IFRS insurance contract consulting — Our capabilities


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Modelling

Milliman has broad experience in actuarial modelling with most of the software solutions available on the market. We have bundled our worldwide modelling skills in order to provide solutions that match with the high demands of a fast periodical closing of the IFRS accounts. Items where we can help are:

  • Redesign of any existing measurement models for Life, P&C or Health insurance liabilities
  • Connection to accounting tools
  • Robust models providing an auditable variance analysis of the liability measurement that feeds the income statement, changes in the provisions and in equity
  • Runtime efficiency, using techniques like cloud computing and clustering approaches

Actuarial consulting

The new standard for Insurance Contracts is an important driver of the way an insurer presents its balance sheet and income statement. At outset it is important to select the accounting methods that fit best with the company strategy. Also, the accounting and financial departments of the insurance entity should become acquainted and get comfortable with the actuarial techniques that form the basis of this new insurance accounting.

Important topics to consider are:

  • Choices available in the measurement approach
  • Controlling the way that the company presents its income statement and revenue
  • Avoiding accounting mismatches with the IFRS9 standard for financial instruments
  • Management of an implementation date later than for IFRS9
  • Managing the differences with local GAAP
  • Controlling the net accounting effect of reinsurance