Service Areas

International Financial Reporting Standard (IFRS) 17

 

IFRS 17 comes into effect for reporting periods beginning on or after 1 January 2023. Insurers are all working hard to ensure that they are able to report under these new principles from 2023. IFRS 17 projects can be expensive to run, especially when requesting assistance from larger consulting firms.
We are able to assist you in your interpretation of IFRS 17 and help ensure that you are well set up to apply IFRS 17.

Insurance Claims Reserving & Analysis

 

All insurers perform claims reserving and analysis for management and statutory purposes, however this work is usually seasonal. There are often only certain times throughout the year (the reporting periods) where there is a higher demand from staff. We are able to help you alleviate some of the staffing pressures by providing additional resource when required to suit your analytical needs.

Training & Presentations

 

It is difficult to explain complex concepts or summarise complex data in layman’s terms, however this is often very necessary, especially when explaining to senior management or executives within organisations. Whilst staff may have the skills to do the work, they often lack the appropriate skills to distil the information to a level that can be used to easily transfer the knowledge to other staff, or to present the results in a way that is easily digestible. We are able to assist in running educational programs to train staff in the fundamentals of insurance and IFRS 17 as well as assist in presenting complex concepts to senior management or executives.

Tools & Processes

 

It is often the case that expense savings can be made through finding more efficient and automated ways to run processes. However, it is also often the case that many processes (which are inefficient) have been so ingrained that they are too difficult to change. We are able to assist in streamlining your current processes to your requirements. If this involves developing new tools in excel, then these tools will be fully customised to your requirements.