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Monday, October 02, 2023

Liza Richardson – IFRS 17

We had a chat with Liza Richardson, VP, Solutions – Finance Transformation at Aptitude Software Limited, who elucidates the beneficiaries derived from regulations such as IFRS 17.

“IFRS 17 is purely for insurers and trying to align the way they recognise their revenue so that it’s the same as everyone else.”

“17 has really driven a change, because you’ve not been able to take your numbers in a more aggregated form, which is traditionally what the insurers have done … They’ve not needed to do any accounting from the actuarial system, they’re just given a provision from the actuaries, and do the provision. That’s really changed, because they now need to evaluate at a policy level, or a group of policy levels, whether something is profitable or not based on what those projected cash flows are.”

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