Built on Amazon Web Services, the pre-configured cloud-based solution can be deployed in any data center around the world. P&C and life insurers of all sizes can benefit from the offer’s suite of five accelerators: Requirements Assist, Data Assist, Configuration Assist, Testing & Use Case Assist and Reporting Assist.
Accelerators offer an integrated approach through Deloitte’s managed service combined with industry-proven technology SAS® Solution for IFRS 17, which offers key functionality out of the box, ranging from flexible and scalable data orchestration and analytics to robust reporting, including internal reporting and disclosure statements. Insurers can expect to generate results in as little as 90 days. The out-of-the-box solution reduces overall compliance costs while helping insurers accelerate their preparation for IFRS 17.
“Early in the planning phase, insurers need to understand how to align their financial, actuarial, data and IT resources to support their IFRS 17 program,” said Nat D’Ercole., Partner at Deloitte Canada. “The Regulatory Assist offering helps align organizational units and gets our customers to the finish line faster.”
EDC accelerates its compliance journey
Taking effect between January 2023 and 2026, IFRS 17 will standardize the way many insurance companies keep their books, enhancing the transparency and comparability of financial reporting industry-wide. The complexity and stringency of impending regulations will require insurers, primarily in the European Union, Asia, Latin America and Canadaoverhaul accounting standards and processes.
Export Development Canada (EDC) is an international export risk management company that provides risk mitigation insurance solutions that reduce the risks associated with trading and doing business abroad. Facing a January 1, 2023compliance deadline, EDC chose Regulatory Assist to get a head start on its compliance goals.
According to a written statement from EDC: “Deloitte’s IFRS 17 accelerators can provide insurers with an approach to accelerate the compliance process and reduce time to value by leveraging innovative and cutting-edge assets. Assets from the company’s global experience, coupled with its leadership in the IFRS 17 programs and the SAS solution, gave us confidence as we navigated our IFRS 17 compliance journey.”
Globally, Deloitte has a network of over 1,500 practitioners around the world to help SAS clients meet their regulatory compliance requirements.
“The transition to IFRS 17 and its impacts on insurers’ financial statements, key performance indicators, systems and processes cannot be understated,” said Troy Haines, senior vice president and head of risk research and quantitative solutions at SAS. “Regulatory Assist takes the guesswork out of being IFRS 17 ready. It aligns Deloitte’s consulting services and expertise with SAS’s end-to-end solution, with all the capabilities needed to support the calculations at scale – and with the requisite granularity, data lineage and transparency.”
For more information on this offer, download the IFRS 17 with SAS and Deloitte brief.
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