IFRS 17 data readiness for insurers
Introduction
IFRS 17 data readiness for insurers focuses on the data foundations needed for accurate contract reporting.
Success depends on integrating actuarial models with finance systems and strong controls.
Key Points
- Granular contract data underpins measurement models
- Actuarial and finance systems must stay synchronized
- Controls and audit trails protect reporting integrity
- Automation reduces close-cycle bottlenecks
- Governance aligns stakeholders across functions
How To
- Assess current data gaps against IFRS 17 reporting requirements.
- Define a unified data model for contracts, cash flows, and assumptions.
- Integrate actuarial engines with finance consolidation tools.
- Automate calculations and reconciliation with documented controls.
- Run parallel closes to validate outputs before full adoption.
Conclusion
Robust data integration is the backbone of IFRS 17 compliance.