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Insurance companies and other institutions that issue insurance contracts find themselves on the threshold of a new era of financial transparency as they prepare to implement new accounting standards. These requirements—which affect insurers and financial institutions around the globe – will fundamentally change the way insurers manage, measure, and report business results.
As insurers prepare strategies to achieve compliance, they have a unique opportunity to more actively and accurately incorporate risk into their decision-making and benefit from more extensive data-centric business and profitability insights.
It’s time to redouble efforts to focus on data and its accuracy, aggregation, governance, transparency, and usability, and to align actuarial, risk, and finance processes and functions.
Oracle LDTI Analyzer enables the diverse insurance industry to address the financial accounting requirements of U.S. GAAP long- duration contracts and to measure and report liability for future policy benefits, as per the new accounting standards.
Designed to give investors and other stakeholders a realistic view of a carrier’s risk exposure, profitability, and financial status, IFRS 17 mandates a radical departure from current accounting standards. Learn how Oracle’s solution empowers insurance carriers to meet and exceed the new regulatory demands.