2020 KPMG U.S. customer experience excellence report
Explore differentiators for ten companies, what they did to improve their rankings and eight common capabilities that build resilience.
SERVICE
By January 1, 2023, insurers are expected to significantly change their accounting models, transitioning to abide by International Financial Reporting Standards 17 (IFRS 17) and the FASB’s Targeted Improvements for Long-Duration Contracts (LDTI) requirements. That may still seem a long way off, but the implementation effort required will be significant and insurers should get started now to prepare before the new standards take effect.
These new standards fundamentally change the way insurers and their stakeholders measure performance by changing the face of the financial statements and enhancing disclosure requirements. Virtually every aspect of an insurer’s business and operations will be affected, making planning, communication and coordination essential for effective implementation.
KPMG professionals stand ready to help insurers navigate and operationalize these complex regulatory changes. Our team comprises accounting, actuarial, finance, project management, data science and technology disciplines, providing practical insight to help insurers identify risks, understand new compliance requirements, plan necessary changes and support implementation.
KPMG can help insurers with -
