How to Fast-Track the IFRS 17 System Implementation

With over 15 years of experience in regulatory solutions, including 8 years dedicated to IFRS 17, in addactis we’ve gained a lot of experience in compliance challenges.

Drawing on this experience, we offer tailored strategies to support insurance companies through adoption complexities.

In this article, we share practical advice coming from our hands-on experience, empowering organizations to transition confidently and comply seamlessly with the IFRS 17 standard.

Learn the 5 essential steps to accelerate IFRS 17 system implementation and transition smoothly and confidently with the IFRS 17 standard.

We recommend our clients to prioritize implementing essential functionalities first and add nice-to-have features later, once the process stabilizes.

Our recommendation is to use pre-configured software for IFRS 17 compliance and customize only as needed.

By leveraging existing systems, tools, and infrastructure, our clients are able to speed up implementation and minimize disruptions to business operations.

As part of our implementation methodology we propose a rapid prototyping approach to quickly develop and test system features.

This allows early feedback for iterative improvements, necessary for every IFRS 17 project.

Becoming familiar with the IFRS 17 figures and having a holistic view of the closing process is critical for improved decision making in the following steps of the project.

Automating manual steps and processes is also crucial, both during and after implementation, to test and run calculations faster, reducing errors and free resources for other implementation tasks.

One more element to speed up implementation time is to provide early in the process targeted training and knowledge transfer sessions to key stakeholders and end-users.

Our focus is on practical, hands-on training to equip users with the skills and confidence to use the system effectively and better understand the IFRS 17 complexities.

Finally, it should not be underestimated the role of strong overall project management in the IFRS 17 projects. Effective project management ensures clear communication, stakeholder alignment, and adherence to timelines, critical for successfully integrating new accounting systems and processes.

With IFRS 17 requiring significant changes in data management, reporting, and actuarial modeling, project management becomes indispensable in coordinating various teams, managing risks, and ensuring compliance with regulatory requirements.

Moreover, strong project management facilitates the integration of cross-functional expertise, such as accounting, actuarial science, and IT, to streamline processes and mitigate implementation challenges, ultimately ensuring a smooth transition to the new accounting standard.

In a real life case a leading re-insurance company, facing urgent IFRS 17 compliance needs, relied on Addactis and our local partner for implementation.

Our proven approach helped them navigate the project and meet deadlines. By prioritizing key features, using pre-configured solutions, and engaging stakeholders continuously, the organization achieved timely compliance while driving operational efficiency and innovation.

In particular, the client appreciated the ongoing addactis centralized team involvement in all phases of the project and the focus on transferring knowledge and experience to their team.

Finally, in our opinion, continuous post implementation improvement mechanisms based on clients’ feedback is essential for regulatory solutions and projects. We promote a culture of innovation and collaboration, fostering continuous learning and adaptation so as to help our clients achieve the maximum value from their IFRS 17 projects.

Efficient implementation combined with continuous post implementation support has proven to be the optimal balance for successful long term complex technical regulatory transformations.