Our global IFRS 17 post implementation survey has confirmed that IFRS 17 was just one step in the transformation agenda of the Finance Function and more is expected to come over the next 5 years. Our survey highlights that IFRS 17 implementation projects have had a positive impact on the Finance Function. For instance, 80% of participants highlighted an improved interaction between the finance and actuarial departments.
The majority of participants are satisfied with their control environment, but there are still challenges around resource constraints, manual processes and operational/technical difficulties. 56% of participants flagged the complexity of IFRS 17 as limiting how they can leverage it as part of their decision making process.
65% of participants are considering a change in their finance or actuarial software within the next 5 years. With an expected spend of €1.1bn (based on the answer from 15 participants), the transformation journey is far from over. This creates a wide range of opportunities for the finance and actuarial function to invest in the technology and skillset of the future.
About the key results
The survey results may help insurers and other stakeholders gain insight into the implications of IFRS 17 on their finance and actuarial functions, as well as new finance transformation initiatives.
The analysis and commentary included in this survey are based on responses provided by survey participants.
This document should not be used as a substitute for consultation with professional advisers. Information received from respondents has not been verified by PwC.
The detailed analysis for each of the 37 questions asked, as well as other key observations, is available by reaching out to your PwC contact.
IFRS 17 Post-implementation and Finance Transformation survey 2024
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