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Actuarial and finance modernization
Insurers face unprecedented changes in financial reporting. How will you rethink your business models and operations?
What compels insurance companies to re-evaluate and modernize their actuarial and finance functions?
- rigorous expectations from regulators and standards setters
- increased demands for more relevant and useful information
- improvements in analytics
- the need for operational transformation
The impacts of each are pervasive throughout actuarial, finance, risk, marketing and distribution, IT and other functional areas. PwC believes that when these areas work together, they can create an insurance operating model that is nimble, agile and future-proof. Your company will be able to manage and adapt to change as part of standard business practices.
How PwC can help
With PwC, insurers can prepare for future operational, business, regulatory and market demands by focusing on how to improve finance, operational, actuarial and risk functions. We have:
- a record of success helping insurers modernize their operations;
- a practical and successful approach to helping companies plan for and respond to regulatory, operational and strategic change;
- an interdisciplinary team of subject matter specialists who have experience helping clients prepare for and address strategic, operational, financial, actuarial, risk and regulatory imperatives;
- extensive expertise in finance, actuarial and risk management process improvement, data and technology transformation, regulatory and financial reporting consulting, and business strategy formulation and design.
Important changes to accounting for long duration contracts
After more than a decade, the FASB published a new standard in August 2018 which provides for Targeted Improvements to the Accounting for Long-Duration Contracts. Despite the name "targeted improvements", the new standard has very significant impacts to the accounting for long duration contracts. There are four major changes in the new standard, which include:
- the calculation of the liability of future policy benefits,
- a simplified amortization method for deferred acquisition costs,
- recording market risk benefits at fair value, and
- enhanced disclosures.
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