TORONTO, Canada — November 16, 2017 —Ideation Centre at SAP Canada, a team of industry experts and digital thought leaders, has released a whitepaper explaining how Canadian insurance companies can use looming IFRS 17 regulations as an opportunity to dominate the future digital-first market.
International Accounting Standards Board’s IFRS 17 – which will enforce a fundamental overhaul of insurance accounting – goes into effect in January 2021. The new standard is set to have a big impact on the insurance industry by making insurers’ complex financial statements much simpler.
IFRS 17: Obligation or Opportunity is penned by Kristen Cornell, an Industry Value Engineering Principal at SAP Canada and CPA with more than 10 years in finance consulting, Canadian corporate tax and assurance at Big Four professional services firms.
“Insurance firms have the option to treat becoming IFRS 17 compliant as either an inconvenient obligation or as a catalyst to redefine a range of archaic, inefficient processes with digital technology. Doing as little as possible will save time and money now, but put insurers at risk of redundancy in the future. Viewing IFRS 17 as an opportunity, however, could help insurers lay the foundation to dominate the future, digital-first market,” said Cornell.
The Ideation Centre at SAP Canada’s mission is to help Canadian leaders develop a deeper understanding of the digital forces driving the economy today. Through whitepapers, videos and other content, it brings forward made-in-Canada fact-based arguments that challenge Canadian decision makers to think about the potential of digital-led organizational shifts that were not possible in the past.