Over 120 countries comply with IFRS standards with insurers in Asia and Europe most affected Whatever you want from IFRS 17 and whenever you want to comply with IFRS 17, we can help you face IFRS 17 with confidence.
Enable finance teams to achieve compliance quickly, efficiently and cost-effectively
Beyond Compliance
Regualtion I Customer I Business
IFRS 17 represents a significant change to Insurance accounting requirements.
Its dynamics will not only have implications on the financial disclosures of insurers & intermediaries - it impacts many departments and functions across organisations including product design, pricing, actuary and finance.
We combine specialist knowledge, with unique technology tools and unrivalled depth of capabilities to deliver a range of IFRS services.
What is IFRS 17?
The IFRS 17 standard alters the measurement of profit and equity in insurers' accounts and affects the financial statement presentation. Rather than the current practice of earning profits as products are sold, profits will be recognised as insurers serve customers.
Insurers will need to calculate how cash-flows emerge from contracts over their lifetime and at point of sale, and will need to measure the expected profits in the so-called contractual service margin (CSM). Profit calculated at point of sale will be adjusted on a regular basis to account for updated assumptions on risks, interest rates, etc.
The IFRS 17 standard is very complex - there will be differences concerning current accounting in both liability measurement and profit recognition. The financial and operational implications of IFRS 17 implementation will require a fundamental change in each insurers' accounting practices and provide a major challenge for much of the industry. There are, however, opportunities to optimise adoption, both operationally and in terms of financial performance.
With open-APIS and microservices architecture, Avo Tech simplifies integrations with insurers core-systems, Insurtechs, third-party data, and other systems to deliver better customer experiences.
Compared to other financial institutions, the insurance sector is still far behind in the adoption of cyber-security, whereas they should be at the forefront.
With open-APIS and microservices architecture, Avo Tech simplifies integrations with insurers core-systems, Insurtechs, third-party data, and other systems to deliver better customer experiences.
Compared to other financial institutions, the insurance sector is still far behind in the adoption of cyber-security, whereas they should be at the forefront.
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