Suruchi Bhargava, Partner/General Insurance Lead Actuary at K.A.Pandit, previews her IFoA India Conference 2024 workshop. The session will focus on IFRS 17: exploring post-implementation challenges and providing clarity on the ‘how’ of IFRS 17 requirements.
As someone deeply involved in the actuarial profession and the insurance industry, IFRS 17 has been one of the most transformative changes to insurance reporting standards in recent memory. This new standard has fundamentally transformed how insurers measure, report, and manage their insurance contracts, and the post-implementation phase brings a whole new set of challenges and opportunities. I am looking forward to sharing my experiences in a session focused on the post-implementation journey of IFRS 17 because I believe it is crucial to continue the conversation beyond the initial transition.
My passion for this topic stems from having lived through the initial stages of IFRS 17 adoption, both as a participant in the implementation process and as an advocate for its potential benefits. In those early stages, many of us in the actuarial profession were grappling with the complexity of the standard. I can remember countless discussions with colleagues from the actuarial and accounting community about how best to interpret the requirements, which seemed daunting at the time. We were immersed in recalibrating our models, adjusting our assumptions, and ensuring compliance—all while navigating the uncertainty that comes with such a significant change. However, what became clear to me over time was that IFRS 17 wasn’t just an accounting standard; it was an opportunity to elevate our role as actuaries to much wider areas.
As actuaries, we have traditionally been involved in the statutory reporting areas and looked upon as the guardians of risk and valuation—experts in pricing, reserving, and forecasting. With IFRS 17, however, our responsibilities have broadened, demanding a deeper integration with finance, risk management, and even business strategy. We are no longer confined to our actuarial models and technical assessments, we are now required to collaborate more closely with accountants, finance teams, and business leaders. This interdisciplinary approach has unlocked new dimensions to the work we do, positioning actuaries as critical players in shaping the financial narratives of insurance companies.
What excites me most about presenting on this subject is the chance to explore how these changes have unfolded in practice. The post-implementation journey of IFRS 17 is full of both lessons learned and challenges yet to be overcome. For many organisations, the implementation phase marked just the beginning of a longer journey, one where actuaries continue to refine their processes, enhance their reporting capabilities, and provide even greater insight into the financial health of the business. It’s a fascinating evolution, and one that I believe is worth dissecting and discussing in a forum like this actuarial conference.
There is a very personal motivation behind my decision to focus on this topic as having been part of several IFRS 17 implementation projects, I have witnessed firsthand how our role as actuarial professionals has been fundamentally reshaped. It’s not just about compliance or meeting regulatory deadlines; it’s about driving real business value. I’ve had the privilege of working with teams that have used IFRS 17 as a catalyst for improving their data analytics, refining their assumptions, and providing more timely and accurate insights to stakeholders for better decision making by refining their action plans. These experiences have reinforced my belief that the future of actuarial work is about much more than technical expertise—it’s about leadership, communication, and strategy.
This shift excites me because it opens up a world of possibilities for actuaries. The implementation of IFRS 17 has given us a seat at the table, where we can contribute to not only the financial outcomes of our companies but also the strategic decisions that are required to formulate their business goals. Actuaries now have the opportunity to move beyond traditional roles and become key contributors to discussions around capital management, risk appetite, and long-term sustainability. This broadening of our scope is both challenging and rewarding, and it’s why I’m so passionate about sharing my experiences and insights on this subject.
Being part of this conference feels particularly important because it’s a chance to engage with other professionals who have been on this journey, too. The collective knowledge and experience of the actuarial community are invaluable as we continue to navigate the post-implementation world of IFRS 17. I’m looking forward to not only sharing my perspective but also learning from others—hearing about the innovations, successes, and ongoing challenges that actuaries across the globe are facing.
In conclusion, the post-implementation journey of IFRS 17 is a topic that resonates deeply with me because it represents a new era for the actuarial profession. It has expanded our role, challenged our thinking, and positioned us as integral players in the future of insurance. I am excited to be part of this evolving landscape and even more excited to share my experiences and learn from others at the upcoming IFoA India Conference 2024. It’s an incredible time to be an actuary, and I can’t wait to see where all this journey takes us.
Book now for IFoA India Conference 2024
