Actuaries form close ties with finance as insurers meet reporting standard
25-07-2024
Alex Bertolotti
Insurance Leader PwC
Actuarial and finance departments at global insurance companies have been working more closely since the introduction of a major international financial reporting standard, a poll has found.
According to the PwC survey, 80% of global insurers report “improved interaction” since IFRS 17 was introduced for insurance contracts in January 2023. Around two thirds also cite improvements when creating complex models, integrating IT systems and managing large-scale transition projects.
However, the poll highlights resources as a serious challenge, with 75% of respondents admitting that they rely too heavily on the skills of one actuary, and 69% acknowledging that they depend on one specialist with an understanding of the standard.
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