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Tax Solutions for Leading Insurers

The Insurance industry has undergone a tremendous transformation over the last decade including globalization, deregulation, and mergers and acquisitions. The industry is characterized by a demanding customer and channel base and the need for product innovation, faster processing times and various statutory/regulatory requirements at the state/provincial and federal levels. This has led to mounting pressure on the bottom line due to heavy competition, dropping investment income and high underwriting expenses. This is further exacerbated by the reporting and compliance requirements stipulated by various state/provincial and federal regulations.

Tax Reporting Challenges

Due to budgetary constraints, tax departments in the Insurance industry are consistently being asked to "do more with less", struggling with resource-intensive data collection, preparation, validation and reporting. The uncertain tax legislative environment, compliance with multiple statutory and regulatory requirements and the over-reliance on spreadsheets further aggravates the situation.

All these factors have resulted in serious business challenges including:

  • Having to comply with multiple global statutory requirements including GAAP and SAP
  • Complicated spreadsheets to calculate unique insurance specific calculations, such as non-admissible deferred tax (SSAP 10)
  • Difficulties in providing details below the legal-entity level in the tax reports
  • Significant reporting workload, including investment reporting
  • Resource-intensive data collection from disparate GLs and other systems

What makes Longview distinctive is the true transparency of book data to tax, reporting in Stat or SSAP 10 to US GAAP to IFRS for your global tax reporting requirements, and our ability to handle the most complex calculations and tax reporting details.

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Features

  • Support and configurability for statutory requirements including GAAP, SAP (SSAP 10)
  • Tax details below the legal entity level of detail
  • Unique, insurance specific calculations such as non-admissible deferred tax
  • Consolidated current and deferred/future income tax provisions, by legal entity;
  • Deferred/future taxes by legal entity, by temporary difference;
  • Support for both US GAAP and IFRS within the same solution
  • Consolidated effective tax rate reconciliation by legal entity
  • All required disclosures in accordance with ASC 740 and IAS 12

Yes, I would like to learn more about Longview Tax

We are unique in the industry in our approach to these tax challenges. To find out more about Longview Tax, simply fill out the short form below and someone will contact you.

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What does your company currently use for tax reporting? *
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How much time does your department spend on tax reporting, including data collection, validation, insurance specific calculations, complying with GAAP, SAP, etc.? *
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How many legal entities does your company have? *
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Do you spend a significant amount of time getting details to report below the legal-entity level? *
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Is your tax department decentralized? *
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Have you already evaluated other Tax reporting/provisioning solutions? *
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