The pace of change in the Financial Services industry is accelerating, and while the insurance world won’t change overnight, many have begun to look outside their own organisations in order to respond to challenges and take opportunities. New products and services are developing which meet the needs of an expanding and changing customer base. Costs will begin to decrease as new ways of doing business evolve and emerging technologies, such as artificial intelligence
(AI) and the Internet of Things (IoT), not only provide customers with a better experience, but also streamline back office operations. InsurTech is reshaping the insurance industry. Previously viewed as a disruptive force, it is now driving innovation across the sector.
The insights in this report are based on the responses of 189 senior Insurance Sector executives from 40 countries who participated in PwC’s Global FinTech Survey 2017. With an editorial board made up of specialists from around the world we complemented the report with our own insights and analysis into how InsurTech and Insurance are moving closer together and how insurance is innovating in response to InsurTech. The report is also fuelled by proprietary research from PwC’s DeNovo, focused on InsurTech innovation and its impact on business.
Global InsurTech Report – 2017
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IFRS 17 is coming – Why should you care about it?
In May 2017, the IASB will be finalising its long-standing project on insurance accounting and publish IFRS 17.
As an insurer, you will need to apply IFRS 17 for annual periods beginning on or after 1 January 2021. IFRS 17 will fundamentally change the accounting for all entities that issue insurance contracts and investment contracts with discretionary participation features.
Join our live webcast on IFRS 17, ‘Insurance Contracts’, on 31 May 2017 when we’ll be joined by Darrell Scott, an IASB board member. During the webcast you’ll get:
- An overview of the accounting requirements
- Practical issues that your organisation should consider in relation to IFRS 17
- Expected implementation challenges
Date: Wednesday 31 May 2017
Time: 11:00 (GMT + 01:00)
You will receive a link to join the webcast from Alex Bertolotti, our Global IFRS Insurance Leader, nearer the time.
Partner – FS Advisory
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‘Digital’ is not just about the technology. It’s about new ways of solving problems, creating unique experiences and accelerating business performance. Responding to the digital age is about the need to change the whole operational approach. CFOs will need to adopt a new mindset and language to lead transformational change.
Current megatrends shaping the finance function include digital agility, enterprise risk management, automation and robotisation, big data and data analytics, outsourcing and offshoring as well as compliance. External factors are driving the need for change and include new competitors (such as FinTech and RegTech), the necessity of responding flexibly to accounting standard changes (such as IFRS 9 and IFRS 17) and the need for agile responses to increasing regulatory requirements.
In light of the evolving role of the finance function, industry leaders have recognised that change needs to happen, as they have realised that digital technology will reshape competition over the next few years. A digital finance function will have new accountabilities and opportunities to generate more insight and add value. Whilst the finance function currently spends a lot of time on transactional processing and report production, there is now a real opportunity to move towards standardised reports and data alignment, which will increase the finance function’s ability to generate insight.
With local teams and a strong track record in areas such as automation, cloud computing, financial transformation, target operating model design and big data, PwC can help you transform your finance function to make it ready for the digital age. In our paper we look at current trends and key challenges facing the finance function
Download the paper here.
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