Hopefully, you have secured a solution with all the ‘must have’ functionality required by the new standard, but many insurers don’t have a complete understanding of these necessities at the outset of their projects – and it may not become apparent until quite late.
The challenge for many insurers is that they have initially focused their projects on the need to determine the calculations for IFRS 17, assuming that the process to then integrate into their financial landscape can be achieved with the bolt-ons being developed by their calculation engine vendor. However, for many, the complexities in the accounting are only just being realized, resulting in some clear systems issues that are preventing them from delivering an operational solution.
