Insurers worldwide are under intensifying time pressure to implement International Financial Reporting Standard 17 (IFRS17) Insurance Contracts. Facing its own January 2023 compliance deadline for group reporting, Hanoi-based PVI – majority owned by German insurance giant HDI Global – has deployed a fast-track IFRS 17 solution – KPMG IFRS 17 Express – fusing KPMG’s industry acumen and SAS analytics.
|Insurers are under intensifying time pressure to implement IFRS17
The joint solution combines the SAS solution for IFRS17 and a globally-tested methodology developed by one of the world’s leading insurance groups.
KPMG IFRS17 Express provides insurers with a more efficient and cost-effective path to compliance, replete with a fully functional IFRS17 calculation and posting engine as well as pre-defined data models and extensive postings, fostering automation and integration.
Its singular, traceable platform ensures auditability and transparency while also facilitating collaboration between insurers’ actuarial, risk management, and finance teams.
For PVI, technological and methodological security, as well as the rapid implementation timeline, were decisive factors in choosing this solution. During the process, KPMG and SAS remain engaged with PVI, helping orient its teams and familiarise them with the robust and preconfigured IFRS17 compliance engine.
Deputy CEO of PVI Holdings Vietnam Kien Tuan Phung said, "Combining the experience and expertise of these global market leaders, propelled by SAS’ industry-proven analytics infrastructure, is a convincing concept that lives up to expectations."
"With KPMG IFRS17 Express, we achieved the onboarding of a robust and traceable calculation engine and subledger for IFRS17 – with capabilities for ongoing tuning – in less than 12 weeks," added the deputy CEO.
Troy Haines, senior vice president of Risk Research and Quantitative Solutions at SAS emphasised, "It's hard to imagine a more powerful fusion of industry leadership and capabilities – SAS technology fueling a globally market-tested methodology and driven by KPMG’s industry-forged know-how and processes.”
“As global insurers confront the most disruptive regulatory shift to ever affect the industry’s financial reporting, KPMG IFRS17 Express is proving a potent and reliable solution for tackling IFRS17 requirements in a highly compressed timeframe,” Haines continued.
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