A large South African bancassurer at an early stage of their IFRS 17 programme.
- Compile a gap analysis to understand the model, systems and methodology requirements of IFRS 17 and assign priorities within their IFRS 17 programme.
- Investigate the expected profit signatures under IFRS 17 since the chief areas of concern were profit emergence under IFRS 17 and the consequent tax implications.
What MBE did
- Worked on site using MBE’s IFRS Assess modelling and simulation tool to highlight gaps and test scenarios.
- Configured IFRS Assess to model four long-term and short-term products.
- Trained the client in IFRS methodology and the use of IFRS Assess for future investigations, sensitivity analyses, and decision-making.
- Delivered a dry run prototyping exercise giving the team lifelike experience of IFRS 17 reporting in a risk-free environment, supported by experts.
- Ran a workshop for actuaries and accountants to share findings and make unified decisions.
- Clear shared understanding of implications of IFRS 17 for the business.
- Models and results packs for four core products with insights team could apply and explain.
- Comprehensive gap analysis with recommendations.
- Well-trained in-house team that understood how to model the impact of various sensitivities on the IFRS 17 balance sheet using IFRS Assess.