With the continuous demands on insurers to reduce costs, deliver faster and increase profits, change is necessary and inevitable.
Case Study: Read how we helped fast track a major South African Insurer with their IFRS 17 transition preparation for two of their main portfolios.
A global insurer was able to embed a culture of continuous improvement, with centralisation of the finance functions and a reduction of 30% in the finance reporting timetable.
Our client had selected a software provider for their IFRS 17 solution. MBE was able to reduce the total estimated spend from R40 m to R7 m.
A large South African insurer had selected a software provider as the supplier for their IFRS 17 solution. A number of the provider’s components were already embedded as the modelling engine for their life insurance business, and their IFRS 17 solution seemed to be the best fit in terms of addressing the data and storage requirements of the new accounting standard.
A large South African bancassurer approached MBE to perform an impact assessment of IFRS 17 for some of their life and short-term insurance products. The main aim was to compare the calculation requirements and results of IFRS 4 and IFRS 17, under both the General Model and Premium Allocation approaches.
The actuarial team of a large UK insurer increased its capacity and reduced its operational risk by implementing a central data repository in its valuation process and altering its team structure.