Axa Affin Life CFO: IFRS17 will spur systems overhaul

Malaysian insurers will have to significantly alter and invest in their processes and systems as a result of the new accounting standards that are likely to take effect in 2021, the chief financial officer of Axa Affin Life Insurance Malaysia has said. “Much of the current financial processes will need to be changed; significant process re-engineering and investments will need to be made between now and 2021 to ensure [insurers] are MFRS17-compliant,” Kelvin Wong Wei Win told Asia…