From early adopters to those just beginning their path to the new accounting standards (IFRS 17, LDTI), insurers are focused on a range of activities, including the first pass of policy decisions, gap analysis and design to functional development, testing, and parallel runs. Those who have yet to start or go beyond theoretical analysis must look at their great sprint ahead towards implementation.
Even with the one-year deferral granted by the International Accounting Standards Board (IASB) to January 2023, timelines are proving to be tight. A typical IFRS 17 or LDTI program, including parallel runs, ranges from 14 to 18 months. More recently, insurers are pushing out project delivery dates due to inherent risks that require redesign work.
Navigate complexity without compromising project timelines
Time is of the essence. Move beyond discussing theory and tackle the accounting standard's complex nature by engaging in the practical effort now. Because IFRS 17 and LDTI disrupts so many parts of the business, insurers are staying focused on addressing critical challenges by working towards alignment of the underlying processes and dataflow.
Data overhaul, from sourcing to validation and mapping, is proving to be by far the most complex and time-consuming activity for IFRS 17 and LDTI.
An adaptive framework for IFRS 17 and LDTI implementation
Oracle's agile-based development framework delivers incremental business value to clients across the program lifecycle. Our framework is a simulation approach for IFRS 17 and LDTI that is comprised of assets, best practices, and accelerators to navigate the IFRS 17 and LDTI journey smoothly.
Here are some of the benefits you gain with Oracle's Adaptive Scrum Framework (ASF):
Incremental achievements using MVP for the new accounting standards
MVP provides our customers with tangible, early value realisation by leveraging a sustainable and consistent framework to define their IFRS 17 or LDTI policies. Customers can deploy pre-built models to validate their interpretations and review the results of their policy decisions while addressing data gaps.
To learn more about our Adaptive Scrum Framework, simulation approach for IFRS 17, or LDTI deployment, please feel free to contact me.
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