Coral Gables, September 6, 2024 – SL FINANCIAL is an actuarial consulting and advisory firm based in Miami, Florida. We are present in Nigeria (West Africa) under GOLDWYNS ACTUARY LLP. We offer complete actuarial solutions in both traditional (re)insurance and alternative risk financing industries. We are here to help insurers and financial institutions to navigate the implementation of IFRS 17, the new standard for insurance contract accounting.

The implementation of IFRS 17 has necessitated a profound shift in how insurers manage and leverage data. To effectively comply with the standard’s stringent requirements, insurers must undergo a comprehensive transformation of their data architecture, systems, and overall IT infrastructure.

A cornerstone of IFRS 17 compliance is robust data management. Insurers face the challenge of consolidating vast amounts of data from disparate sources into a centralized repository. This data must be accurate, consistent, and granular to support complex calculations and reporting. Establishing a robust data governance framework is essential to ensure data quality, security, and accessibility.

Furthermore, insurers must invest in advanced analytics and modeling capabilities to extract meaningful insights from their data. This includes developing sophisticated algorithms to assess risk, calculate liabilities, and optimize capital allocation. A data-driven culture, coupled with the right technology infrastructure, is imperative for successful IFRS 17 implementations.

Key challenges associated with IFRS 17 data management include:

• Data quality and consistency: Ensuring data accuracy and reliability across diverse sources.
• Data volume: Managing and processing large volumes of data efficiently.
• Data integration: Combining data from various systems into a unified platform.
• Data governance: Establishing clear data ownership, access controls, and usage guidelines.
• IT infrastructure: Upgrading systems to handle increased data complexity and processing demands.

By addressing these challenges and implementing effective data management strategies, insurers can not only meet IFRS 17 requirements but also gain valuable insights to drive business decisions and improve operational efficiency.

How SL FINANCIAL Can Help You Implement IFRS 17

SL FINANCIAL , as a leading provider of IFRS 17 advisory services. With a deep understanding of the complex challenges posed by this new standard, we offer tailored solutions to help insurers achieve a smooth and successful transition.

we offer a comprehensive suite of IFRS 17 advisory services:

·         Data Management: We evaluate data quality and completeness, support data migration to new systems, and ensure data accuracy and integrity.

·         Actuarial Modeling: We build and validate actuarial models for IFRS 17 calculations, including Best Estimate Liabilities (BEL), Risk Adjustment (RA), and Contractual Service Margin (CSM). We also assist in setting and reviewing actuarial assumptions.

·         Reporting Framework Development: We define the structure and format for IFRS 17 financial statements and ensure full compliance with disclosure requirements.

With a proven track record of supporting insurers across Africa, including a major implementation project, we have a deep understanding of the unique challenges faced by the industry. Our team of experts is committed to delivering exceptional service and ensuring your organization's readiness for the IFRS 17 landscape.

Embrace the Change, Ensure Compliance

With SL FINANCIAL as your partner, you can navigate the complexities of IFRS 17 with confidence. Contact us today to discuss your specific needs and ensure a smooth transition to the new standard.

For any question or media inquiry, please visit our website at www.sl-financial.com or contact our team at that ceo@sl-financial.com.