Insurers Rush To Choose IFRS 17 Solutions And Plug The Skills Gap

Aptitude Software, the global financial software specialist, launches industry roadshow to tackle the operational challenges of IFRS 17

Aptitude Software’s latest industry analysis reveals that 39% of insurers with live IFRS 17 projects expect to make a vendor decision in Q2 2018. It has also predicted a rush to close the skills gap as teams are facing large system gaps and resource shortages to address what is needed to reach IFRS 17 compliance, arguably the most significant change to insurance accounting that has ever taken place. Aptitude’s research has shown that 80% of insurers think that finding people to implement IFRS 17 will be a key challenge.

The IFRS 17 Experts Forum roadshow will provide the insurance community with the opportunity to discuss these challenges and the many other operational accounting challenges they need to overcome to thrive in a post-IFRS 17 world. The roadshows will begin in Toronto (10th April), travel to New York (12th April), London (1st May), Sydney (24th May) and finish off in Amsterdam (31st May).

Senior experts from Aptitude Software, including Jeremy Suddards, Chief Revenue Officer, and Martin Reddington, Chief Technology Officer, as well as resident IFRS 17 expert Linda Bembridge, Head of Finance Advisory will be in attendance. In addition, companies that are currently implementing IFRS 17 solutions and selecting vendors and representatives from the big 4 accounting firms will be attending to share their experiences and insights.

Jeremy Suddards, Chief Revenue Officer, Aptitude Software commented: “IFRS 17 is a huge step-change in insurance accounting with significant impacts across the insurance landscape. We are seeing a rush to close the skills gap as companies wake up to the many operational accounting challenges they need to overcome to ensure they can generate the correct numbers for their financial statements and thrive in a post-IFRS 17 world.”

Ross Chapman, Marketing Director, Aptitude Software added: “Although the deadline for IFRS 17 is not until 01 January 2021early preparation is essential as implementation can take anything from 12 months to 30 months. Insurers need to be knowledgeable about the obstacles and challenges in the market to ensure they have the best solution in place. These events are a fantastic opportunity for CFOs and project leads to share insights and hear about others’ experiences, problems faced and lessons learnt.”

IFRS 17 is a new global accounting reporting standard for insurance contracts that affects every insurance company that reports under IFRS. Its purpose is to align insurance company reporting across the globe.

To join the conversation and register interest in attending the IFRS 17 Experts Forum roadshow:  please visit https://www.aptitudesoftware.com/ifrs17-experts-forum/

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