On July 8, 2020, Systemorph AG conducted its first virtual roundtable for IFRS 17. Carriers, partners, advisory companies and software providers held a lively discussion about challenges, experiences and learnings from an implementation perspective.
In oceangoing vessels, a lifeboat is a small version of a ship that has the same capabilities as a ship but on a limited scale. Similarly in our industry, an IFRS 17 Lifeboat enables you to implement and operate your model against real data on a smaller scale, to validate your strategy and your IFRS 17 project plan
Many companies are recognizing that the current environment and way of doing business will favor those that have embraced broader, modern digitization across their businesses.
Insurers who embrace modern data digitization will maintain smooth operations and experience less disruption when world events create a challenging business environment.
IFRS 17 is bringing about a massive transformation in financial data management for many in the insurance industry. The new global standard for insurance financial reporting, IFRS 17 is causing companies to change the very foundations of data management, including how data is collected, aggregated, analyzed and reported.
While IFRS 17 places new reporting requirements on insurers, in reality compliance with the new standard will impact insurer data management at many different levels. That’s one of the insights shared in a new article published by our partner Synpulse written by Systemorph’s Dr. Daniel Trzesniak and Synpulse’s Daniel Diederichs.
Data management in financial services companies is undergoing a revolution, thanks to modern cloud technologies and software design. These types of innovations will be highlighted as Systemorph joins other industry leaders at the Microsoft Innovation Summit for Financial Services 2019 in Frankfurt later this month.
The time for implementing IFRS 17 is running out, while the challenges in building reporting processes that support internal steering are significant. That’s the most significant finding of our recent roundtable on IFRS 17 implementation hosted at Microsoft Switzerland.
Dr. Daniel Trzesniak, our Head of Product Strategy and IFRS 17 Initiative Lead, presented his experience in IFRS 17 and data management projects and provided a demo of our solution.
Key players in the insurance and reinsurance markets gathered to share their experiences on developing appropriate controls, models and systems according to IFRS 17, the new international standard for insurance industry reporting.