Changes to Accounting Standards Offer Transformational Opportunities for Insurers, With Extended Time to Implement

IFRS 17 and ASU 2018-12 are introducing major changes to insurers that are not limited to their accounting and finance departments. These new standards present an excellent opportunity to transform multiple areas of the business, including introducing new technologies and tools to enhance processes and enable the organization to better leverage data. And now that insurers have been granted extra time to achieve compliance, they should consider where they can transform foundational aspects of their business.

This article shares how insurance industry leaders can take advantage of the deferred compliance dates to transform key business functions.