IFRS 17: Why upskilling the whole workforce is critical to success
03 February 2020
The implementation of IFRS 17 continues to be a major challenge for the insurance industry, fundamentally changing accounting and reporting processes and practices.
The market has responded to this challenge in many ways. Some key players have seized upon it as an opportunity to implement full scale finance transformation projects. Others have opted to adopt a minimum compliance strategy to minimise costs. Regardless of the path insurers are taking to implement the new standard, one area which is fundamental to success but which doesn’t get the attention it deserves is the upskilling of the workforce.
We have found many organisations underestimate the breadth of knowledge required across their teams. A lot of organisations we have worked with have trained their finance and actuarial teams, but what about product development? A knowledge of the implications of IFRS 17 on the business will be critical to the success and viability of new products. Similarly, it will be important the brokers, underwriters, claims handling teams and those within the risk and compliance functions have an understanding. The list goes on. Just as GDPR needed to be disseminated throughout the organisation, everyone in the insurance industry needs to be upskilled to understand the impact of IFRS 17.
Having said this, not everyone in the business needs to be a technical expert and you certainly can’t train everyone at once. Every business is different and must identify its training needs and work through an upskilling plan tailored to those needs, based on the size and nature of the business. Upskilling the people within your business will be critical to retaining talent, ensuring the successful implementation of IFRS 17 and reaping benefits before and after implementation.
If you are interested in exploring your IFRS 17 training needs and want further information on how PwC can support you, visit our website.