Insurance compensation management & insurance contract

• Dibloma Methodology

  The dibloma will use a combination of theory and practical applications of dibloma concepts. Participants will engage in simulation exercises that will emulate real life situations allowing them to gain a strong understanding of the concepts covered.

• Dibloma Objectives

• By the end of the course, participants will be able to:

• Explain the basic principles and major elements of compensation

• Apply the various processes in compensation: job analysis, job descriptions and job evaluation

• Explain what constitutes a sound and effective compensation and benefits program

• Design a salary structure and related policies

• Describe the basic compensation survey process

• Target Audience

• Employees in the insurance sector

• Managers and assistants

• Target Competencies

• Deciding and initiating action

• Working with people

• Relating and networking

• Presenting and communicating

• Analytical thinking

• Applying expertise and technology

• Formulating concepts and strategies

• Following instructions and procedures

IFRS 17: Managing Insurance Contracts

• London, 19-20 September 2018
  IFRS 17 Insurance Contract Accounting

• Introduction

• There are more than a few eye-catching headliners around about IFRS 17 – "a whole new perspective", "a game changer", "a light shining through darkness", "the dawn of a new era" - all of which, of course are true.

• IFRS 17 is a big, new standard for a big, old industry. It changes fundamentally the way in which an insurance entity reports its financial dimensions and results for a given period and over time. After investing 20 or so years of development effort into IFRS 17, the IASB are highly confident in their expectation that it will bring greater transparency and comparability about the profitability of both new and existing insurance contract business. The requirement to report the insurance and financial result separately will not only help to achieve this expectation but will also provide analysts and others with better information about the overall quality of insurance entity earnings.

• The impact on individual insurance entities will be highly variable depending on their previous policies and practice, and the nature of the insurance business they contract, especially whether it is short tailed or life. There will consequently be many and varied impacts on the reported numbers and metrics.

• Preparing for and implementing IFRS 17 will be problematic and challenging. It will require considerable effort to gain an initial understanding of the impact on the reported numbers as well as the upgrades to process and systems to ensure they can provide IFRS 17 compliant data. This will require, from an early stage, coordination and dialogue between functions such as Actuarial, Finance and IT in executing an IFRS 17 implementation project. Furthermore, dialogue with business users and investors should be early and extensive in order to minimise the possibility of and impact of any "unpleasant surprises".