For many insurers, Insurance Accounting Change (IAC) standards (IFRS 17 and Long Duration Targeted Improvements LDTI) take effect on January 1, 2023. Driven by the need for compliance and a desire for operational excellence, companies are reimagining their processes, leveraging leading technology enablers, and enhancing risk management, governance, and controls.
However, there is one area that is often overlooked or addressed last—how the change impacts people and organizational functions to which they align. Insurers need to identify and address several considerations as they look to transition to business as usual (BAU), from designing and implementing the target organization structure, to determining the skill sets, and intimate familiarity with the new standards of their people that employees will need for a smooth transition to the new BAU environment.
Read our latest publication that explores the people and organizational impacts of IAC. This publication will cover:
- Key questions around the people, organizational change, and collaborating across functions
- Organizational and operating model impacts
- KPMG accounting change framework