Recently, the International Accounting Standards Board (IASB) deferred the effective date of International Financial Reporting Standard 17 (IFRS 17) for another year to January 1, 2023. IASB took the decision owing to challenges in the implementation and significant positive impact of widespread and synchronized adoption of IFRS 17 standards. This action also stands testimony to how the insurance industry has mostly been slow to modernize their accounting processes using technology.
This paper discusses why insurers need to invest in insurtech solutions to achieve data rationalization and process transformation and enable deep, actionable financial insights. We further delve into how insurers can access management information systems, which offer superior data visualization and cater to users by role, personalizing the responses to their area of focus.