Depending on the nature of insurance liabilities the challenges faced by
insurers will also vary.
most of the companies will face the following operational challenges:
is a big company that deals with numerous deadlines to be met on a daily basis.
The implementation of IFRS 17 would require a lot of time and focus from each
team since all teams are associated with it directly or indirectly. These
teams are overly engaged with their own tasks and it is very challenging to
take out time for this project. Therefore, there will be a need to hire new
people who can solely work on the implementation of IFRS 17.
not only staffing, but also lack of time is one of the biggest challenges that
this implementation process is facing. 2021 is not too far. There is a lot of
work that needs to be done, a lot of projects that need to be finished.
Managing time would be extremely important.
the actual steps of the process are challenging themselves. It is much more
than an accounting issue. The transitioning process will have significant
implications for IT systems, strategic management, business processes and
employee skill sets.