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IFRS 17 Insurance Contracts Breakfast Briefing Series 5 September 2017

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  • IFRS 17 Insurance ContractsBreakfast Briefing Series5 September 2017

  • 2 © 2017 Deloitte Ireland. All rights reserved.

    IFRS 17 Insurance Contracts

    Meet our team

    Welcome and Introduction

    Eimear McCarthyPartner - Audit and AssuranceE: [email protected]: +353 1 417 2685

    David WalshManager – ConsultingE: [email protected]: +353 1 417 3943

    Danny GaffneyDirector – Finance TransformationE: [email protected]: +353 1 417

    Carla DunneSenior Manager - Audit and AssuranceE: [email protected]: +353 (0) 1 417 3863

    Maaz MushirManager - Audit and AssuranceE: [email protected]: +353 1 417 2234

    mailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]

  • 3 © 2017 Deloitte Ireland. All rights reserved.

    IFRS 17 Insurance Contracts

    Agenda

    .

    Agenda Items Speaker

    Introduction Eimear McCarthy

    Business Impact Assessment David Walsh

    Data Management David Walsh / Maaz Mushir

    Systems / IT Impacts Carla Dunne

    Programme Delivery / Lessons Learned Danny Gaffney

    Closing remarks Eimear McCarthy

  • 4 © 2017 Deloitte Ireland. All rights reserved.

    IFRS 17 Insurance Contracts

    Introduction & Context

    Assumption that insurers have started their IFRS 17 journey or are soon to begin

    Previous three sessions have unlocked the technical requirements of the standard – both from an actuarial and finance perspective

    Purpose of this session is to understand all other areas of the business impacted by IFRS 17

    Focus of attention is on Data Management, Systems/IT impacts & Programme Delivery

    Close with Q&A

  • Business Impact Assessment

  • 6 © 2017 Deloitte Ireland. All rights reserved.

    IFRS 17 Insurance Contracts

    Business Impact AssessmentHigh level overview

    • Document the “As-Is” position of the existing financial reporting processes, data and systems

    • Define and validate the “To-Be” positions that align to your requirements

    • Conduct a gap analysis which identifies the gaps which need to be addressed

    BIA Objectives

    What is a BIA?• An exercise carried out to determine the

    expected impacts of IFRS 17 on the elements of a business

    Outputs from BIA

    • Implementationn Roadmap

    • Detailed cost and resourcing estimates

    • Heatmap of impacted areas across each component of the operating model

    Heat-maps

    Spider-web Analysis

    13

    • Key observation …

    • Key observation …

    • Key observation …

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    • Key observation …

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    0%

    10%

    20%

    30%

    40%

    50%

    60%

    70%

    80%

    90%

    100%

    1. Contract Definition 2.Best Estimate Cashflow (incl. Contract recognition

    & boundaries)

    3. Unbundling

    4. Discounting

    5. Risk Adjustment

    6. Contractual service margin

    7. Onerous contracts

    8. Simplified Approach

    9. Reinsurance Measurement

    10. Presentation (OCI Reporting)

    11. Disclosure

    12. Acquired portfolios

    13. Transition 4

    14. Classification & Measurement

    15. Impairment

    16. IFRS 9 - Classification and measurement

    17. IFRS 9 - Transition

    18. IFRS 9 - Impairment Current State

    Summary Resource/Cost

    Estimate

  • 7 © 2017 Deloitte Ireland. All rights reserved.

    TrainingCurrent state

    workshops

    Perform gap

    analysis vs.

    target state

    Validation

    workshops

    1 2 3 4

    Provide training to key stakeholders of the IFRS 17 BIA on the relevant areas.

    This training will ensure a common ground and understanding of the requirements of IFRS 17.

    Through available documentation (e.g. system landscape, ICS) and workshops with selected stakeholders, gather the current state of the areas relevant for the IFRS 17 BIA: processes, systems & models, and data.

    Compare current state with company's Target Operating Model

    Run validation workshops with the involved stakeholders to validate proposal for the target state and confirm the gaps with the current state.

    We use a wide ranging selection of

    IFRS 17 training materials, tailored to

    leverage existing knowledge of IFRS 17

    and related concepts (S2, MCEV)

    • Overview of the target state.

    • List of gaps identified between the current state and the target state for the IFRS 17 relevant areas.

    • Assessment of the effort required to remediate the gaps (incl. heat map) and to implement the target state.

    • Overview of the profiles needed to remediate the gaps (actuarial, modellers, process expert, etc.) and for the implementation.

    • Roadmap for closing the gaps and implementation

    5. End to end processes: What are the end to end processes for each business unit and for group for the following areas of data

    (e.g. sources, tools and processes, storage, reporting, etc.)?

    - Policy data

    - Claims data

    - Premium data

    6. Reconciliation: What reconciliation processes and tools are in place for the following?

    - Source to data warehouse

    - Solvency II to financial reports

    7. Reporting: How is financial reporting performed for each business unit and for group (e.g. tools used, extendibility, use of

    manual tools such as Excel and Power Pivot, IFRS requirements already considered)?

    8. Data volumes: What are the data volumes for source systems, data warehouse (if applicable), Solvency II and finance

    systems?

    9. Existing challenges: What are the existing pain points in the financial reporting operating model (e.g. working day timetable

    challenges, data quality issues, systems gaps, etc.)?

    IFRS Compliance

    10. Governance and control: What governance processes are in place for data used by Finance for each business unit and for

    group?

    - Do governance processes applied for Solvency II apply to the data used in the end to end premium and claims processes?

    - What controls are in place at source-level to ensure the quality of data?

    - What controls are in place in the data warehouse and supporting architecture?

    11. Reporting on old business: Is there any active business on legacy systems not integrated into the data warehouse (e.g. legacy

    life business or other long-tailed insurance)? What types of business and what volumes?

    12. Granularity of data: Is granular policy, premium and claims data available for all policies (particularly binders, packages,

    reinsurance contracts, etc.)?

    13. Multiple reporting bases: Does the current systems landscape provide flexibility to report financial figures on multiple bases

    (e.g. GAAP, IFRS Solvency II)? Can these be reconciled?

    Activities

    Tools and accelerators @ Deloitte

    Our gap analysis tool brings all technical requirements in a logical order and serves as check list to assure full IFRS 17 compliance

    Outcome

    We use our knowledge of your existing finance systems and IT landscape to focus on the significant points

    We use our gap-analysis templates that have been successfully applied with global insurers in their IFRS 17 impact assessments

    Implementation

    Plan

    5

    The final report will contain the gaps identified during the assessment.

    It will also include an estimate of the remediation actions in terms of effort and necessary resources, as well as a roadmap for closing the gaps.

    Business Impact Assessment 5 steps to delivering an BIA

    IFRS 17 Insurance Contracts

  • 8 © 2017 Deloitte Ireland. All rights reserved.

    IFRS 17 Insurance Contracts

    Business Impact Assessment Lessons Learned so Far

    Systems & Data are key

    • IFRS 17 will bring a myriad of

    additional data requirements

    • Legacy systems will not be able

    to cope with these additional

    requirements

    • Retrospective approach layers

    on complexity

    Train Staff - IFRS 17 is Complex

    • Train staff early

    • It will take time to educate the

    business and market

    • Use resources available

    Planning takes time so start

    • Secure resources

    • Secure budget

    • Develop roadmap

    • Prepare for re-plans & contingencies

    Financial Statement Impact

    • Full IFRS 17 disclosures from

    2021

    • Requires two years of

    comparatives i.e. 2020 & 2019

    • Your primary statements will look

    completely different

    Policies & Processes

    • The impacts on these are

    not to be underestimated

    • New processes & policies

    will have to be designed

    and rolled out for Day 2

    Start early, start small & keep it simple

    • Complex regulatory change

    implementations take

    significant time and effort

  • 9 © 2017 Deloitte Ireland. All rights reserved.

    IFRS 17 Insurance Contracts

    The impact of IFRS 17 will be pervasive to your business and touches much more than just actuarial and

    finance. Below is an illustrative of expected effort required across the business

    Business Impact Assessment Lessons Learned so Far (Continued)

  • Data Management

  • 11 © 2017 Deloitte Ireland. All rights reserved.

    Agenda

    Overview of the current insurance data environment from a financeand actuarial perspective

    The new era of insurance financial reporting heralded by IFRS 172Impact of IFRS 17 on data and systems3Key takeaways4

    1

  • 12 © 2017 Deloitte Ireland. All rights reserved.

    The current insurance data environment presents both challenges and opportunities

    Current insurance data environment

    Advent of “Big Data” where there is significant digital information being generated and stored

    Drives for operational / finance transformation projects on the rise

    Ever demanding regulatory requirements – Sol II, IFRS 17, IFRS 9 and RBC reform

    Demanding customers wanting more information about insurance contracts

    More granular and larger volumes of data in the actuarial and finance functions to support compliance

    1

    Added complexity to financial and solvency reporting3

    Quality data i.e. accuracy and auditability2

    Process efficiency, reporting deadlines & op costs impacted

    4Facts

  • 13 © 2017 Deloitte Ireland. All rights reserved.

    The current insurance data environment presents both challenges and opportunities

    Current insurance data environment

    Advent of “Big Data” where there is significant digital information being generated and stored

    Drives for operational / finance transformation projects on the rise

    Ever demanding regulatory requirements – Sol II, IFRS 17, IFRS 9 and RBC reform

    Demanding customers wanting more information about insurance contracts

    Quality data i.e. accuracy and auditability2

    4

    Opportunities

    Springboard for investing in sophisticated DMS

    Scalable & flexible

    Data Automation

    Facts

  • 14 © 2017 Deloitte Ireland. All rights reserved.

    Drivers of complexity

    Impact on data and systems

    Why is data such a huge issue for IFRS 17?

  • 15 © 2017 Deloitte Ireland. All rights reserved.

    Drivers of complexity

    Impact on data and systems

    More reporting due to explicit

    building blocks

    Why is data such a huge issue for IFRS 17?

    Block 1: Expected Future Cash

    Flows (unbiased

    probability-weighted mean)

    Block 4:Contractual Service

    Margin

    Block 3:Risk Adjustment

    ‘Fulfilment cash flows’

    Total IFRS Insurance Liability

    Block 2:Time value of money

    Explicit calculation and reporting of the building blocks.

    Increase in data requirements for each building block, e.g.

    discount rates varying by nature of liability cashflows;

    locked rates for interest accretion to CSM;

    additional data required for the calculation of risk adjustment etc.

    More reporting due to explicit building blocks

  • 16 © 2017 Deloitte Ireland. All rights reserved.

    Drivers of complexity

    Impact on data and systems

    More reporting due to explicit

    building blocks

    Why is data such a huge issue for IFRS 17?

    Calculation and reporting of

    CSM

    Groups of Portfolio A

    Onerous

    No significant

    possibility of

    becoming

    onerous

    Issue year 1 Issue year 2 Issue year N…

    Other

    Pro

    fita

    ble

    Onerous

    No significant

    possibility of

    becoming

    onerous

    Other

    Onerous

    No significant

    possibility of

    becoming

    onerous

    Other

    Grouping of insurance contracts by issue year.

    Calculations performed at group level.

    More data needed to perform these calculations (e.g. historical interest rates from point of inception)

    Calculation and reporting of CSM

  • 17 © 2017 Deloitte Ireland. All rights reserved.

    Drivers of complexity

    Impact on data and systems

    More reporting due to explicit

    building blocks

    Why is data such a huge issue for IFRS 17?

    Calculation and reporting of

    CSM

    More calculations needed for each group.

    Need to track data and impacts of assumption changes by groups.

    -

    50

    100

    150

    200

    Calculation and reporting of CSM

  • 18 © 2017 Deloitte Ireland. All rights reserved.

    Drivers of complexity

    Impact on data and systems

    More reporting due to explicit

    building blocks

    Why is data such a huge issue for IFRS 17?

    Calculation and reporting of

    CSM

    Granularity of accounting

    disclosure and postings

    Total IFRS Insurance liability Sources of profits under IFRS 17?

    Insurance serviceresult

    Profit =

    Finance result

    Release of CSM

    Change in Risk adjustment

    Experience variances from expected cash flows

    Investment income

    Insurance finance income or expenses

    ‘Fulfilment cash flows’

    Block 3: Risk adjustment

    Block 2: Time value of money

    Block 1:

    Expected future

    Cash flows

    (unbiased probability weighted mean)

    Block 4:

    Contractual Service Margin (CSM)

    More complex flows of data from actuarial and accounting systems.

    Inability of accounting systems in their “current form” to handle IFRS 17 reporting.

    Granularity of accounting disclosure and postings

  • 19 © 2017 Deloitte Ireland. All rights reserved.

    Drivers of complexity

    Impact on data and systems

    More reporting due to explicit

    building blocks

    Why is data such a huge issue for IFRS 17?

    Calculation and reporting of

    CSM

    Granularity of accounting

    disclosure and postings

    Need for historical data on

    transition

    Historical assumptions (discount rates, demographic assumptions etc.).

    Historical data from policy administration systems.

    Historical expense information.

    Information about expectations of profitability at inception.

    Amortisation of CSM.

    and the list goes on……..

    Need for historical data on transition

  • 20 © 2017 Deloitte Ireland. All rights reserved.

    Drivers of complexity

    Impact on data and systems

    More reporting due to explicit

    building blocks

    Why is data such a huge issue for IFRS 17?

    Calculation and reporting of

    CSM

    Granularity of accounting

    disclosure and postings

    Need for historical data on

    transition

  • 21 © 2017 Deloitte Ireland. All rights reserved.

    The following are some critical data a data management impacts resulting from 17 requirements

    Impact on data and systems

    Explosion of Data Volumes

    Data Quality - Control framework

    Increased Granularity of Data

    Management information

    • Data output will grow significantly. Do you have the capacity to maintain?

    • Efficiency of processing increased volumes of data critical

    • Efficient processes, controls & governance to support the inflow of data and it must be at an acceptable cost

    • Need for accuracy and auditability of processes and data used in financial and solvency reporting

    • Reconciliations of the different reporting balances to stakeholders e.g. Investors and analysts

    Increase data used in analytics

    Leverage the new IFRS 17 finance & actuarial data to enhance the quality of business insights

    Enhance business decision making processes

    Complex measurement approach to insurance contracts

    Greater transparency of the reported numbers

    Source systems may not have data attributes needed. Estimates / Assumptions to fill gaps

  • 22 © 2017 Deloitte Ireland. All rights reserved.

    In order to business impact assess the IT infrastructure you should ask yourself three key questions…

    Impact on data and systems

    How can an entity leverageits current IT infrastructure?

    What data management solutions (DMS) can an entity invest into to address business and compliance needs?

    What are the business and compliance needs?

  • 23 © 2017 Deloitte Ireland. All rights reserved.

    You might include the following business needs resulting from IFRS 17

    Business Requirements at a glance

  • 24 © 2017 Deloitte Ireland. All rights reserved.

    Impact on data and systems

    Technical and business fit

    • Assesses whether the current system is an appropriate platform that can meet the current and future business requirements and IFRS 17 technical and operational requirements.

    • Each system is scored against technical and business suitability.

    • A score is awarded for these dimensions out of 5 (where a score of 1 indicates the system is not suitable at all and 5 indicates it is highly suitable) to meet the current and future business requirements and IFRS 17 technical and operational requirements.

    Replace

    Re-assess Retain

    Re-platform

    Business fit

    Tech

    nic

    al fi

    t

    High-5

    Low-1

    3

    High-53

    A critical step for insurance companies will be to perform an IT assessment.

  • 25 © 2017 Deloitte Ireland. All rights reserved.

    Other key considerations to carry out the impact on IT infrastructure are as follows…

    Impact on data and systems

    • Maturity of IT infrastructure.

    • The nature, size and complexity of business operations

    • The Maturity of an insurance market and regulatory environment.

    Co

    mp

    an

    y A

    Co

    mp

    an

    y C

    Co

    mp

    an

    y B

  • 26 © 2017 Deloitte Ireland. All rights reserved.

    Impact on data and systems

    • Data centralisation solutions

    − DWH

    − Unstructured database

    − Sub ledgerC

    om

    pan

    y A

    Co

    mp

    an

    y C

    Co

    mp

    an

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  • 27 © 2017 Deloitte Ireland. All rights reserved.

    Summary

    Impact on data and systems

    Challenges Key questions

    Solutions DMS that enhance data integration and automation.

    How can an entity leverageits current IT infrastructureto address business and compliance needs?

    What data management solutions (DMS) can an entity invest into to address business and compliance needs?

    What business needs does an entity have to address as a result of IFRS 17 requirements?

    Fragmented

    and complex

    legacy IT

    infrastructure

    1High

    operational

    costs

    2Diluted

    ownership of

    critical data

    3

  • 28 © 2017 Deloitte Ireland. All rights reserved.

    How will you address the data and system requirements?

    Key takeaways

    There will be an explosion of data volumes.

    There is a range of data management solutions

    available and there is no “one size fits all”

    solution. 2Begin with the end in mind. Think strategic, not

    tactical. An opportunity exists to drive operational

    transformation. 3

    1

  • Systems / IT Impacts

  • 30 © 2017 Deloitte Ireland. All rights reserved.

    “AS – IS” Systems Architecture

    The current systems architecture will vary across insurers. Below is an illustrative example of a life insurer.

    Assumptions

    EDW exists which

    consolidates source

    system data

    Actuarial modelling

    exists – most of which

    can be leveraged in

    the building of new

    IFRS functionalities

    Statutory & Sol II are

    populated via the GL

    i.e. multi gaap

    functionality exists

    Significant number of

    manual adjustments at

    period ends

    Lots of work done in

    excel to produce final

    reporting

    Reporting timelines

    are tight as-is

    Significant time spent

    reconciling & very little

    time for analytical

    review

    Source

    Systems

    Policy Admin

    Asset Data

    Investment

    Management

    Actuarial

    Transactional

    Data

    Warehouse

    Acquisition layer

    Standardised

    layer

    Target

    Systems

    General Ledger

    Consolidation

    Other Disclosures

    Reporting

    Statutory

    Solvency II

    MI

    Harmonisation

    Group Reporting

  • 31 © 2017 Deloitte Ireland. All rights reserved.

    System Requirements

    We have highlighted examples of system requirements, split into business requirements and technical requirements…

    Grouping Efficiency

    Calculations Automation

    Flexibility Management Information

    Data Governance Integration

    Interdependencies Scalable

  • 32 © 2017 Deloitte Ireland. All rights reserved.

    “TO – BE” System Architecture

    This is an illustrative example of the future IT / Systems architecture of an insurer under IFRS 17

    Source

    Systems

    Policy Admin

    Asset Data

    Investment

    Management

    Actuarial

    Transactional

    Data

    Warehouse

    Acquisition layer

    Standardised

    layer

    Target

    Systems

    General Ledger

    Consolidation

    Other Disclosures

    Reporting

    Statutory

    Solvency II

    MI

    Harmonisation

    Key changes

    IFRS technical requirements

    Group Reporting

    IFRS 17

    Components

    CFs

    Discounting

    Risk Adjustment

    CSM

    Grouping of

    Contracts

    Presentation

  • 33 © 2017 Deloitte Ireland. All rights reserved.

    IFRS 17 Architecture Considerations

    Additional points

    • IFRS 17 updates not just for financial reporting e.g. pricing models, capital planning, forecasting and scenario analysis

    • Aggregate level calculations may need to be allocated to underlying cohorts e.g. manual adjustments

    • Having more systems adds complexity and harder to make results available for all purposes

    • Single system more efficient for companies with multiple actuarial models

    Stage Actuarial Systems Accounting Systems

    Cashflow Projection Native functionalityMany users and usages

    Not a fit for accounting systems

    Discounting Native functionality Simple to add for deterministic modelsMore complex for stochastic models

    Risk Adjustment Typically set at a high level of aggregation and would need allocation to cohorts

    Dependent on actuarial systems to calculate but could do allocation

    Grouping by Cohort System updates needed Easy to aggregate using underlying databases e.g. tagging

    CSM / Loss Tracking Inputs needed for prior reporting period data Tracking values is a natural fitLoss component requires calculation

    Presentation Providing data only, not final accounts New chart of accounts neededDrill down and analysis can be added

    Where should IFRS 17 be calculated?

  • 34 © 2017 Deloitte Ireland. All rights reserved.

    Existing Solutions

    Technology Vendors are designing solutions.

  • Programme Delivery

  • 36 © 2017 Deloitte Ireland. All rights reserved.

    Agenda

    Quantitative: How have other industries dealt with IFRS change –Deloitte IFRS 9 Survey

    Qualitative: IFRS Programmes are complex in reality - lessons learned2

    1

  • 37 © 2017 Deloitte Ireland. All rights reserved.

    This survey captures the view of 91 banks from Europe, the Middle East and Africa, Asia Pacific and the Americas.

    IFRS 9 Banking Survey

    What do you see as the 3 biggest challenges faced by your IFRS 9 Programme?

  • 38 © 2017 Deloitte Ireland. All rights reserved.

    Sourcing Data, data modelling and system architecture are seen as the biggest tasks required for implementing this IFRS.

    IFRS 9 Banking Survey

  • 39 © 2017 Deloitte Ireland. All rights reserved.

    The majority of respondents are expecting a change in existing systems or introduction of new systems.

    IFRS 9 Banking Survey

  • 40 © 2017 Deloitte Ireland. All rights reserved.

    The estimated total costs for full implementation has increased year-on-year as the programmes have developed over time.

    IFRS 9 Banking Survey

  • 41 © 2017 Deloitte Ireland. All rights reserved.

    What does a large IFRS Programme Structure look like?

  • 42 © 2017 Deloitte Ireland. All rights reserved.

    Learnings from other projects, applied to the IFRS 17 programme, will affect the set up, planning and approach and will avoid common pitfalls.

    Key Takeaways

    Start early – No movement in Go-Live dates. Budget, resourcing or scope will need to be sacrificed if you fall behind

    Define robust Business Requirements

    Decide strategic versus tactical IT Architecture

    Proper and regular communications with executive stakeholders. Simulate outputs early.

    Implementation is a programme effort –continuous delivery focus required

    Work with vendors/ advisors you trust

    Others are struggling too – now is the time to attend plenty of events/ round tables

    Simple, standardised, centralised. Design good, not great.

    Integrated approach: IT, Actuarial, Finance, Change – One Team

    Start with the end in mind – business readiness to the forefront

    Capacity planning feeds reliable budgeting processes.

    Remember – nobody has implemented IFRS 17 before – no tried and tested approach. What is best for your business

  • Closing Remarks

  • 44 © 2017 Deloitte Ireland. All rights reserved.

    Experience with other projects of significant regulatory and financial reporting change has highlighted the need for careful planning. Implementation of IFRS 17 projects will require significant collaboration from Actuarial, Finance, Investor relations, Risk and IT functions.

    How you could plan your IFRS 17 project

    2017 2018 2019 2020 2021

    Preliminary plan, design and budget approval

    Business and Financial Impact

    Assessments

    Revised plan and design

    Staff Training

    Implementation (Actuarial models, Finance systems,

    Systems integration, Data sourcing, Data repositories, Data flows, Process and

    control redesign etc.)

    Check / UAT / user

    training

    Transition

    Finalise comparatives

    Finalise OBS

    Parallel runs

    Go Live!

  • 45 © 2017 Deloitte Ireland. All rights reserved.

    Takeaways

    1) Start Small, Start Early & Keep it Simple

    2) Expect an explosion of Data volumes and IT spend on system changes to accommodate these volumes

    3) Not just a Finance or an Actuarial project. Mobilise a cross functional team incorporating everyone impacted by IFRS 17

  • 46 © 2017 Deloitte Ireland. All rights reserved.

    IFRS 17 Team

    Contacts

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