The new Insurance standard IFRS 17 will be effective for the period starting on or after 1 January 2021. It will not only change the measurement of the liability, but also change what the profit recognition is over the term of the contracts and what your income statement looks like. As we get into more of these videos, you’ll see that the measurement uses data that is not data the insurers necessarily have used in the past, so that operational and system implications are huge around IFRS 17. So what we want to do in this series of videos is really to break that standard down into bite-sized chunks, reflect on different elements of the standard and hopefully help you as you implement IFRS 17.
Foward-looking insurers are developing new human capital strategies as they seek to develop more creative, adaptable and digitally-savvy workforces.
Watch our PwC Insurance leaders across Asia share their insights.
For many insurers in Asia, IFRS 17 will be the largest financial reporting project they have undertaken for many years.
At PwC, we have invested in a world-class team across Asia that is ready to support the industry in its preparations. By carefully planning your implementation with your other in-flight projects and defining a financial system architecture according to your existing system landscape, this will provide you with a much effective and cost-benefit solution to support future changes.
Cutting edge customer interaction and data analytics have enabled InsurTech businesses to set the pace in the marketplace. The growing presence of InsurTech companies could open up valuable opportunities for insurers and enable them to make the leap from incremental to breakthrough innovation. How should insurers equip themselves to compete?
Watch our PwC insurance leaders from across Asia share their insights on how insurance CEOs are keeping pace with technological change.
The challenge insurance companies now face is how to provide innovative products while protecting customers' data. Data collected including health records, user behaviors, lifestyle habits, travel preferences, and more, are incredibly valuable and cyber criminals recognise this. Hence, cybersecurity should be a fundamental pillar for enabling the business.
Insurance CEOs' concerns over regulation, technological change, shifting customer behaviour, and new competitors are continuing to rise. However, insurance CEOs are also among the readiest to embrace disruptive change.
Watch some of our PwC Insurance leaders share their insights.
In this video, Henri Arslanian, our FinTech & RegTech Lead for China and Hong Kong, talks about how InsurTech is reshaping the insurance industry. InsurTech presents numerous opportunities for insurance firms - from developing new solutions to respond to changing customers needs, to finding better ways of leveraging data and analytics and finding new approaches to underwriting risks.
Fintech is transforming financial services and as the relationships between consumer and insurer change, so does the regulation guiding those relationships. The Monetary Authority of Singapore (MAS) is taking action to ensure that regulation is conducive to innovation and facilitate insurers realise the range of opportunities that this brings.
Watch Saskia Bosch van Rosenthal describe what steps MAS is taking and how insurers can prepare for the changes.
The Office of the Commissioner of Insurance has issued a guidance note, GN16, on underwriting long-term insurance business. This is designed to ensure the fair treatment of policyholders throughout the entire lifespan of their policies.
Already in effect for new products, the requirements will start to apply to existing products from 1 January 2017. This will lead to major changes in product design, communication, sales processes and governance. How can you avoid the potential pitfalls that await?
The IASB is in the final stages of preparing to issue the new International Financial Reporting Standard for insurance contracts. These final stages, and participation in the IASB's field work, gives the industry a great opportunity to plan ahead, develop an approach to implementation, and plan where time and effort should be spent effectively. As the Standard comes into sharper focus, insurers are also turning their attention to the strategic implications of the new disclosures and the opportunities that the Standard will create to enhance investors' understanding of shareholder value creation.
The insurance industry is grappling with rapid technological change, shifts in customer behaviour, and growing competition from new market entrants. Meanwhile, there are also significant opportunities opening up in the marketplace.
Watch our PwC Insurance leaders across UK, Singapore, Hong Kong and India share their insights on the Asia market.
What if you could put your customers' needs at the heart of design, helping them with the big life changing experiences as well as the day-to-day challenges? With the new wave of digitally-enabled solutions, this is now a reality.
Chris Hancorn, actuarial Partner and Saskia Bosch van Rosenthal, insurance regulatory Director, discuss the development of the International Capital Standard for Internationally Active Insurance Groups, and some of the implications for insurers in Asia.
Insurance is undergoing fundamental transformation in Asia, with a number of changes shaking up the industry. Disruption in regulation, major technology innovations, and new industry players are at the top of insurance CEOs' minds.
Watch our PwC Insurance leaders across Hong Kong, Japan, and China share their insights on the Asia market.
C-ROSS, the new risk based solvency system, is effective from the first quarter of 2016. This new regime shifts the focus away from compliance monitoring and capital, over to evaluation of the risk profiles of insurers and the quality of their risk management and governance systems. The implementation of C-ROSS will affect Hong Kong insurers with operations in China. Not only should these insurers understand C-ROSS technically, but they should also be aware of how C-ROSS can be used to support management decisions and help them benefit from the opportunities in this growing market.
Technology is a driving force of change across all industries. Yet most of the time, the vision gets ahead of the operational transformation. Watch Rick Barto, Partner, PwC Hong Kong, share his views on how technology can be the key to business success in the insurance industry.
The international tax environment has been changing rapidly in recent years. As a result, the priorities of the tax function within many organisations have shifted from simply minimising the effective tax rate to managing tax risks, putting in place tax governance structure and controls within the organisations. Together with other challenges ahead, how can tax teams equip themselves for the future?