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The insurance industry faces disruptions from many market players as we speak. It’s essential to keep pace with all the changes.
With Hedwell, your insurance company will be able to overcome technical obstacles, modernize platforms and automate traditional processes.
Welcome to the future of insurance.
HOW WE CAN HELP
We help all types of insurers digitalize their entire landscape.
Transforming both customer experience and base processes is a significant investment.
- In terms of CX, the focus shifts to rewarding desirable behavior, acting fast in times of need and being there for loyal customers – while reducing the costs to a minimum.
- In terms of base processes, it’s about automating, delivering faster and smoother, and having greater control, while keeping the budget in check.
We cover the full landscape – from policy and claim management to general ledger accounting and reporting.
Regulatory Changes - what do they bring and how to comply?
Our team follows a templated approach with pre-made use cases. This allows us to quickly integrate changes into the customer landscape. We focus on getting the right data from your operational and actuarial system, with significantly less time spent on the baseline configuration.
The IASB published an IFRS 17 standard named ‘Insurance Contracts’ in May 2017. The effective date has been postponed and adjusted to accommodate the amendments to the standard and the challenges insurance companies faced during the implementation.
As we approach the new effective date of January 2023, insurers are under pressure to conform to the new, principle-based accounting and reporting model. The standard requires insurance liabilities to be measured under the current, updated assumptions and proposes a standardized representation of finance results.
Back in 2014, the FASB decided to not proceed with IFRS17 but rather define a separate standard as an improvement to the existing US-GAAP. This improvement was named LDTI – Targeted Improvements to the Accounting for Long-Duration Contracts.
It is considered to be one of the biggest changes in the US accounting world in the past couple of decades. The most important impact is the deferral of acquisition costs, current measurements of liabilities, and the number of disclosures a company will need to provide.
The effective date for SEC filers, excluding smaller reporting companies, is set to 2023, while other entities have two additional years.