The complexity of NAIC statutory filing requirements has grown significantly in recent years, presenting new challenges for U.S. insurance companies. Changes to asset classifications, capital treatment and Schedule D reporting, coupled with staffing challenges in accounting departments, have made quarterly and annual filings more demanding than ever. If you are an insurer dealing with these struggles, read on. Here are four advanced approaches insurers can adopt to improve the accuracy and efficiency of their reporting processes, relieve much of the pressure on in-house teams and minimize costs.
- Adopt Automation: Off-system processes, manual workarounds and redundant data entry take valuable time from your resources and expose your organization to human error risk and data quality issues. Insurers adopting and fully utilizing automation are seeing enhanced data accuracy, consistent and timely filings with minimal re-work, and increased capacity for their resources to focus on higher value functions.
- Focus on Data Security: With rising concerns about data breaches and the risk of exposing confidential information, insurers are moving away from locally installed systems that require significant internal IT support and instead adopting cloud-based technologies offered by vendors who provide these services at scale. The benefits include more robust information security programs with rigorous system and organization control reporting (i.e., SOC1, SOC2) to protect sensitive financial information and minimize key IT person risk.
- Rely on Specialized Accounting Expertise: Attracting, training and retaining specialized statutory accounting and reporting expertise, in addition to staying up to date with complex and evolving regulatory changes, remains a challenge for insurers, even in a post-pandemic era, but insurers can partner with vendors committed to hiring and retaining tenured experts. Partners like this bring the benefit of having worked with numerous like-kind insurance clients and can act as an extension of your staff.
- Leverage Tools and 91视频 to Eliminate Regulatory Struggles: Impending data tracking and reporting requirements, like those that come with the Principles-Based Bond Definition, force insurers to identify, navigate and implement a full gamut of changes to their systems and processes. Finding the right vendor鈥攑articularly one with skilled development resources, as well as ownership and control of their technology鈥攃an benefit insurers by giving them a blueprint that enables them to maintain compliance while meeting reporting deadlines through a standardized approach, along with the flexibility to accommodate an insurer鈥檚 unique needs.
One Partner to Address 4 Approaches: The Beauty of Outsourcing
Outsourcing NAIC filing processes can help you reap the benefits of all four approaches, and more. SS&C stands out as a trusted partner for statutory reporting due to its extensive expertise, proven track record and comprehensive service offerings:
- Statutory Statement Preparation: End-to-end support for quarterly and annual filings.
- Risk-Based Capital Analysis: Expert analysis to ensure accurate capital adequacy reporting.
- Quality Control Reviews: Comprehensive reviews of client-prepared filings to identify and correct potential errors.
- Regulatory Advisory Services: Tailored guidance on regulatory compliance, financial reporting and operational efficiencies.
This is delivered to you by reliable experts leveraging advanced technology. Our team members bring years of experience in insurance regulatory compliance, including tenures at insurance companies, regulatory agencies and the NAIC. And, with cutting-edge automation tools and integrating seamlessly with existing systems, our teams can further reduce manual effort, improve data security and help ensure timely filings.
Partnering for Success
By partnering with SS&C, insurance companies gain access to unparalleled expertise, cutting-edge technology and advanced approaches for efficient NAIC reporting. Whether you are a small insurer seeking to optimize your resources or a growing company managing increasing regulatory demands, SS&C delivers tailored solutions that reduce costs, enhance compliance and improve efficiency. Contact us today to learn how we can help simplify your NAIC reporting and filing processes and get back to focusing on your core business priorities.
