Global

Details

  • Industry: Financial Services, Insurance
  • Type: Business and industry issue
  • Date: 1/15/2014

Talent Considerations 

Talent considerations
Insurers may need increased resources to manage the change but also to consider how their resource needs will differ post-transition when compared with today. Responding to this shift will require effective change management.
“It will be important to consider the people implications that will come from the changes. Insurers are likely to require significant resources from what is still a limited talent pool. This means nurturing talent now.”

Louis Mannello, Global Insurance Accounting Change Leader

The things you need to know:

  1. Resourcing and education will be vitally important to the implementation. Insurers should begin to formulate their specific resource and education needs for implementing a new insurance standard.
  2. The proposals are expected to place a heavy demand on experienced actuarial, finance and IT resources. Outsourcing may help offset the strain.
  3. Resource needs are expected to peak during the transition, particularly while staff investigate the impacts of the proposals, perform trial runs, and report under existing reporting frameworks while at the same time running the proposals.
  4. Post transition resourcing requirements will need to reflect business as usual in the new reporting environment.
 

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Accounting Change for Insurers

IFRS – insurance
Provide updates regarding the status of IFRS and counsel on how to prepare for the imminent changes.