In one of its latest articles, Middle East Insurance Review points out 4 main difficulties for Turkish insurers in the implementation of IFRS 17.
Here is the analysis and answer of the addactis experts for each difficulty identified.
First Difficulty
In the preparatory stage: “IFRS 17 is set to enter into force at the beginning of 2023. While some insurance companies are at a very advanced stage in the implementation of IFRS 17, there are still some insurance companies that have not yet decided which IFRS 17 solution to use.”
addactis®' solution
Because you can’t afford to be late, reducing the implementation time and meeting the application deadline is the vocation of the addactis® IFRS 17″out-of-the box” solution.
Second Difficulty
“Many insurers initially took a ‘minimal compliance’ approach to IFRS 17.
As the implementation process progressed, insurance companies realised that the change and investment needs required to complete this process were more than they expected.”
addactis®' solution
addactis provides you with an end-to-end solution that covers both the actuarial and accounting aspects of IFRS17: a proven solution for a controlled budget.
Third Difficulty
The main IFRS 17 challenge for insurers lies in the increasing data volume and the need to properly manage complex and interrelated system environments, (…) in line with new accounting policy preferences, and obtaining the right level of reports.”
addactis®' solution
Being able to integrate within your existing systems is the major asset of our solution, both upstream, thanks to our ETL, but also downstream thanks to our integrated subledger.
Fourth Difficulty
“In this process, one of the issues that is not given enough attention and care is the changing roles and responsibilities with the entry into force of IFRS 17. Actuaries and accountants will assume different roles in the closing process than they currently do (…) “.
addactis®' solution
Need more information ?
For those who do not yet have the serenity of our customers in Turkey, our partner PREFUS and our Head Of Business Development, Stéphanie DAUSQUE, are at your disposal to testify about the implementations currently underway in Turkey.
To go further…
Addactis to launch IFRS 17 data manager tool
addactis® plans to launch a data manager tool and other features later this year to further assist insurers’ implementation of IFRS 17. Interview of Stéphanie Dausque, CEO of ADDACTIS Asia, with InsuranceERM.
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How You Will Crash Your IFRS 17 Project
Welcome to the IFRS 17 adventure! You are moving from being an expert to an adventurer, becoming a pioneer of the new standard. What are the pitfalls that await you? Read our paper and start your IFRS 17 journey.