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报告摘要

IFRS 17: Managing Data to Optimise Cloud Strategy Summary

Core Content

IFRS 17, introduced in May 2017, significantly impacts the financial reporting of insurance companies. It requires the calculation of insurance contract liabilities based on the present value of future cash flows and includes a risk provision. In response to these regulatory changes, insurers have increasingly adopted cloud technologies and enhanced their data engineering capabilities over the past five years. The shift from on-premises solutions to cloud-based infrastructure allows insurers to focus more on their core business and improve flexibility and agility.

Main Points

Cloud Adoption: Insurers are moving away from on-site solutions to cloud services, enabling cost savings, scalability, and better decision-making.
Data Management Framework: A robust data management framework is essential to ensure consistency, regulatory compliance, and the ability to derive business insights from data.
Data Governance: Establishing a unified data governance structure is crucial for managing data across platforms, ensuring security, and aligning with regulations like IFRS 17 and GDPR.
Data Usage and Quality: Maintaining high data quality is vital for regulatory compliance and the successful implementation of AI and machine learning. Tools should be used to automate data processing and optimize data flows.
IT Architecture: Redesigning IT architecture to align with cloud capabilities is necessary for long-term benefits, including reduced costs, improved agility, and better scalability.
Cloud Strategy Benefits: Cloud computing allows for on-demand resource allocation, reduces infrastructure costs, and enables rapid innovation and testing of new applications.

Key Actions

Data Governance

Establish a unified foundation for data governance and storage (e.g., data lake or data hub).
Create a system for organizing and finding data using scalable cloud tools and data catalogues.
Monitor and administer the cloud environment with centralized tools.
Track and protect data by enhancing metadata and ensuring compliance with regulatory requirements.
Adopt agile working policies and leverage infrastructure-as-code offerings.

Data Usage and Quality

Automate data processing to streamline workflows.
Optimize data flows using dynamic pipeline microservices.
Minimize cloud transfers by keeping data in the cloud where most processing occurs.
Use packaged data services to handle big data efficiently.
Report quality issues immediately and ensure they are resolved at the source.
Focus on regulatory and business needs rather than experimenting with all available tools.

Data Management

Centralize data governance across silos using governance catalogues.
Optimize data access through identity and access management software.
Implement strong data security measures, including encryption and secure API integrations.
Curate data by maintaining a single source of input and automating data retrieval.
Enforce data quality standards based on data sources and use cases.

IT Architecture and Alignment

Accelerate the adoption of new technologies by leveraging cloud flexibility.
Use Software as a Service (SaaS) offerings from cloud vendors for secure and scalable IT applications.
Utilize pre-packaged technology platforms to avoid the need for expensive infrastructure.
Embed machine learning and AI to gain real-time business insights from continuous data feeds.
Use a pay-by-use model with containers for modular, stateless computing.
Implement flexible microservices across multiple cloud providers using APIs.

Conclusion

Building a data management framework is a top priority for insurers to meet IFRS 17 requirements and prepare for future challenges. This framework should include data governance, usage and quality, management, and IT alignment. A well-structured cloud strategy, supported by modern data tools and agile practices, can lead to significant cost savings, regulatory compliance, and competitive advantage.

Contacts

Jim Bichard
Global Insurance Leader, PwC UK
+447841562560
jim.bichard@pwc.com
Alex Bertolotti
Global IFRS 17 Insurance Leader and UK Insurance Leader, PwC UK
+44 (0) 752 529 9263
alex.bertolotti@pwc.com
Ruud Sommerhalder
Partner, PwC Hong Kong
+852 5506 4004
ruud.s.sommerhalder@hk.pwc.com
Alwin Sales
Partner, PwC UK
+44 207 212 2032
alwin.swales@pwc.com
Craig Skinner
Partner, PwC UK
+44 773 497 4406
craig.skinner@pwc.com
Diego Cervantes
Director, PwC UK
+44 (0) 753 148 2175
diego.cervantes-knox@pwc.com
Richard I. Hart
Director, PwC UK
+44 788 173 6872
richard.i.hart@pwc.com