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Longview Tax for Insurance
Customizable dashboards can be easily created to fit your unique needs.
Longview Tax
Longview Tax simplifies and automates tax data collection,
tax reporting and tax planning for Insurance companies,
automating the process from data collection to reporting
and analysis. Information is automatically collected from all
source systems and integrated to create a single repository
of financial information, along with your defined business
and tax rules, to automatically calculate in real-time:
Full Trial Balance and consolidated tax reporting inƒƒ
GAAP, SAP including side-by-side comparison
Automation of Perms and Temps by GAAP, SAPƒƒ
Complex, multi-level sub-consolidationsƒƒ
Internationalization, multiple currencies, accountingƒƒ
periods, chart of accounts, legal entities, etc.
Consolidated current and deferred income taxƒƒ
Deferred taxes by legal entity, by temporary differenceƒƒ
Consolidated effective tax rate reconciliation by legalƒƒ
entity
Ad hoc analysis and reporting, dashboards and taxƒƒ
KPIs with drill down and drill through
Background
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, need for product innovation, need for
faster processing times and various statutory/regulatory
requirements at the state and provincial levels and federal
level. 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 and federal regulations.
Tax Reporting Challenge
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 over-reliance on
spreadsheets further aggravates the situation.
All these factors have resulted in serious business
challenges including:
Having to comply with multiple global statutoryƒƒ
requirements including GAAP and SAP
Complicated spreadsheets to calculate uniqueƒƒ
insurance specific calculations, such as non-
admissible deferred tax (SSAP 101)
Difficulty in providing details below the legal-entityƒƒ
level in the tax reports
Significant reporting workload, including investmentƒƒ
reporting
Resource-intensive data collection from disparate GLsƒƒ
and other systems
Longview Tax for Insurance
© Copyright 2011 Exact International Development B.C., All rights reserved.
In addition Longview Tax is the only solution that offers:
The ability to handle the most complex tax rollupsƒƒ
and provide details below the legal entity level of
detail in additional/supplemental dimensions
The ability to handle the most complex, uniqueƒƒ
insurance calculations (SSAP 101) e.g. non-admissible
deferred tax calculations, etc.
Full support for IFRS/IAS 12 reporting and requiredƒƒ
disclosures in accordance with ASC 740 and IAS 12
provisions, by legal entity
A powerful forecasting engineƒƒ
Easily go from consolidated deferred taxes as noted in your footnote to a specific
temporary difference of a specific legal entity for a specific jurisdiction. Longview Tax
has robust reporting functionality and the ultimate transparency and flexibility.
Longview Tax – Proven in the Insurance
Industry
Leading insurers, including some of the world’s largest
companies in life insurance and reinsurance, have chosen
Longview to automate the tax provisioning process and
address the Tax reporting requirements unique to the
Insurance industry, allowing them to close their books
faster and improve their ability to proactively analyze book
and tax results throughout the year.
Longview Tax Versus The Competition
Longview Tax is an industry-proven solution and offers the most extensive functional
and technical capabilities available in the market today.
Doc.No.LV_InsuranceFactSheet.indd
About Longview Tax
Longview Tax streamlines and automates tax provisioning, tax data collection, and tax planning for today’s global organizations,
employing best-of-breed data management and global collaboration capabilities. Using Longview’s open technology, information is
automatically collected from any source system, in any currency creating a single repository of tax information. For more information
please visit www.longview.com/tax-insurance.
About Longview Solutions
Longview Solutions provides corporate performance management (CPM) and tax provisioning software that leading companies such as
Trustmark, Time Warner, Home Depot, Eaton, Welch’s, and Integrys use to drive performance with speed, visibility and financial integrity.
Since 1994, many of the world’s most respected companies have been using Longview to create a single repository of financial truth from
which all, or any one of the following key financial processes can be performed: Financial Planning, Budgeting, Forecasting, Modeling,
Financial Close and XBRL Reporting, Statutory Consolidation, Management Reporting and Tax Provisioning. Longview is an Exact company
headquartered in Toronto, Canada with additional offices in Philadelphia, Chicago (USA) and London (UK).
For more information visit www.longview.com.
Division Headquarters
65 Allstate Parkway, Suite 200
Markham, ON • L3R 9X1 • Canada
Tel	 905 940 1510
Fax	 905 940 8310
Email	 info@longview.com
US Headquarters
Eight Tower Bridge
161 Washington Street, Suite 750
Conshohocken, PA • 19428 • USA
Tel	 610 828 7915
Fax	 610 828 7916
Email	 info@longview.com
International Headquarters
3rd Floor, Viewpoint, 240 London Road
Staines, Middlesex • TW18 4JT • UK
Tel	 44 (0)1784 221 270
Fax	 44 (0)1784 210 759
Email	 info@longview.com
Longview Solutions
is an Exact company
Reporting, Analytics & Dashboard
Enterprise Scalable Architecture
Source Data Integration
Tax Data Warehouse Extensibility
Unified Platform
Tax Provision Robustness
Configurability
Deployment Models
Global Footprint
TAX VENDORS ERP VENDORS
Most Comprehensive Least Comprehensive
Longview Tax Comparison Chart

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Longview Tax for Insurance

  • 1. Longview Tax for Insurance Customizable dashboards can be easily created to fit your unique needs. Longview Tax Longview Tax simplifies and automates tax data collection, tax reporting and tax planning for Insurance companies, automating the process from data collection to reporting and analysis. Information is automatically collected from all source systems and integrated to create a single repository of financial information, along with your defined business and tax rules, to automatically calculate in real-time: Full Trial Balance and consolidated tax reporting inƒƒ GAAP, SAP including side-by-side comparison Automation of Perms and Temps by GAAP, SAPƒƒ Complex, multi-level sub-consolidationsƒƒ Internationalization, multiple currencies, accountingƒƒ periods, chart of accounts, legal entities, etc. Consolidated current and deferred income taxƒƒ Deferred taxes by legal entity, by temporary differenceƒƒ Consolidated effective tax rate reconciliation by legalƒƒ entity Ad hoc analysis and reporting, dashboards and taxƒƒ KPIs with drill down and drill through Background 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, need for product innovation, need for faster processing times and various statutory/regulatory requirements at the state and provincial levels and federal level. 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 and federal regulations. Tax Reporting Challenge 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 over-reliance on spreadsheets further aggravates the situation. All these factors have resulted in serious business challenges including: Having to comply with multiple global statutoryƒƒ requirements including GAAP and SAP Complicated spreadsheets to calculate uniqueƒƒ insurance specific calculations, such as non- admissible deferred tax (SSAP 101) Difficulty in providing details below the legal-entityƒƒ level in the tax reports Significant reporting workload, including investmentƒƒ reporting Resource-intensive data collection from disparate GLsƒƒ and other systems
  • 2. Longview Tax for Insurance © Copyright 2011 Exact International Development B.C., All rights reserved. In addition Longview Tax is the only solution that offers: The ability to handle the most complex tax rollupsƒƒ and provide details below the legal entity level of detail in additional/supplemental dimensions The ability to handle the most complex, uniqueƒƒ insurance calculations (SSAP 101) e.g. non-admissible deferred tax calculations, etc. Full support for IFRS/IAS 12 reporting and requiredƒƒ disclosures in accordance with ASC 740 and IAS 12 provisions, by legal entity A powerful forecasting engineƒƒ Easily go from consolidated deferred taxes as noted in your footnote to a specific temporary difference of a specific legal entity for a specific jurisdiction. Longview Tax has robust reporting functionality and the ultimate transparency and flexibility. Longview Tax – Proven in the Insurance Industry Leading insurers, including some of the world’s largest companies in life insurance and reinsurance, have chosen Longview to automate the tax provisioning process and address the Tax reporting requirements unique to the Insurance industry, allowing them to close their books faster and improve their ability to proactively analyze book and tax results throughout the year. Longview Tax Versus The Competition Longview Tax is an industry-proven solution and offers the most extensive functional and technical capabilities available in the market today. Doc.No.LV_InsuranceFactSheet.indd About Longview Tax Longview Tax streamlines and automates tax provisioning, tax data collection, and tax planning for today’s global organizations, employing best-of-breed data management and global collaboration capabilities. Using Longview’s open technology, information is automatically collected from any source system, in any currency creating a single repository of tax information. For more information please visit www.longview.com/tax-insurance. About Longview Solutions Longview Solutions provides corporate performance management (CPM) and tax provisioning software that leading companies such as Trustmark, Time Warner, Home Depot, Eaton, Welch’s, and Integrys use to drive performance with speed, visibility and financial integrity. Since 1994, many of the world’s most respected companies have been using Longview to create a single repository of financial truth from which all, or any one of the following key financial processes can be performed: Financial Planning, Budgeting, Forecasting, Modeling, Financial Close and XBRL Reporting, Statutory Consolidation, Management Reporting and Tax Provisioning. Longview is an Exact company headquartered in Toronto, Canada with additional offices in Philadelphia, Chicago (USA) and London (UK). For more information visit www.longview.com. Division Headquarters 65 Allstate Parkway, Suite 200 Markham, ON • L3R 9X1 • Canada Tel 905 940 1510 Fax 905 940 8310 Email info@longview.com US Headquarters Eight Tower Bridge 161 Washington Street, Suite 750 Conshohocken, PA • 19428 • USA Tel 610 828 7915 Fax 610 828 7916 Email info@longview.com International Headquarters 3rd Floor, Viewpoint, 240 London Road Staines, Middlesex • TW18 4JT • UK Tel 44 (0)1784 221 270 Fax 44 (0)1784 210 759 Email info@longview.com Longview Solutions is an Exact company Reporting, Analytics & Dashboard Enterprise Scalable Architecture Source Data Integration Tax Data Warehouse Extensibility Unified Platform Tax Provision Robustness Configurability Deployment Models Global Footprint TAX VENDORS ERP VENDORS Most Comprehensive Least Comprehensive Longview Tax Comparison Chart