Three years on, IFRS 17’s promises are still being tested

Knime is how the world’s most regulated industries prove what they report.

IFRS 17 rewrote insurance accounting. It changed how finance and actuarial teams work together, so that investors, regulators, and rating agencies could compare insurers across borders. Those comparisons shape your valuation and your cost of capital.

Insurers report that change as a gain. In PwC’s post-implementation survey of 17 insurers, 80% of respondents named better interaction between finance and actuarial as a benefit.

A single line in your CSM reconciliation carries assumptions set in actuarial, a data cut drawn from policy and claims systems, and a reconciliation to the ledger performed in finance. It ties out only when all three worked from the same version of the data. When it does not, finding the divergence means walking back through spreadsheets and scripts built by whoever needed them, none of it visible in the reporting chain. That search costs days the close does not have, and the number you sign is one no single person has seen end to end.

How those numbers get produced is left entirely to you. Standard architectures force a compromise: rigid, multi-year IT implementations that cannot adapt, or isolated spreadsheets that break audit controls.