Introduction to IFRS 17 advisory firm

IFRS 17 is one of the most significant accounting standards introduced for insurance contracts, bringing a fundamental shift in financial reporting. Its implementation requires a thorough understanding of complex financial models, data management systems, and regulatory requirements. For insurance companies, navigating these changes alone can be overwhelming. This is where an IFRS 17 advisory firm comes in.

Choosing the right IFRS 17 consultancy is crucial to ensuring smooth compliance, mitigating risks, and optimizing financial reporting processes. But with so many firms offering IFRS 17 advisory services, how do you pick the best one for your needs?

This guide will explore key factors to consider when selecting an IFRS 17 advisory firm and how the right consultancy can streamline your compliance journey.

Why You Need an IFRS 17 Advisory Firm

Before diving into the selection process, it’s important to understand why hiring an IFRS 17 consulting firm is essential. Here’s what a specialized advisory firm can do for you:

  • Ensure Full Compliance – Experts interpret the IFRS 17 framework and align your financial reporting with regulatory requirements.
  • Data Management & System Integration – Consultants help integrate IFRS 17-ready software into your existing systems.
  • Risk Mitigation – Reduce errors and non-compliance risks with expert guidance.
  • Training & Support – Ensure your finance and actuarial teams understand the changes and apply them correctly.

Now that we know why professional guidance is essential, let’s explore how to choose the best IFRS 17 consultancy for your business.

1. Industry Expertise and Experience

IFRS 17 is a highly technical standard requiring deep financial, actuarial, and regulatory expertise. When selecting an IFRS 17 advisory firm, consider:

  • How many years of experience the firm has in IFRS 17 compliance.
  • Whether they have worked with insurance companies similar to yours (life insurance, general insurance, reinsurance, etc.).
  • Their success stories—do they have case studies or testimonials showcasing previous IFRS 17 implementations?

Pro Tip:

Look for firms with professionals who have a strong background in both accounting and actuarial sciences. IFRS 17 requires close collaboration between finance and actuarial teams.

2. Comprehensive Service Offering

IFRS 17 compliance is not just about accounting; it involves data management, IT infrastructure, risk assessment, and training. The best IFRS 17 advisory firm should offer a full suite of services, including:

  • Gap Analysis & Compliance Strategy – Assessing your current processes and creating a roadmap to compliance.
  • Data & IT System Integration – Ensuring your financial and actuarial systems are IFRS 17-ready.
  • Actuarial Modeling & Risk Management – Aligning actuarial calculations with IFRS 17 principles.
  • Regulatory Reporting & Disclosure – Preparing financial statements and required disclosures.
  • Training & Change Management – Educating your internal teams on IFRS 17 best practices.

A firm offering end-to-end solutions will save you time, effort, and costs compared to hiring multiple consultants.

3. Technology & Software Capabilities

IFRS 17 requires sophisticated technology to handle the vast amounts of data needed for calculations and reporting. A top IFRS 17 consulting firm should provide:

  • Custom or off-the-shelf IFRS 17 solutions tailored to your needs.
  • Seamless integration with your existing ERP, finance, and actuarial systems.
  • Automation & AI-powered solutions to reduce manual efforts and improve accuracy.

Pro Tip:

Ask potential firms about the software tools they use. Do they provide their own IFRS 17 compliance software, or do they work with third-party solutions like SAP, Oracle, or Moody’s Analytics?

4. Regulatory Knowledge and Compliance Expertise

IFRS 17 is not just an accounting change—it’s a regulatory requirement. The advisory firm you choose must have:

  • Up-to-date knowledge of IFRS 17 rules and amendments.
  • Experience dealing with regulatory bodies and ensuring compliance with local adaptations of IFRS 17.
  • A proactive approach to anticipate and address regulatory challenges before they become issues.

Firms that have direct engagement with regulators and industry working groups are better equipped to navigate compliance complexities.

5. Customized Approach & Tailored Solutions

Every insurance company is different, and a one-size-fits-all approach to IFRS 17 compliance doesn’t work. Look for a consultancy that:

  • Takes the time to understand your business model and insurance products.
  • Provides tailored IFRS 17 solutions rather than generic templates.
  • Offers flexible engagement models—whether you need a full-scale implementation or just advisory support.

Pro Tip:

During initial discussions, assess whether the firm is offering a generic pitch or truly understanding your unique compliance needs.

6. Proven Track Record and Client References

The best way to evaluate an IFRS 17 advisory firm is by checking their track record. Before making a decision:

  • Ask for client references or case studies.
  • Check online reviews and testimonials on platforms like LinkedIn or industry websites.
  • Look for firms that have successfully worked with top-tier insurance companies.

Consultancies with a strong reputation in the insurance and finance industry are more likely to deliver high-quality IFRS 17 services.

7. Cost vs. Value: Finding the Right Balance

Cost is an important factor, but choosing the cheapest IFRS 17 advisory firm can be risky. Instead of focusing solely on price, consider:

  • Value for money—Does the firm offer comprehensive services for the price?
  • Long-term benefits—Will their solutions reduce compliance risks and improve efficiency?
  • Transparency in pricing—Avoid firms with hidden costs.

Pro Tip:

Request a detailed proposal with a breakdown of services and pricing to compare firms objectively.

8. Post-Implementation Support & Training

IFRS 17 compliance doesn’t end after implementation. Your advisory firm should offer:

  • Ongoing support for updates and modifications.
  • Training programs to upskill your internal teams.
  • Regular compliance audits to ensure continued adherence.

Firms that provide post-implementation assistance ensure that you stay compliant in the long run.

Conclusion

Choosing the best IFRS 17 advisory firm is a critical decision that impacts your organization’s compliance, risk management, and financial reporting efficiency. The ideal firm should offer deep industry expertise, technology-driven solutions, regulatory knowledge, and customized support tailored to your business needs.

By considering factors like experience, technology capabilities, regulatory expertise, and long-term support, you can confidently select a consultancy that will help you navigate IFRS 17 compliance smoothly and effectively.

Final Thought:

IFRS 17 compliance is not just about ticking boxes—it’s about transforming your financial reporting for better transparency and efficiency. Investing in the right advisory firm can make all the difference.

Need Expert Guidance?

Looking for a trusted IFRS 17 advisory firm to help you achieve seamless compliance? Contact us today to explore tailored solutions for your business!