Two years into IFRS 17 preparations, our MBE directors share where they think companies are on the road to implementation.
“Start now,” advises Andries Beukes, Director of Actuarial Services at MBE when asked what insurance companies should be doing to give them the best chance of a successful IFRS 17 implementation.
“Wherever you are in your programme, the quicker you act, the better chance you have at succeeding and, ultimately, the lower your bill will be.”
Having seen his fair share of major projects, Andries knows the value of long-term thinking when it comes to utilising budget – and IFRS 17 is no different. He and his fellow actuaries and consultants at MBE have spent the better part of the last two years learning, thinking and talking about the new standard coming into force in 2022. They have been part of clients’ journeys in South Africa, Europe, and the Middle East, and have taken note of how their understanding and strategies have evolved over that time.
With the second half of 2019 fast approaching, we decided it was a good time to sit down with the MBE directors and ask them to share insights based on their experiences and client relationships.
In the Q&A in the document below, we take stock of where we believe companies currently are in their IFRS 17 preparations, what challenges are currently being faced and what learnings may be gleaned from the trends emerging from IFRS 17 projects around the world.
