Our client, a major international composite insurer, required a team to manage the IFRS17 program, and create a central governance model and structure enabling and supporting the delivery of the new reporting standard for 2023.
Capco operated across the central IFRS17 program, and within the global delivery workstreams to provide greater control of the global resourcing structure, and aid with the simplification of a complex delivery landscape.
IFRS17 is the newest IFRS standard for insurance contracts and replaces IFRS 4 on January 1st 2023. It states which insurance contracts items should be on the balance sheet and the P&L of an insurance company, how to measure these items and how to present and disclose this information. The introduction of this regulation marks the most significant change to insurers’ P&L reporting with downstream impact on data, systems, and people.
To prepare for the impending regulatory change, the client enlisted Capco to manage their IFRS17 program, due to our track record of strong delivery, competitive rates and dedicated regulatory change expertise.
HOW WE DID IT:
- We implemented a ‘gold standard’ delivery framework and associated governance structure across delivery workstreams and the wider IFRS17 program
- We developed the IFRS17 workstream business cases whilst managing and tracking of budget, providing control over scope and delivery of benefits
- We upskilling and trained program resources to ensure uptake in central program process changes
- We delivered an IFRS17 critical path plan to ensure an IFRS17 compliant business estate and the most favorable opening contractual service margin
- We conducted impact assessments across all of the client’s future processes to derive requirements and solutions in these areas
- We navigated the program successfully through significant budget challenges during Covid whilst maintaining best practice delivery.
WHAT WE DELIVERED:
- Implementation of a delivery framework and reporting approach across the IFRS17 program, leading to quicker and informed decision making
- Rationalization of program costing and resource planning to ensure delivery of the IFRS17 critical path within cost constraints
- Integration of planning for workstreams across 12 countries to streamline delivery activities
- Holistic view, and controlled status of all RAID items being reported to management
- Standardized all internal and external reporting to IFRS17 steering committees, internal finance boards and external regulators.
For more information on this success story or further regulatory change work within the insurance industry, please contact Lauren Broadhead.