Investing for the future
Companies are wisely seizing the opportunity to make up for past under-investment in finance systems and processes. IT infrastructures are undergoing significant upgrades to handle the increased granularity and quality of data required by IFRS 17 and to enable a better flow of information between different systems. Steps are being taken to improve accounting and finance systems, such as the general ledger and group consolidation, and to eliminate fragmentation which is a common feature in finance function technology.
Most insurers are using the implementation of the new standard as an opportunity to upgrade the finance function’s system and processes, compensating for past under investment. However, we believe they should consider at the same time implementing wider technology changes (such as those underpinning data analytics) to achieve additional benefits in a cost-effective way