The best way to implement your IFRS Insurance
Setting your Ambitions at the outset and to drive your work towards those outcomes
Experience has shown that transformation programs are more likely to succeed when there has been a clear and unambiguous view from the outset as to what the program is setting out to achieve.
- Implementing the changes that the new IFRS Insurance rules require is a major regulatory-driven transformation. Insurers have a strategic choice to make in determining what their IFRS transformation programs should deliver. This is particularly critical against the significant investment for Solvency II that must be safeguarded and ideally leveraged to minimise the IFRS Insurance implementation costs.
- The ambitions an insurer considers as it sets its implementation strategy could range from establishing a program aimed at securing compliance at minimum cost and disruption, to one that seeks to use the opportunity of this large-scale non-discretionary change programme as a catalyst for undertaking major business driven changes and securing wider benefits on top of securing full compliance in order to achieve competitive advantage.
- Whichever route is taken, it is imperative that the overall objectives, including the principles to be followed, are clearly articulated from the outset. This will help build cross-functional understanding and consensus around the change and contribute to articulate and evolve the ‘end-state’ vision as well as to create a ‘set of rules’ that can be used to guide decision making during the implementation journey.