IFRS 17 introduces a valuable level of transparency for Risk Managers within the Insurance sector, assisting them in more effectively overseeing risks and adopting proactive measures to mitigate them.  Risk managers play a vital role in identifying, analysing, assessing and addressing risks for the insurer. The mitigation of risks aids the company in achieving their

There are exciting changes for the insurance sector. Insurers embracing the transition from the interim International Financial Reporting Standard 4 (IFRS 4) to IFRS 17 are benefiting in several ways. The benefits include better transparency of their financials and better collaboration amongst their internal departments for a smoother flow in the day-to-day functions as an organisation. Although many may consider IFRS 17 to be a disruptor, it brings with it many advantages for the insurance sector. IFRS 17 increases comparability in the insurers’ overall financial reporting as well as in the measurement of insurance contracts. It removes the existing inconsistencies and allows

“Where to begin?” Has been a pressing question for many insurers since the implementation of International Financial Reporting Standards (IFRS) 17 became mandatory for all insurance companies. The transition to IFRS 17 is most certainly a complex task that involves significant time, effort, and cost by companies to ensure they achieve value greater than just

The impact of IFRS 17 on insurance reports is a top concern for many insurers. IFRS 17 has resulted in various changes for the insurance industry, including how they execute business and reflect their financial reporting. The measurements used and the presentation of financials by insurers are guided by IFRS 17, and they differ vastly

Currently the insurance world is facing various changes to the industry. Insurers find themselves under the pressure to adopt innovative technologies with the acceleration in digital innovation as generative artificial intelligence gains momentum. Insurance companies’ finance functions are also undergoing major changes as companies transition from the interim International Financial Reporting Standard 4 (IFRS 4)

Change in any organisation is often accompanied with feelings of uncertainty. Executives have the challenge to implement change in a meticulously planned and organised fashion to realise the anticipated advantages and replace any uncertainty with the confidence of achieving the established goals for the organisation. The current change that the insurance industry needs to embrace is

As in the famous words of Cesar Chavez, “We cannot seek achievement for ourselves and forget about progress and prosperity for our community… Our ambitions must be broad enough to include the aspirations and needs of others, for their sakes and for our own.” As part of our Corporate Social Responsibility Strategy, we aim to

Transforming the Insurance Industry Introduction:  In the vast landscape of the insurance industry, where trust, reliability, and exceptional service are paramount, the realm of customer experience has undergone a remarkable evolution. As South Africa embraces the digital era, insurers have navigated the convergence of traditional and digital channels to meet the ever-evolving expectations of their

Experts in the field state that by 2030, underwriting as we know it today will cease to exist. It is therefore of utmost importance for executives of insurance companies to ensure that they align their business operations with the technological advancements pertaining to underwriting which includes artificial intelligence (AI) and machine learning (ML). Moving forward,