Vassiliki Kostaki

One of the major challenges for insurance industry is the implementation of the new international accounting standard for insurance contract ( IFRS17) from 01/01/2023.

The new regime has massive impact as it changes fundamentally the landscape of financial statements The implementation approach we followed ensures a smooth transition to the new regime and safeguard against unexpected financial impacts (e.g. unwanted result volatility).

Further although IFRS 17 is a regulatory challenge it served as a driver for business transformation and gave us the opportunity to improve finance & actuarial processes, and leverage on the Data & Systems implementation to deliver improved management information and enhance decision making.