A.M. BestTV: Insurers Set for Frenzied Activity Ahead of New Reporting Standard

OLDWICK, N.J.--()--In this A.M.BestTV episode, attendees at the 11th Annual Asian Insurance CFO Summit in Hong Kong said International Financial Reporting Standard (IFRS) 17 will require companies to rebuild their information systems, and change how they capture and manage data and respond to regulations. Click on http://www.ambest.com/v.asp?v=asiacfo1617 to view the entire program.

Attendees said one of the greatest challenges facing chief financial officers (CFO) today is to understand and manage the technical requirements of IFRS 17, which becomes effective in 2021.

“I think for the finance industry it is going to have a huge impact,” said Kevin Lee, president, Actuarial Society of Hong Kong. “We are going to have to revamp all of our systems to be able to produce numbers in the new format.”

“The industry is going to have to fundamentally change the way it captures data and how it is reported,” said Lyndon Oliver, senior vice president, Asia and regional chief financial officer, MetLife, Inc. “Presently, we are looking at all the back office systems to make sure we can get to what IFRS 17 is looking for quickly and efficiently.”

For full video coverage of the 11th Annual Asian Insurance CFO Summit, including exclusive executive interviews, visit http://www.ambest.tv/asiacfo17.

Other people that appear in this episode:

  • Paul Davis, regional chief financial officer for Asia, Allianz;
  • Peter Hirs, head of finance, APAC, Zurich Insurance Company;
  • Frederick Pineda, first vice president and chief financial officer, Malayan Insurance Co., Inc.;
  • Palitha Jayawardena, director, Ceylinco Life Insurance Plc; and
  • Louis Lee, chief financial officer, Scor Global Life Asia-Pacific.

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A.M.BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View A.M.BestTV episodes at http://www.ambest.tv.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2017 by A.M. Best Company, Inc. and/or its subsidiaries. ALL RIGHTS RESERVED.

Contacts

A.M. Best
Lee McDonald, +1 908 439 2200, ext. 5561
Group Vice President, Publication and News Services
lee.mcdonald@ambest.com

Contacts

A.M. Best
Lee McDonald, +1 908 439 2200, ext. 5561
Group Vice President, Publication and News Services
lee.mcdonald@ambest.com