Beyond IFRS 17/LDTI: the Journey to System Modernization
This report, a collaboration between Chartis and FIS, examines the impact of IFRS 17 and LDTI on the insurance industry, giving an overview of the changes observed in the market, the industry’s evolving response, and how firms should prepare for the future.
This report, a collaboration between Chartis and FIS, examines the impact of IFRS 17 and LDTI on the insurance industry, giving an overview of the changes observed in the market, the industry’s evolving response, and how firms should prepare for the future. It also analyzes differences in how the standards shape and affect each core technology element, and how compliance processes are affected by and converge with shifting analytical frameworks in insurance. We also consider the essential data and modeling elements that firms should include in any effective upgrade.
Finally, and crucially, we consider IFRS 17 and LDTI as two factors that interact with others in the broader context of a modernization of actuarial and modeling infrastructure. Ultimately, we believe, to address fundamental ongoing changes in the industry, insurance firms will have to take a strategic view to ensure an effective modernization of their appropriate technology systems.
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