• Financial Services

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Accelerated data and technology integration for IFRS 17 compliance

For many insurers, data and technology requirements associated with IFRS 17 can be a significant challenge due to cost, complexity, limited IT resources, or subject matter expertise. And where data and systems are often disconnected, these challenges are magnified by IFRS 17.


To address these common industry challenges, BDO has developed the Insurance Data Integration Hub (Insurhub) to help insurers easily and cost effectively connect source systems, data, and processes together to accelerate IFRS 17 compliance.

Learn more about the benefits of Insurhub below.


Insurhub is a set of data management best practices designed to address the requirements of IFRS 17. Built in the cloud, Insurhub securely connects our clients' existing finance, actuarial, policy, and other corporate systems to manage data, business rules, calculations, and processes required to meet regulatory requirements of IFRS 17.

Insurhub can be easily implemented to meet the needs of property and casualty (P&C), health, life, and specialty insurers of any size. It allows insurers to spend minimal time integrating data and more time focusing on preparing the business for IFRS 17 conversion.



For small and mid-sized insurers seeking a cost-effective, turnkey IFRS 17 solution, Insurhub is provided as a fully managed service, reducing the cost and complexity of implementing in-house information technology (IT) systems. Its features include:

  • A fully managed data service for IFRS 17 compliance
  • Minimal reliance on internal IT systems and resources
  • A secure cloud platform with full data transparency


For larger insurers that prefer IT systems deployed within their own IT landscape, Insurhub can be deployed within your cloud infrastructure while providing a strong foundation for insurance analytics and artificial intelligence (AI). It provides:

  • A fully integrated solution with existing insurance systems
  • An accelerated data platform maturity
  • A foundation for advanced analytics and AI

Trying to decide which option is right for your organization? BDO will work closely with you to understand your objectives, determine where your source systems reside, how Insurhub can securely access your data, and recommend an insourced or outsourced configuration that addresses your specific requirements.


Insurhub offers any insurance organization an accelerated path to IFRS 17 compliance. Effectively addressing the data and technology aspects of IFRS 17, insurers also benefit by further leveraging the Insurhub platform to subsequently evolve their business intelligence and analytic needs through a modern cloud-based solution built on the Microsoft Azure Analytics platform.

Go beyond compliance with advanced analytics

In addition to addressing data and technology-related requirements of IFRS 17, the Insurhub platform provides an exceptional foundation to leverage this newly accessible data to gain valuable business insights through advanced analytics and AI capabilities to help manage and grow your business.


  • Flexible integration with a wide range of corporate and insurance systems, such as finance, actuarial, policy management, and contractual service margin (CSM)
  • Data ingestion, transformation, and transport from corporate systems to the Insurhub engine
  • Security, audit trail, and versioning

Insurhub's core engine capabilities

  • Data warehouse and data management
  • Insurance/IFRS 17 business rules
  • IFRS 17 accounting/calculations engine
  • Process management

Insurance/IFRS 17 data domains

  • Core claims, premiums, finance, risk, and investment/reinsurance datasets
  • Templates for recording impact of actuarial adjustments on trial balance
  • Visibility to changes between standards (IFRS 4 vs. IFRS 17) and drill back to financial level details

Many insurers haven't been through this type of change program brought forward by IFRS 17 that requires the alignment of finance, actuarial, and IT/data. As such, they're generally not equipped to run this successfully internally, with no one function being able to deliver alone and no one function being fully accountable.

Therefore, a strong cross-functional alignment is required like never before in order to deliver. No matter whether the goal of the program is on minimum viable product or full transformation, the appropriate setup and design of the program needs to be in place to drive the program forward.


The analysis of the potential options available to satisfy the new calculations rapidly leads to the conclusion that although they may meet the ultimate desire for some, internal development and customized solutions require a lot of resources and significant investments. They may be intrusive and require making changes to the general ledger and other existing systems, which will lead them to being more expensive.

The new standard has to be implemented, it is complex, resources are already tight, budgets are limited and expertise is difficult to find.

The ideal solution is one that can minimize the resources required to implement the new calculations and increase the speed at which the firm can bring itself up to speed with the new standard.


For smaller life and P&C insurance companies that can't afford higher-priced solutions, Valani Global—a Moody's Partner Alliance member—has developed a managed services package. As part of this package, the company will provide all input needed for IFRS calculations at the time of financial period end. Valani Global will validate input, perform calculations, review the results and send the accounting posting files back.

With this service, Valani Global aims at maximizing the efficiency of its clients' procedures, using a well-recognized and highly valued solution together with its expertise in the use of the system and related actuarial topics around IFRS 17.


Strong program management and governance, cross-functional alignment, and IFRS 17 implementation expertise drive key benefits to allow for the best integrated design and solution, delivered on time and on budget.

Whether you're developing and implementing only the premium allocation approach (PAA) only or including the general measurement model (GMM) and variable fee approach (VFA), our implementation experience—along with those of our collaborative partners, Optimus SBR, Valani Global, and KR Consulting—will be instrumental in helping your organization successfully implement IFRS 17.

How BDO can help

IFRS 17 is complicated and one of the largest accounting changes in years. We, along with our partners, can provide the solutions you need to meet the required IFRS 17 deadlines.

Click here to download the brochure

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