IFRS 17 Conference 2020

08.15

Registration opens

09:00

Update on IFRS 17

Darrel Scott, Board Member, IASB

09:30

PANEL DISCUSSION: Industry response to the IASB exposure draft. Does this move us closer to a level of clarity and certainty going forward?

• What do different firms perceive to be the most important aspects of the ED and why?
• Spotlight on key outstanding areas of contention – do the amendments go far enough?
• Annual cohorts
• Treatment of reinsurance accounting
• Additional transition relief
• Implementation date and requirement for comparative information
• What impact have some of these proposed amendments had on planned methodology choices and IFRS 17 projects in general?
• When can we expect final endorsement advice? What would the repercussions/opportunities be in the case of a further extension?
• Next steps – how do we move forward to greater certainty?
• Brexit and the UK endorsement process

Claudio Schmidt-Wegenast, Lead Health Methods, IFRS 17 Program, ERGO Group
Darren Clay, IFRS 17 Technical Actuary, Phoenix Group
Fredre Ferreira, Senior Technical Manager, EFRAG
Jo CLube, Group Technical Accounting Director, Aviva
Moderator: Cintia Cheong, Staff Writer, InsuranceERM

10.15

Practical insights gained from implementing working IFRS 17 solutions

•  Interpreting the new IFRS 17 results
• Commonly identified data gaps and the implications of not addressing risk exposure
• How do you successfully build collaboration across Finance, Actuaries & Technology?
• Effective ways to accelerate project delivery

Speaker: Massimiliano Neri, Director – Business Development, IFRS 17 Lead, Moody's Analytics

11:15

PANEL DISCUSSION: Lessons learned from the impact assessments

• What has the feedback been from methodological choices taken and the impact this has on transition and the new business you write in the future?
• What have been the key challenges and what workarounds have firms come up with?
• Use of estimates and applying approximations in the transition choice
• How can we use this feedback to inform key choices in transition?
•  What will we do differently to what we do today?

Andrew Beattie, OCM Lead, IFRS 17 Programme, Zurich.
Claudio Schmidt-Wegenast, Lead Health Methods, IFRS 17 Program, ERGO Group
Oscar Kitasoboka, Chief Actuary, UAE Insurance Authority
Remo Cavegn, Allianz ONE, Finance Program Director, Allianz

Moderator: Wijdan Yousuf, Chair of the IFoA IFRS 17 CSM WP

12.00

CASE STUDY: ASR Nederlands' roadmap to IFRS 17

• ASR’s approach to the IFRS 17 project
• Impact and complexity of the new standard
• Principal choices in systems architecture and processes
• Challenges and pitfalls 
• Managing the business

Patrick Klijnsmit, Director of Finance, Risk & Performance Management and Control, ASR

12:30

PANEL DISCUSSION: Practical observations from IFRS 17 systems and software implementation

• Investing in IFRS 17 software – key considerations
• Build vs. buy – weighing up the pros and cons
• Things to look out for in choosing your software provider
• How are firms implementing software successfully and how are they dealing with the detailed questions that come up?
• What have firms found to be the most effective approach to data gathering and data consolidation?
• Overcoming challenges posed by legacy systems.
• Accommodating multiple data sources
• Ensuring consistent treatment across portfolios
• Achieving the required data granularity 
• What does a best practice IFRS 17 data strategy and framework look like?

Barney Wanstall, Head of Financial Reporting, Europe, Finance Director, Chubb European Group SE
Brian Heale, Senior Insurance/IFRS 17 Consultant, Aptitude Software Ltd.
James Clatworthy, Group IFRS 17 Data and Systems Lead, Aviva

Moderator:

Brian Birch, Interim Insurance Finance Consultant, FINANCE TRANSFORMATION SUCCESS LIMITED

14:15

PANEL DISCUSSION: Commercial implications and business steering measures in a post IFRS 17 world

• Where do the opportunities for long-term added business value lie and how do you make the most of them?
• Better more granular information
• More consistent comparable information across business units and/or geographical units
• With an increasing number of measures at your disposal, how do you now choose to steer the company within this framework?
• Which new KPIs will establish as a result of IFRS 17?
• To what extent can you derive the information you need from IFRS 17 to steer the business?
• How will the interrelationship between IFRS 17, local GAAP and Solvency II and embedded value evolve? – Can IFRS 17 eventually replace a number of KPIs currently in use that come out of other regimes?
• Will this achieve the comparability that IFRS 17 was targeting?
• How do we bring in commercial considerations into policy and methodology choices?

Florian Gallasch, Head of Group Portfolio IFRS 17 Implementation, Munich Re

Oscar Kitasoboka, Chief Actuary, UAE Insurance Authority

Varun Verma, Actuarial Controller - General Insurance, International Actuarial Modernisation, AIG

Moderator: Mary Trussel, Global Lead for Insurance Accounting and Regulatory Change, KPMG

15:00

PANEL DISCUSSION: Communicating the IFRS 17 numbers

• Getting the right governance in place around education and communication – both internally and externally
• Communicating numbers and expectations with the board
• How do you want to shape your story to the investors and what steps do you need to take to best manage the shift?
• How should insurers be engaging with external stakeholders at this stage?
• External expectations – What do analysts and investors need to be hearing at this stage from insurers?
• What impact on the financial statements do investors and analysts anticipate?
• Does the principles based nature of the Standard negate any prospect of comparability?

Fredre Ferreira, Senior Technical Manager, EFRAG
Patrick Klijnsmit, Director of Finance, Risk & Performance Management and Control, ASR

Moderator: Bahram Mirzai, Managing Partner, EVM Tech

Jo Clube, Group Technical Accounting Director, Aviva

16:15

PANEL DISCUSSION: Interaction between SII and IFRS 17 – understanding and using the synergies and conflicts

• What lessons can we take from SII implementation?
• Where are the opportunities to leverage existing SII methodology, data, system and processes for IFRS 17?
• Managing the flexibility in IFRS 17 to choose the discount curve, risk adjustment etc.
• Understanding and difference between SII and IFRS 17 metrics. How does the IFRS 17 balance sheet look compared with SII? – What are the drivers of difference?
• How can SII processes be used to efficiently generate IFRS 17 numbers
• Aligning SII and IFRS 17 reporting processes in the most efficient way
• Alignment with regulation: how IFRS 17 will influence SII and other solvency regimes
• Have insurers noticed a difference in those territories that use SII vs those that do not in the adoption of IFRS 17?

Pusinne Leung, Director valuation - IFRS 17 technical lead, Ageas Group.
Sandra Hack, Principal Financial Stability Expert, EIOPA.
Varun Verma, Actuarial Controller - General Insurance, International Actuarial Modernisation, AIG
Moderator: Chris Cundy, Managing Editor, InsuranceERM and Insurance Asset Risk

17:00

CLOSING KEYNOTE: Good IFRS 17 governance and managing the change process

• What makes an effective IFRS 17 project team and what should their key priorities be?
• How do you foster an environment of greater collaboration, effective cross-functional communication and teamwork?
• How to get actuarial and finance teams working together optimally?
• What revised actuarial, risk and accounting processes are you putting in place to support the future reporting process and how will they interact?
• Who is going to have overall governance and ownership?
• Managing the change process - Communicating change, impact and renewed expectations on finance and modeling teams.
• What training needs to be put in place?
• What advice/suggestions do you have for others on budgeting for this project?

Remo Cavegn, Allianz ONE, Finance Program Director, Allianz 

17:30

End of conference followed by drinks