IFRS17 Transformation
Provided six actuarial associates specialising in various aspects of IFRS17 methodology, systems and review actuaries.
The Project
In 2021, Brighter has been engaged by a large European general insurance writer for the implementation of IFRS17 methodology. Brighter has been able to provide subject matter expertise in IFRS 17 assumptions and systems expertise and reviewing expertise for the outputs and results.
Brighter has shown its ability to provide a scalable solution utilising expert resources which gave our client access to better quality Associates who were immediately available.
We provided six actuarial associates specialising in various aspects of IFRS17 methodology, systems and review actuaries and have been providing support to the BAU team on an ongoing basis.
The Results
The first and second phases of the project, related to IFRS17 planning and methodology development including performing the dry-run before the final implementation were delivered successfully within budget and on time.
The recommendations from Brighter has significantly enhanced the client’s management of the day-to-day business in terms of:
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IFRS17 base balance sheet creation and reconciliation between prototype and production model.
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Improved new business matric for external reporting and decision-making.
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Completion of quarterly IFRS 17 reporting by working day 15.
We continue to support the client in the next phase of the project in the following areas:
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Providing subject matter expertise and key insights into best practices for IFRS 17 methodology
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Review/ testing of model outputs
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Supporting the development of process and data gaps to IFRS standards
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Stakeholder management on key aspects of the
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IFRS 17 methodology implementation
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Documentation of the IFRS 17 methodology and the key expert judgements