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IFRS17: A Time of Change

It’s two years until the implementation of IFRS17, the biggest change the insurance industry has seen in over a decade. And as plans for the reporting standard mature among companies in Asia, we have seen an increased demand for actuarial, accountancy, IT and project professionals who are equipped to deal with the transition.

As we expected, the patterns of the upcoming standard have been very similar to the ones we saw in the Solvency II Directive of 2009 – only now the pressure is much higher and the urgency to find talent has become much more critical.

When it comes to IFRS17, time is not on our side.

In the first half of 2019, when companies in Asia were still analysing their IFRS17 timelines, the desire for talent was for permanent candidates only. Now though, organisations have begun to accept that the demand for such talent massively outstrips the limited supply.

So, with the clock ticking, businesses have decided to look for alternative solutions to match the talent demand – an essential decision if they seek adequate professionals to implement the tough regulatory demands of IFRS17.

And that’s where we come in.

In Q3, Oliver James has seen a huge increase in demand for our consulting services, something we offer across all Asian markets.

At a fraction of the price of our competitors, we have already successfully guided our clients through the days of Solvency II and we are currently connected to over 18,000 insurance contracting professionals globally, all within the critical areas of actuarial, accountancy, finance and projects.

We have a huge array of talent interested in IFRS17 contracting opportunities – especially in Asia, where we have been established for eight years – as well as a whole list of clients who are looking to use our services within the next 12 months.

Jonny Plews, Director of APAC, says: “The innovative methods we use to tackle to IFRS17 have not only won multiple awards for the business: we’ve also been able to position ourselves as a leader in this field.

“In August alone, we successfully pitched two huge client projects and our services were chosen over The Big 4. We’ve also received dozens of client testimonials applauding the quality of service we provide to our partners. It’s a long road towards the implementation date of 2022 but I’m excited for what the next few months and years will bring.”

If you want to find out more about how we can help your organisation on the run-up to IFRS17, contact Jonny Plews today at jonny.plews@ojassociates.com, or give him a call on +852 6110 9158.