LDTI - US GAAP Long Duration Targeted Improvements

January 2021 is the deadline for Insurance firms to implement the new changes for Long Duration insurance contracts under US GAAP. Meeting the new requirements will be a significant challenge for many firms. Legerity’s FastPost platform can help manage the detailed accounting rules, calculations, cash flow valuations, updates and disclosures required.  This is the time to start managing the granular data required to report with confidence.

DATA

Designed to support high volumes of granular data, Fastpost is capable of holding and processing hundreds of thousands of insurance contracts. Disparate data sources are integrated quickly through a standardised interface, resulting in a single and accurate accounting and risk provisioned repository of insurance contracts – normalised in a uniform format available for US GAAP reporting and disclosure.

CALCULATIONS

FastPost’s high performance rules platform enables US GAAP accounting for all insurance contracts but especially for the changes required in LDTI. It is specifically designed to handle complex finance and risk calculations at speed. FastPost is a core part of an US GAAP systems architecture. It supports the key requirements such as: Ammortising acquisition costs, updating cash flow assumptions and discount rates, evaluating market risk benefits and delivering granular disclosure requirements.

REPORTING

FastPost brings the required finance and actuarial data together for reporting. The new requirements for LDTI require judgements and decisions to be made across the accounting process. FastPost delivers a consistent, traceable approach with full audit trail to illustrate adherence. The FastPost Contract Sub-ledger unlocks valuable, validated financial information to support forward looking business decisions.