| dc.description.abstract | The objectives of this study is to investigate the adoption challenges faced by actuaries, Assessment of the readiness of your organization as the system and infrastructure, Challenges in integrating legacy systems, lack of standardization across data sources and limited availability of skilled resources in IFRS 17 and Remedies to curb modeling challenges actuaries face. Data collection was conducted through the use of Google Forms, allowing for efficient and standardized information gathering. Excel was employed for data management and preliminary analysis, facilitating organization and initial insights. Statistical analysis was performed using Stata, a widely recognized statistical software package. The findings reveal the varying degrees of adoption among the respondents employed within insurance companies and observed some of the challenges faced while adopting the standard for example lack of standardization across data sources, difficulty in integrating legacy systems and limited availability of skilled resources. In conclusion, the study provides valuable insights into the challenges faced by actuaries in adopting IFRS 17 standards. The research underscores the importance of addressing legacy system integration, data standardization, and skilled resource availability. Based on the study's findings, we offer several practical recommendations for organizations and policymakers. To mitigate modeling challenges, it is recommended that organizations invest in ongoing training and development of actuarial staff. Additionally, a strategic focus on legacy system modernization and data standardization is advised to ensure smoother IFRS 17 adoption | en_US |
