Insurers worldwide are under intensifying time pressure to implement International Financial Reporting Standard 17 (IFRS 17) Insurance Contracts. Facing its own January 2023 compliance deadline for group reporting, Hanoi-based PVI – majority owned by German insurance giant HDI Global – has deployed a fast-track IFRS 17 solution, KPMG IFRS 17 Express – powered by SAS®.
The joint solution combines the SAS Solution for IFRS 17 and a globally tested methodology developed by one of the world’s leading insurance groups. KPMG IFRS 17 Express – powered by SAS provides insurers a more efficient, cost-effective path to compliance, replete with a fully functional IFRS 17 calculation and posting engine as well as pre-defined data models and extensive postings, fostering automation and integration. Its singular, traceable platform ensures auditability and transparency while also facilitating collaboration between insurers’ actuarial, risk management and finance teams.
For PVI, technological and methodological security, as well as the rapid implementation timeline, were decisive factors in choosing KPMG IFRS Express – powered by SAS. Working in concert, KPMG and SAS remain engaged with PVI, helping orient its teams and familiarize them with the robust, preconfigured IFRS 17 compliance engine.
“Combining the experience and expertise of these global market leaders, propelled by SAS’ industry-proven analytics infrastructure, is a convincing concept that lives up to the expectations,” said Kien Tuan Phung, Deputy CEO at PVI Holdings Vietnam. “With KPMG IFRS 17 Express – powered by SAS, we achieved the onboarding of a robust and traceable calculation engine and subledger for IFRS 17, with capabilities for ongoing tuning, in less than 12 weeks.”
“It’s hard to imagine a more powerful fusion of industry leadership and capabilities – SAS technology fueling a globally market-tested methodology and driven by KPMG’s industry-forged know-how and processes,” said Troy Haines, Senior Vice President of Risk Research and Quantitative Solutions at SAS. “As global insurers confront the most disruptive regulatory shift to ever affect the industry’s financial reporting, KPMG IFRS 17 Express – powered by SAS is proving a potent and reliable solution for tackling IFRS 17 requirements in a highly compressed timeframe.”
Advice from industry experts
As the clock ticks ever closer to IFRS 17’s effective date for many insurers, pressure is mounting. How can they overcome the remaining challenges to a successful IFRS 17 implementation? And what might they learn from industry front-runners to help transition from project mode to delivery? Check out the latest IFRS 17 webinar from KPMG and SAS, The Survival Guide to Operationalizing IFRS 17 – Lessons From the Front Line, available now on demand. The webcast features experts from KPMG and SAS sharing tips on how to successfully navigate the path to compliance.