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The new standard on IFRS 17 was introduced with a fanfare and with good intentions. A harmonized more transparent reporting for insurance companies which investors can understand. That sounds to good to be true. And it is. Living up to these expectations will be difficult. As always, actuaries will bear the burden after management has made a smart decision. Applying IFRS 17 in a way that allows to achieve the above mentioned goals requires a lot of work and, before that, hard thinking. Only experts who understand the business model can work out a methodology which is compliant with the very principle based standard (so much for harmonization) but also allows to properly take into account the specific business model. And who understands the business model better than actuaries? Then, after an adequate methodology has been chosen, this has to be implemented. Of course the implementation will leverage the solvency II - model. But not as usual, involving manual processes and quick fixes. The numbers must be robus, validated and available in a much shorter timeframe. This definitely requires industrialization. And the budgets will be there as this is a must not a nice to have. An who understands these processes if not actuaries. And of course, after having re-organized all processes, these will be used for all other actuarial work, especially valuation for solvency II. How actuarial work will be performed will change massively. I think the actuarial profession should be aware of this. I will present a very short (three slides) overview on IFRS 17, then talk about the real methodology questions and typical answers and then the industrialization angle and how processes will change. Then I will tell the actuarial community how I think they should prepare.