- kkagd
- May 21
- 2 min read

The introduction of PSAK 117 marks a significant shift in insurance accounting, aiming to enhance transparency and comparability across the industry. While the standard introduces complexities, it also presents insurers with an opportunity to modernise their operations and gain a competitive edge.
Key Challenges in Implementation
Implementing PSAK 117 is no small feat. Insurers face several hurdles:
Data Management: The standard requires detailed, granular data, necessitating robust data collection and management systems.
System Overhauls: Existing IT infrastructures often need significant upgrades or replacements to handle the new requirements.
Cross-Functional Collaboration: Successful implementation demands close co-operation between actuarial, accounting and IT departments.
Resource Allocation: The complexity of PSAK 117 means insurers must invest considerable time and resources, including training staff and possibly hiring new expertise.
Turning Challenges into Opportunities
Despite these challenges, PSAK 117 offers insurers a chance to:
Enhance Transparency: By standardising reporting, insurers can provide clearer information to stakeholders.
Improve Efficiency: Modernising systems and processes can lead to long-term operational efficiencies.
Gain Competitive Advantage: Effective implementation can position insurers as industry leaders in transparency and reliability.
KKA GD & MBE Consulting's Approach
We understand the intricacies of PSAK 117 and offer tailored solutions to assist insurers in navigating this transition. Our approach includes:
Comprehensive Assessments: Evaluating existing systems and processes to identify gaps and areas for improvement.
Customised Implementation Plans: Developing step-by-step strategies that align with each insurer's unique needs and timelines.
Training and Support: Providing ongoing education and assistance to ensure staff are equipped to manage new systems and processes.
While PSAK 117 presents significant challenges, it also offers a pathway to greater
transparency, efficiency, and competitiveness. With the right approach and support, insurers can not only comply with the new standard but also leverage it to strengthen their market position.
For more information on how KKA GD and MBE Consulting can assist with PSAK 117
implementation, please contact us or MBE's PSAK 117 Implementation page.