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.
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:
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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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.
Download the Longview Taxfor Insurance brochure (.pdf)