is a global insurance company that began its IFRS 17 project three years before the effective date. The company established a dedicated project team, including representatives from finance, actuarial, IT, and risk management, ensuring a coordinated approach.
The insurer invested in advanced financial and actuarial systems to handle the complex data and reporting requirements. Regular training sessions and workshops were conducted to ensure all team members understood the new standard and its implications. The company also engaged external consultants to provide expertise and support throughout the implementation process.
Another successful case involves a regional insurer that focused on data management and governance. The company implemented a centralized data repository and robust data governance framework, ensuring data integrity and consistency. Automation tools were used to streamline processes and reduce manual errors, enhancing efficiency and accuracy in reporting.
These examples highlight the importance of early planning, investment in technology, and continuous training and engagement. Merit Global Training offers courses that provide insights into successful IFRS 17 implementations, sharing best practices and lessons learned from real-world cases. For more information, visit here.
