IFRS 17 means more complexity for insurers everywhere. So with the aim of bringing some much needed clarity, we spoke with Kevin Griffith, Partner and Global IFRS 17 Lead at EY, about how implementation and its necessary changes will affect insurance firms.
A specialist in IFRS 17, Kevin has spent 20 years in the industry and provides a wealth of insight and guidance. He is also leading a number of global IFRS 17 engagements with clients in Europe, where he’s seeing the successes and challenges of implementation up close.
We discussed the:
- The impact of IFRS 17
- Short and long term implementation challenges
- Need for insurers to act early
- Challenge and importance of 'explainability'
- Reduce your dependency on IT with a rapid implementation
- Creating the ideal solution
- Three things we should all remember