i frs 17 services · 2020. 8. 5. · i frs 17 services what is ifrs 17? ifrs 17 is the new...
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IFRS 17 SERVICES
WHAT IS IFRS 17?
IFRS 17 is the new accounting standard for insurance
contracts, with an e�ective date of January 2022. These
new rules lead to substantial changes in the emergence
of profit and financial disclosures. From new data
requirements and IT overhauls to substantial changes
to actuarial models and a complete redesign of financial
statements and disclosures, IFRS 17 has far reaching
implications in almost all areas of the financial
reporting process.
Oliver Wyman can help you navigate this new and evolving
landscape with technical expertise and subject matter
experts on the front lines of IFRS 17 development.
POLICY AND METHODOLOGY
DEVELOPMENT
• Discuss options and implications
• Draft or assist in writing
IFRS 17 policy papers
• Recommend
implementation options
ANALYTICAL
ASSESSMENT
• Assess impact of key
methodological choices
• Conduct quantitative
impact studies (QIS)
• Update existing actuarial model
• Set-up CSM engine
(actuarial component)
• Validate IFRS 17 models
ADDITIONAL IFRS 17 SERVICES
In addition to Oliver Wyman’s comprehensive
services, we can also assist with:
• Peer review of IFRS 17 methodology
• Executive education
• Internal education
• IFRS 17 implications to pricing process, ALM, and risk management
• Full retrospective valuation support
Oliver Wyman o�ers comprehensive IFRS 17 support, fully customizable to client needs. Our solution spans a number of key deliverables – our IFRS 17 experts are ready to assist regardless of where a company is in their IFRS 17 process.
STAFF AUGMENTATION
To enable our clients to drive IFRS 17 internally,
we can provide support with ongoing activities
such as:
• Product design and pricing
• Experience studies
• Reinsurance optimization
• Asset allocation analysis
AND VALIDATION
MODEL SET-UP
ROBERT BERENDSEN
FCIA, FSA, CERA, MAAA
LES REHBELI
FCIA, FSA, MAAA
AMAL RAJWANI
ACIA, FSA, CERA, MAAA
NA TA
FCIA, FSA, CERA, MAAA
OUR IFRS 17 EXPERTS
Our practice has experts on 10 di�erent IFRS 17 related committees and subgroups. Oliver Wyman is currently
working with multiple clients on IFRS 17 implementation, in both advisory and in-depth analytical roles. These
partners and principals spearhead the IFRS 17 development at Oliver Wyman:
For more information, please contact Les Rehbeli at les.rehbeli@oliverwyman.com
WHY OLIVER WYMAN?
AGENDA SETTING RESEARCH
Oliver Wyman is at the forefront of IFRS 17
advancement, being heavily involved in committees
developing IFRS 17 guidance for both the Canadian
Institute of Actuaries (CIA) and the International
Actuarial Association (IAA).
RIGOROUS METHODOLOGIES
Oliver Wyman provides practical solutions built
to meet the unique demands and economics of each
client. We focus on simplifying and streamlining
processes, and endeavour to leave our clients with
tools that can be leveraged for future needs.
SPECIALIZED EXPERTISE
Oliver Wyman is an Elite Tier partner with
Moody’s Analytics, which requires our consultants
to train and become certified on Moody’s AXIS
and RiskintegrityTM IFRS 17 platforms. This enables
us to o�er both comprehensive model support
and expertise in building the IFRS 17 model.
COLLABORATIVE STYLE
Oliver Wyman’s experience enables us to act as trusted
partners and advisors to our clients, able to take
a strategic view across the business. We are practiced
at collaborating with both internal client and external
teams, both within one work stream or along multiple.
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