Company: CNO Financial Group, Inc.
Company background: CNO provides life and health insurance, annuities, financial services, and workforce benefits solutions through our family of brands and supported by our associates and agents. Our customers work hard to save for the future, and we help protect their health, income and retirement needs with 3.2 million policies and $34 billion in total assets.
Contact: Lindsay Quandt
Title: Director, IT Program Manager - LDTI
Country: United States
Award Category: Innovative Problem Solver
Tell us about the business problem you were trying to solve?
On August 15, 2018, the FASB published Accounting Standards Update No. 2018-12 (ASU 2018-12) on Target Improvements for the Account for Long Duration Contracts (LDTI). LDTI is largely viewed as one of the biggest insurance overhauls in FASB accounting in several decades. Specifically, CNO looked to SAS for help in solving for three unique business problems:
How did you use SAS to solve that business problem? What products did you use and how did you use them?
What were the results or outcomes?
CNO and SAS completed the implementation of SLAM on time, supporting our business need to complete the work in support of 1Q2023 earnings. This enabled CNO to release our earnings on time, in line with historical GAAP filing timelines.
Why is this approach innovative?
The SAS SubLedger Accounting Module (SLAM) is a new SAS product that US based customers can now utilize to solve similar problems, including the LDTI private filers in 2025.
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