FTI Consulting’s research suggests that, although insurance companies are making good progress with implementing the new accounting standard, they may be overlooking some opportunities for proactivity, particularly in terms of managing risk, accelerating technological upgrades and embedding effective communication strategies.
FTI Consulting’s in-depth research with C-level executives across the insurance sector suggests decent progress in implementing IFRS 17, with board members fully aware of the scale of the change and often directly involved in its implementation. However, in the following three areas it seems that best practice is not being universally followed. We advise insurers to address these shortcomings urgently in order to avoid errors seen in previous transformations, some of which had adverse effects on companies.
Part 1 – Risk management in the boardroom