Contributor: Don Canning
I’ve read countless papers on the impact of healthcare reform on the insurance industry, but I have found few that are looking at these changes from the perspective of how these mandates will impact healthcare payers – particularly, technology, people and processes.... read more
Contributor: Andrew Rickard
In March of this year, the Asia Insurance Review conference in Singapore focused on “Repositioning for a New Competitive Era in Asia”. During the conference a panel of technology executives debated the role technology would play in the future. Some of the discussion focused on peoples’ use of avatars in various virtual worlds (Wikipedia describes an avatar as “a computer user's representation of himself/herself or alter ego”). The panellists proposed that much of the insurance business with younger people will be sold through virtual channels, using avatars.... read more
Contributor: Dave Zdechlik
I don’t think Paul Revere was very worried about IFRS in 1775; however today, as with the British back then, IFRS is coming. We keep hearing about the SEC decision in 2011. What does that really mean? As mentioned in last month’s blog post, if the SEC decides to require IFRS prepared financial statements, the talk is that 2015 would be the first year of IFRS only financial statements (the first year of no dual reporting of GAAP and IFRS). However, don’t be deceived, the SEC requires three years of comparative financial statements which means 2013 would be the first year of financial statements prepared under IFRS.... read more
Contributor: Anshuman Anand
Reporting for insurance companies -- IRDA has issued reporting guidelines in the past and has now established a committee to examine the International Financial Reporting Standards (IFRS) proposal issued by the International Accounting Standards Board (IASB) on July 30, 2010, for a comprehensive standard to address recognition, measurement, presentation and disclosure for insurance contracts. The committee will evaluate the various requirements and accounting standards, identify gaps and suggest various measures so that the insurance industry can move towards IFRS compliance by 2012.[1] This is a significant move at a time when the insurance world in general is looking for greater consistency in reporting standards.... read more
Contributor: Anshuman Anand
In my last post, I discussed capital adequacy as one of the challenges insurers must deal with as the regulatory and reporting environment becomes more demanding and the impact of Solvency II is felt in countries around the world. Today, we’ll explore the implications for the risk management function and the need for strong data control. The Indian Insurance Regulatory & Development Authority (IRDA) is attempting to address some of these issues in some of the regulations it has recently issued, such as the economic capital reporting requirement instituted in 2010.... read more
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