Client

Our client urgently needed support in implementing IFRS 17 transition calculations preparation for two of their main portfolios. The client is a well-established African insurance and financial services company that provides a diverse range of financial and insurance solutions for insurance retail and corporate customers.

Challenge

The client’s portfolios needed to be valued using a fully retrospective approach — looking back at historic models, data and assumptions to ensure that the IFRS 17 Best Estimate Liability (BEL) calculations could be accurately performed.

The time required to perform these validations and calculations led the client to engage MBE, enabling their permanent in-house actuarial teams to focus on BAU and project work.

Approach

Cooperation and Collaboration

  • MBE worked closely with both the valuations team and the IFRS 17 transition team to extract the information required and understand the runs and validations that needed to be performed.

Listening to Requirements

  • Given that they had performed similar tasks for other portfolios,the client had established a set of project goals and milestones. We used this outline as a basis for their project plan and held them accountable by scheduling regular updates with the client to discuss progress according to the plan.

Utilising Modelling Experience 

  • The team thoroughly tested the validity of historical Prophet models going back ten years.

Documenting Results 

  • Success at each milestone was evidenced in Excel artefacts prepared by the client for this purpose, ensuring that the process was fully auditable.

Results

  • The client was able to perform their IFRS 17 transition calculations for these portfolios, employing the historic liability models that had been modified and validated for IFRS 17 use by our project team.
  • At the same time, the client was able to progress other BAU and project work, knowing they could trust and rely on us to successfully complete the project. 

Testimonial

“This has been a really successful collaboration. MBE was very responsive, willing and eager to listen to the team’s requirements. The MBE team worked well with both the segment and the IFRS 17 transition teams. We brought the MBE team onboard at just the right time, enabling us to meet critical deadlines.”

IFRS 17 Transition Workstream Lead