Case Study

Navigating IFRS 17 compliance with Outsized’s expertise

The background

AVBOB, a leading insurance company in South Africa with over a century of experience in funeral insurance, faced a pressing challenge: achieving compliance with IFRS 17. This international standard demanded significant changes to ensure transparent and comparable financial reporting for insurance entities worldwide.

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The challenge

IFRS 17 required AVBOB to adapt to a rigorous new framework, fundamentally altering how their actuarial valuations and financial results were reported. Meeting these standards was not only about compliance but also about maintaining trust and credibility in an increasingly regulated industry. With the compliance deadline approaching, the team at AVBOB had to find the right partner for the job.

“We couldn’t afford to get this wrong. This was about more than just meeting a regulatory requirement – it was about safeguarding our reputation and upholding the trust our policyholders place in us.”

Colin van Son, Chief Risk Officer, AVBOB

What we were up against:

Local talent gaps

South Africa is currently facing an actuarial talent shortage with many qualified professionals emigrating or joining competing firms.

Niche skill set

AVBOB needed to find a rare consultant with combined expertise in IFRS 17, actuarial valuations, and tools like Prophet software.

High stakes

Compliance demanded precision and alignment with international standards to secure regulatory approval and protect AVBOB’s reputation.

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“Our contact at Outsized understood exactly what we needed. His recommendations saved us time and ensured we had the right fit in terms of skills, location, and budget.”

Colin van Son, Chief Risk Officer, AVBOB

The solution

We quickly presented three specialist consulting firms that aligned with AVBOB’s needs. Each was evaluated based on specific criteria – technical expertise in IFRS 17, familiarity with Prophet software, location for ease of collaboration, and budget. After a thorough interview process, AVBOB selected SolveCO- a consulting partner with the added benefit that they were located conveniently near their offices.

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The follow-through

Aspects of the project we are proud of:

Customised solutions

The consultants supported IFRS 17 position papers, product coding, and actuarial calculations.

Efficient onboarding

We facilitated a smooth transition, minimising delays. A mix of in-person and remote work ensured flexibility, supported by regular check-ins.

Proactive support

Ongoing communication and follow-ups allowed us to address challenges promptly and maintain project momentum.

“Even after onboarding, the team checked in regularly to ensure everything was on track. That level of engagement made a big difference.”

Colin van Son, Chief Risk Officer, AVBOB

The outcome

With our support, AVBOB achieved IFRS 17 compliance ahead of the deadline. Key results include:

Compliance:

All reporting requirements were met without disruption.

Efficiency:

By avoiding a lengthy talent search, AVBOB accelerated their project timelines.

Collaboration:

Consultants integrated seamlessly into AVBOB’s team, maintaining transparency and trust throughout the process.

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“We’ve had a positive experience from start to finish. The consultants provided were not only capable but also aligned with our organisational needs.”

Colin van Son, Chief Risk Officer, AVBOB

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