ifrs 17 and general insurers - actuaries.org.sg · 22 | copyright © 2018 deloitte development llc....

1 | Copyright © 2018 Deloitte Development LLC. All rights reserved.

IFRS 17 and General Insurers

Mehul Dave

Director

Deloitte South East Asia


IFRS 17 for General Insurers

Mehul Dave


Key Topics

1

What are GI actuaries thinking?2

What are some of the key considerations for General Insurers?

4

How are IFRS 17 implementations programmes progressing? 3

What are some of the concerns of GI actuaries?


But first…

[x] mins!


What was needed in order achieve this….

Compliance

Preparation

Technology

Data

Training


Its a long journey…

IFRS 17 programmes

are running over

multiple

years…endurance is

needed

Endure and you will get there

IFRS 17 Marathon


Its hard work…

Where do I begin…

Pain, leg cramps, dietary changes needed(!)

IFRS 17

Marathon


Its hard work…

Common challenges wordle


Its hard work…

• Getting to the bottom of each type of contract

and policy written – deciphering non-distinct

investment components

• Separating into profitability groups – how to

distinguish between potentially onerous and

no significantly possibility

• Choosing a portfolio grouping that makes

sense from a business perspective

• Treatment of reinsurance and its unique

features … e.g. profit commission

• May need some system enhancements to

capture the relevant information

• Can you justify that these groups be

combined?

• Insurance is about pooling of risks and often

business is managed at the company level –

look at striking a balance

• Can Reinsurers be encouraged to simplify?

Some challenges Some solutions….


A run is not just a run…

Many options and

choices to make

You can take lots of different paths

IFRS 17

Marathon



Will it follow regulatory class groupings

[chart]


Technology is an enabler …

There is going to be a technology impact. But

that’s good!

You can use a fitbit, or an Apple watch, or Nike+ run app

IFRS 17

Marathon


Data improves performance…

This is a key area of additional benefit

Closer connection between pricing and reserving

Data allows you to track and plan runs better to drive improvement

IFRS 17

Running


There are wider benefits…

Deeper understanding of the business and

products

Mental clarity…and beautiful endorphins

IFRS 17

Running


Remember the bigger picture…

The business of insurance is pooling of risk,

focusing on the customer, making profit

(sometimes)…look to take the fringe benefits

where you can

You need to put one leg in front of the other to get to the finish line…that’s it

IFRS 17

Running


Remember the bigger picture…


Thank you

ifrs 17 and general insurers - actuaries.org.sg · 22 | copyright © 2018 deloitte development llc....

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