News and Updates

 

 


Clock is Ticking

The IFRS 17 Clock is Ticking!

6th June 2017

IFRS 17 Insurance Contracts is effective from 1 January 2021 – 3.5 years from now. That’s plenty of time, right? Well, perhaps if you are already fully engaged in an implementation project, having kept up-to-date with the progress of IASB discussions and decisions between the 2013 exposure draft and the final standards that were released on the 18th May. But what if that is not the case?

If IFRS 17 is still on the ‘to do’ list, then perhaps 2021 is closer than it seems. True, 3.5 years is a long time, but once this is broken down in to bite size chunks, the time quickly disappears.

Ideally companies would want to aim for at least one year of parallel running of the new regulations alongside old (IFRS 4 Phase I) with the opportunity to discuss the impact on profit recognition and tax position to interested parties. This would mean that systems and processes need to be up and running by the end of 2019. But before this can happen, the models and systems will need to be built or adapted and then tested. This could take you back to 2018, if not earlier.

To know how to adapt models and systems, a scoping exercise will need to be undertaken. There will need to be a process of requirements gathering and impact assessments. In addition, time will be needed for all those lengthy discussions that actuaries like to have about assumption setting and methodologies - what’s the methodology for allocating contracts to groups, how will the yield curve assumptions be determined, how is the risk adjustment calculated? Bringing you back to 2017 – this year!

It turns out 2021 is not so far away after all! To ensure that the implementation of IFRS 17 is successful, Insurers need to act now as the clock is ticking……….

If you would like to discuss your specific challenges in IFRS 17 preparation and find out how MBE can assist, please get in touch, or stay up to date via the IFRS 17 section of our website, which we will be updating regularly with the latest IFRS news and our own thoughts and insights.

- Rachel Long (Senior Actuarial Manager, IFRS 17 Lead)


Andries Beukes

IASB finalises IFRS 17 Regulation

18th May 2017

The International Accounting Standards Board (the Board) has today issued IFRS 17 Insurance Contracts. This first truly international IFRS Standard for insurance contracts will help investors and others better understand insurers’ risk exposure, profitability and financial position.

Just the mention of IFRS 17 may send some of us leaping behind the nearest filing cabinet, fighting off flashbacks of the dark "hurry up and wait" days of pre-Solvency II panic. Now that the highly anticipated publication is finally here what are the next steps, and what elements should be considered over the coming months and years?

One of the things that the Solvency II journey taught us was that regulation which improves transparency and comparability in financial reporting has the potential to add great value to the insurers who embrace the changes as more than just a box-ticking exercise.

The IASB regulation, due to come into force in 2021, aims to (inter alia):

  • Address inconsistencies in accounting treatments across insurers.
  • Enhance the comparability of financial reporting among entities, jurisdictions and capital markets.
  • Improve the relevance and transparency of financial reports.
  • Address areas where up-to-date information and risks associated with insurance contracts are not fully taken into account.

To achieve these aims and fully implement the new regulations, extensive work will be required in many areas of insurance companies.

 We will see changes to the liability measure and profit recognition of insurance contracts, which will likely require enhancements to companies’ modelling systems and data storage capabilities. These changes, along with the reporting and disclosure requirements, will see greater emphasis on the interactions and dependencies between the Finance, Actuarial and Risk teams and therefore the review of resources and efficiencies across each of the departments will be essential.

 They say the only thing people can't get used to is change - and actuaries feel that to be true more than most. However, by introducing efficient, future-proofed processes and systems, IFRS 17 implementation may be the push we need to make changes that are long-lasting and value-adding to insurers and the industry as a whole. 
 

If you would like to discuss your specific challenges in IFRS 17 preparation and find out how MBE can assist, please get in touch, or stay up to date via the IFRS 17 section of our website, which we will be updating regularly with the latest IFRS news and our own thoughts and insights.

- Andries Beukes (Director, Actuarial Solutions)


Rachel Long

MBE announces the appointment of Senior Actuarial Manager, Rachel Long

3rd April 2017

Muller Beukes Edvardsen (MBE) is pleased to announce the appointment of Rachel Long, an expert in financial reporting and project roles, to the position of Senior Actuarial Manager.

Rachel will be responsible for analysing and documenting IFRS 17 requirements to support and advise clients, bringing with her 10 years of experience in both financial reporting and project roles.

For the full press release, click here.... 


Rajjiv Fowdur

MBE announces the appointment of Senior Actuarial Manager, Rajjiv Fowdur

10th February 2017

Muller Beukes Edvardsen (MBE) is pleased to announce the appointment of Rajjiv Fowdur, an expert level actuarial solution architect to the position of Senior Actuarial Manager.

Rajjiv will lead the MBE Prophet Development team, and brings with him extensive experience in modelling software. During his 11 years at FIS he has consulted on and managed large-scale actuarial modelling projects across Europe and the United Kingdom.

For the full press release, click here.... 


ASSA Convention Hall 2016

MBE stand proves a hit at the ASSA Convention

19th December 2016

MBE was a proud sponsor of the 2016 Actuarial Society of South Africa Convention, held at the Cape Town International Convention Centre on 23 and 24 November.  We were delighted to meet and interact with many of the close to 1500 delegates; actuaries and actuarial students from around South Africa.

Many of the delegates enjoyed competing in the MBE Sphero Challenge, which involved racing the Sphero 2.0 robotic ball around a track set up in the MBE stand to win the Sphero BB-8 Droid.

Aside from the networking opportunities, the convention programme presented a wide variety of engaging and thought-provoking topics; from transformation in the South African actuarial profession, to FinTech start-ups throughout Africa, to capital management and insurance marketing for millennials.

MBE commends ASSA on a superbly run event; we look forward to more engagement with the South African actuarial community as MBE South Africa grows from strength to strength.


IERM Awards

MBE Short-Listed for InsuranceERM Award

22nd November 2016

MBE has been selected as a finalist in the 2016 InsuranceERM Awards in the category of Best Solvency II Solution for our end-to-end risk and capital management system, TRANSKAP

The judges of the competition, all risk practitioners in EU insurance companies, will select winners to be announced on the InsuranceERM website in mid-December and will be featured in the Winter edition of the magazine.

This will be followed by an awards presentation in January 2017 with a winners supplement published in the Spring 2017 edition

Click here to read more about the other finalists and the categories in which they appear.


ASSA Golf Day 2016

Sun and Swings at the ASSA Golf Day

12th October 2016

MBE recently sponsored The Actuarial Society of South Africa (ASSA) 2016 Golf Day hosted at the De Zalze Golf Course in Stellenbosch. The day was a resounding success, with an excellent turn out. The course proved to be quite tricky at times, particularly the long par 3 16th hole. Despite this, the closest to the pin competition was won by Pierre Botha from Swiss Re. Congratulations Pierre!

The Golf Day was also an excellent opportunity to raise extra funds in support of the Actuarial Education Trust & ASDT trust. To ensure the quality and standard of tuition at university level ASSA has established the ASDT trust fund which assists 5 of the top South African universities with funding for their actuarial studies departments.

The Actuarial Society not only aims to ensure ongoing quality in every aspect of the education provided locally but also to support initiatives that will enable students that previously might not have had the opportunity to pursue a professional career as an actuary the opportunity to do so. Some of these initiatives include a Maths & Science programme and various community initiatives that can be viewed on their website at http://www.actuarialsociety.org.za/.

We look forward to supporting ASSA with future events and their backing of the South African Actuarial community.

MBE sponsored hole

MBE-sponsored hole at the ASSA Golf Day

De Zalze Golf Course 

De Zalze Golf Course    

 

 MBE's Andries Beukes with competition winner, Pierre Botha and ASSA's Niel Fourie


Raconteur

The Future of Insurance report published in The Times

12th October 2016

MBE is delighted to present, in partnership with Raconteur publishing house, The Future of Insurance Report.

The report, published in the 12 October edition of The Times newspaper, features contributions by award-winning journalists and editors of prominent financial publications.  For more information on the report, click here...


Insurance Assest Risk

SCoRe featured in Insurance Asset Risk

11th October 2016

Online news and analysis service, Insurance Asset Risk has published an article about MBE's latest technology offering, SCoRe, the SCR calculator for fund managers:

MBE's Ben Herrett is quoted in the article, saying the following of fund managers:

"They are looking at ways they can attract insurers but also reassure them that they know what they are doing when it comes to Solvency II. Quite a number of firms started to show SCR calculations on their funds. This portal is the next step of the process. They start to be able to position their funds with their insurer clients in mind...

"On the flipside, from an insurer's perspective, they can actually start looking at funds with a Solvency II perspective. They can see the exact thing that will have an impact of their overall SCR."

Register for a free trial of Insurance Asset Risk and read the full article here.


SAAX Panel Discussion

MBE and SAAX present Brexit Discussion

27th September 2016

Date: Friday, October 14, 2016 from 17:30 
 
Venue: Staple Inn Hall, High Holborn, London, WC1V 7QJ
 
Now that some of the dust has settled following the results of the EU Referendum and Theresa May begins to lay the foundation of UK’s strategy for exiting the EU, the South African Actuarial ConneXion (SAAX) group and MBE invite you to a panel discussion on the implications of Brexit on the UK financial services industry.
 
Please join us on Friday 14 October 2016 for a panel discussion with leading Insurance Industry and Asset Management experts who will give their view on the future of the EU and the UK financial services in a post-Brexit EU (and UK). We will be joined by Adam Levitt (Ashurst), Dick Rae (BMO Global Asset Management) and Paul Brett (MetLife).
 
Reserve your place here.


TWIN Conference

MBE proud sponsor of TWIN Conference

22nd September 2016


MBE is a proud sponsor of The Women’s Insurance Net-Work (TWIN), including their upcoming conference on 22 and 23 September 2016.  MBE actuaries and process improvement experts will be there to listen to talks on various industry topics, including cyber risk and LGBT insurance start-ups (see the full agenda here) and network with other powerful women in the industry.


ASSA Convention

MBE partners with IQPC for The Claims Transformation Forum 2016

7th September 2016

MBE is pleased to be partnering with IQPC on the upcoming Claims Transformation Forum 2016. MBE will be in attendance and look forward to meeting with fellow delegates, and discussing some of the challenges that Claims Directors are facing around transforming claims into a faster leaner more customer focused function.

Find out more or register for the forum here.


ASSA Convention

MBE to sponsor ASSA 2016 Convention & Golf Day

18th August 2016

MBE is a proud sponsor of the Actuarial Society of South Africa's 2016 Convention from the 23rd to 24th November. MBE will also be partnering with the ASSA for their popular Golf Day on the 14th October. 

Find out more or register for the convention here.
For more information on the ASSA Golf Day, click here...  


MBE at Data Conference

MBE to sponsor IERM's 4th Annual Data Conference

19th April 2016

MBE is delighted to be sponsoring InsuranceERM's 4th annual Data for ERM & Solvency II conference on 26 April in London and we have negotiated a special 50% discount for you to attend. 

Read more about the IERM Data Conference here...  


MBE South Africa

MBE South Africa Launches In Cape Town

1st April 2016

The MBE South Africa office, headed up by Director, Matthew Brittan, has recently launched in Cape Town. 

Read more about this exciting MBE development here... 


MBE at Insurance ERM

MBE named one of Insurance ERM's Solvency II front runners

11th January 2016

Popular and respected insurance publication, Insurance ERM, has named MBE one of its Solvency II front runners.  

Read about the unique MBE approach to Solvency II and adding value in this special feature.


MBE sponsor ifoa

MBE to Sponsor IFOA Practical Solvency II Seminar

7th October 2015

MBE are pleased to announce their partnership with the Institute & Faculty of Actuaries, and sponsorship of their upcoming Practical Solvency II for Life Actuaries seminar on 15 October 2015. This seminar will look at how companies are preparing for Solvency II and address common challenges and solutions related to its effective implementation. The seminar will have a UK and European focus and is tailored for those life insurer actuaries currently preparing for Solvency II.

MBE look forward to being part of the event, and will be happy to share their experiences and expertise with regards to Solvency II during the course of the day. 

Further details on the event can be found at here, alternatively please contact MBE at info@mbe-intl.com


MBE solvency II

MBE & Solvency II Solutions provide fully integrated data
management and reporting capability for Solvency II

15th September 2015

PRESS RELEASE: Integration brings full fund look-through and reporting capability to Insurance and Buy-Side companies

LONDON - MBE International (MBE), a world leading specialist consultancy with a reputation for insight and innovation, and Solvency II Solutions (SIIS), a European wide provider of Solvency II reporting solutions, today announced the integration of Tabular, SIIS’s XBRL reporting tool into TRANSKAP, MBE’s end to end risk management solution.  This innovative partnership and subsequent integration provides a full end-to-end solution, covering all steps of the process from the sourcing of raw data to populating QRTs for Solvency II reporting.

The jointly developed integration allows users of both TRANSKAP and Tabular to create a consolidated and normalised set of asset data from multiple sources, including internal and 3rd party data vendors. This consolidated view can then be fed directly into a QRT XBRL reporting tool, providing full validation and submission functionality. The end to end process has a full audit trail capability, with the added benefit of a strict control framework. In addition, this offering provides the ability to fully ‘look-through’ a fund to the required level and populate the underlying assets with all of the required reference data.

Andries Beukes, Director of Actuarial Services at MBE believes that this latest addition to TRANSKAP will add even more value to clients affected by the Solvency II regulatory regime: “The idea behind the integration of Tabular with TRANSKAP was to develop a seamless offering which facilitates compliance with the new Solvency II reporting requirements.”

“MBE, as the developer of TRANSKAP, is a leader in the risk management industry, which has enabled them to tailor their solution to the anticipated needs of the industry,” says John Staines, CEO of SIIS.  “We are pleased to be partnering Tabular with TRANSKAP, which will add the full value of an end-to-end solution to our offering.”

TRANSKAP is the data and risk management system developed by MBE. It consists of a suite of integrated modules that can be used to fully automate an end to end workflow process. It encompasses a centralised data repository allowing easy data consolidation and normalisation, with a comprehensive modelling tool and powerful dashboards. In addition, it also provides the capability to be able to provide full fund look-through, a problem that is currently causing a number of issues for the industry.

Tabular is an Excel/Word-based Solvency II narrative and QRT XBRL reporting tool, which has been integrated into Microsoft Office. Tabular is designed to be a repository for QRT data and allow users to easily load and link source data from existing systems.

Please read the full Press Release here... 


Transkap demo

Transkap demo

MBE at Insurance ERM data conference

14th May 2015

MBE presented at the Insurance ERM Data for ERM & Solvency II conference on 14 May 2015. Here you can see some pics showing some of the event's highlights. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Sed dignissim erat a purus malesuada consectetur. Suspendisse potenti. Ut aliquet lacus eu enim luctus, sed posuere justo cursus. Maecenas pellentesque sem non lectus porttitor dignissim. Fusce ornare nunc vitae neque elementum scelerisque. Mauris ac leo quam. 

Top to bottom:

TRANSKAP Demo
Andries & Christo at the MBE stand
Vibeke at the MBE stand

Andries' presentation: Lessons learnt from implementing look-through data

Check our Twitter account for a live feed of the entire event.