Increasingly, we see insurers looking to modernise their finance, actuarial and risk functions. This is principally to reduce costs and provide better insight into the key metrics underpinning the business and driving profitability. This is a fast-changing area where insurers are increasingly using new technologies such as artificial intelligence and advanced analytics to drive finance transformation projects. Accurate and trusted data is at the heart of any finance transformation project and is fundamental to its success.
The consolidation and standardization of the data sets gathered from multiple actuarial and finance systems creates a rich, consistent data model that can essentially become a launchpad for a digital finance initiative. Insurers that see IFRS 17 as an opportunity to rethink their finance and compliance processes and future use of data, rather than just a compliance initiative, will achieve far more long-term, sustainable business benefits. They will be in a much better position to deliver strategic foresight to the business to drive business growth.
This whitepaper covers market trends and lessons learned by the industry over the last few years and looks at how insurers are using the potential extension of the compliance deadline to take a more strategic approach and identify benefits beyond compliance. We also identify areas where the Aptitude IFRS 17 solution has added valuable capabilities for our clients.
