The IFRS 17 accounting standards is considered a complete overhaul of insurance contract reporting. Compliance has required a substantial effort from and collaboration across the finance, actuarial and systems teams.
However, much like IFRS 9 for banks, the new standard is an opportunity for process optimisation amongst the finance function. The accumulation of tactical, manual accounting processes has led to inefficiencies that simply will not cater for the drastic measurement and disclosure requirements of IFRS 17.
Monocle was approached by one of South Africa’s largest short-term and long-term insurers to re-engineer their various accounting processes with the objective of eliminating manual processes, tactical work-arounds and automate many of these processes to drive efficiencies within the finance function.
Through in-depth process analysis Monocle was able to identify, map and document the end-to-end finance process including data inputs, controls, manual adjustments, reconciliations and the various resulting reports. This become the foundation for our process redesign assessments after which we worked closely with our client’s system developers to effectively drive collaboration between finance and IT.
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End-to-end process mapping that set the foundation for optimisations
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Automation of manual interventions and adjustments
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Improved process and reporting integrity and efficiency
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An understanding of financial accounting and financial reporting processes
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Technical knowledge on data integration, ETL processes and financial controls
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Working knowledge of the IFRS 17 standard requirements
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Experience as an execution partner to ensure the technical development of IT matches the requirements of finance
