More than an accounting change, ASU 2018-12 will force insurers to make changes across departments such as actuarial, finance, IT and more.
As with many reporting changes, there is much to think about, from the technical (understanding and explaining new accounting policies and earning measures) to the practical (modifying data and valuation systems) to the strategic business implications.
Senior finance, accounting and actuarial leaders are called upon to master the technical and practical while piecing together information from external and internal resources to minimize the risk associated with future business implications and still position their companies to accelerate growth in the age of digital transformation.
A change with the broad impact of Accounting Standards Update 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12), surfaces questions from stakeholders and at this given moment there’s more unknown than known.
In order to stay informed and ahead of key questions related to ASU 2018-12, it is important to stay ahead of implementing the new standard. This site will provide easily accessible and well-researched information continuously exploring relevant insights for insurers.