Agenda

08.15

Registration opens

09:00

IASB UPDATE

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

10.15

Case study: Experience gained in early IFRS 17 projects:

  • Data gaps and the risks associated with the lack of data readiness
  • Accountants, Actuaries, and IT Working Together for Implementation
  • How to shorten and govern a compliance project in a finance transformation environment

Led by Moody's Analytics

10:45

COFFEE BREAK

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?

Claudio Schmidt-Wegenast, Lead Health Methods, IFRS 17 Program, ERGO Group
Cristina Colozza
, IFRS17 Methodology and Disclosure, Zurich
Oscar Kitasoboka, UAE Insurance Authority

Remo Cavegn, Allianz ONE, Finance Program Director, Allianz

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
James Clatworthy
, Group IFRS 17 Data and Systems Lead, Aviva

Panellist: Representative, Aptitude Software

 

13:15

Lunch

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?

Jo Clube, Group Technical Accounting Director, Aviva
Oscar Kitasoboka, UAE Insurance Authority

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

15:45

COFFEE BREAK

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?

Varun Verma, Actuarial Controller - General Insurance, International Actuarial Modernisation, AIG
Pusinne Leung,
Director valuation - IFRS 17 technical lead, Ageas Group.
Sandra Hack, Principal Financial Stability Expert, EIOPA.

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