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Oracle Financial Services and Chartis Research collaborated on a research report based on analysis and interviews with key stakeholders and technology teams in insurance and financial firms. The report focuses on the centrality of data management for long-lasting effective compliance with the new IFRS 17 and LDTI standards.
Implementations of IFRS 17 compliance have been fragmented. Fragmentation is partly an effect of and response to the diversity of systems insurers have, and the componentized nature of compliance.
In the case of globally distributed organizations, an IFRS 17 program will often be specific to particular jurisdictions. A single business may use multiple technology vendors for implementation. Fragmentation does not just occur in different compliance segments, it is also governed by regional practices and preferences. Although insurers have had to identify gaps in their technology architectures, they do not necessarily want to ‘change what they know’. Overhauling systems when regional operations are accustomed to existing systems and providers is not always straightforward or desirable. For vendors and insurers alike, existing architectures will heavily influence the nature of future ones.
There will also be some degree of consolidation for globally distributed organizations. Parent organizations will influence smaller or less strategically vital satellite operations. Organizations that operate in a prominent and large market are more likely to retain an independent implementation program, based on their existing technology or their specific market needs.
The trend toward fragmented implementations emphasizes that there is no exact blueprint or IFRS 17 compliance. Insurers and vendors alike must assess their particular situation and develop a custom-built approach for IFRS 17 compliance.
Don’t delay meeting IFRS 17/LDTI compliance. Stay up to date with the latest regional trends in insurance standards and learn more about a solution that can accelerate your IFRS17/LDTI program.
“While IFRS 17/LDTI entails many process and rule changes, it is clear that the biggest shift for insurers will be in the elements of technology architectures. Long-term success requires a heterogeneous, flexible and scalable data-management framework.”
—Sid Dash, Research Director, Chartis