IFRS 17 is one of the most significant changes ever to financial reporting for insurance companies in Canada. For most Insurers, meeting IFRS 17 regulatory compliance will require an overhaul of finance, actuarial, other business processes, data and technology systems.

With decades of experience in Canadian accounting and financial reporting practices, combined with our in-depth knowledge of business and technological considerations around IFRS 17, BDO’s team of IFRS 17 experts have in-depth knowledge across all of the required domains - including accounting, actuarial, program management, data and technology - to support our clients’ IFRS 17 compliance initiatives.

Leveraging this deep industry knowledge and expertise, BDO IT Solutions, the technology services division of BDO Canada LLP has developed InsurHUB - a market ready solution to help IT organizations prepare for the data and technology demands of IFRS 17.

Built exclusively on the Microsoft Azure platform, InsurHUB is a cloud-based solution that allows Canadian Insurers to leverage their existing finance, actuarial, policy and other corporate systems to securely manage data, business rules, calculations and processes required to meet IFRS 17 regulatory compliance.

InsurHUB features and capabilities

• Flexible integration with a wide range of corporate and insurance system; finance, actuarial, policy management and others
• Data ingestion, transformation and transport from corporate systems to the InsurHUB engine
• InsurHUB core engine capabilities tuned for IFRS 17
• Insurance/ IFRS 17 Data Domains

Deliverables:

Understand how InsurHUB can help your organization effectively address IFRS 17 compliance using the Microsoft Azure Cloud:

1. High-level Review of Data & Technology Requirements for IFRS 17
2. IFRS 17 Data & Technology Recommendation Report
3. InsurHUB Implementation Plan: Requirements, Scope, Budget and Timelines for achievement of your IFRS 17 Technology Strategy