For insurers, the revolution starts now.
In the next few years, the global insurance industry will undergo a revolution in reporting and regulatory requirements. New standards including ASU No. 2018-12, ASU No. 2016-13, IFRS 17, and IFRS 9 will change the way insurers account for everything from revenue and contracts to leases and financial instruments. Virtually every aspect of an insurer’s business and operations will be affected, making planning, communication and coordination essential for effective implementation.