In recent times, navigating the intricate landscape of NAIC statutory filing requirements has become increasingly difficult for U.S. insurance firms. The evolution of asset classifications, capital treatment, and Schedule D reporting has added layers of complexity, while staffing issues within accounting departments haven’t made things easier. If you’re an insurance company grappling with these hurdles, stay with me—I’ve got four cutting-edge strategies for making reporting processes not only more accurate and efficient but also less taxing on your in-house team and budget-friendly.
Let’s Talk Automation: Right now, manual processes, workarounds, and repetitive data entry are eating up your resources and leaving your company vulnerable to human error and data mishaps. Insurance companies that embrace automation are witnessing a boost in data accuracy, and consistent and timely filings with fewer do-overs. Plus, they’re freeing up their resources to zero in on higher-priority tasks.
Prioritize Data Security: With data breaches looming large and the risk of exposing confidential information ever-present, many insurers are ditching their locally-installed systems. Instead, they’re turning to cloud-based technologies offered at scale by third-party vendors. This shift boasts stronger information security programs with rigorous system and organization control reporting (like SOC1 and SOC2) to safeguard sensitive financial data and reduce dependency on key IT personnel.
Depend on Specialized Accounting Expertise: Even in the current post-pandemic landscape, securing, training, and keeping specialized statutory accounting and reporting professionals, while keeping pace with changing regulations, remains challenging for insurers. Partnering with vendors dedicated to employing seasoned experts can be a game-changer. These partners, having worked with many insurance clients, essentially become an extension of your team.
Use Tools and Resources to Ease Regulatory Challenges: Future data tracking and reporting demands, like those posed by the Principles-Based Bond Definition, require insurers to overhaul their systems and processes. The right vendor, equipped with skilled development manpower and control over their technology, offers insurers a roadmap to stay compliant and meet deadlines through a standardized yet flexible approach that caters to an insurer’s unique needs.
Embrace the Ease of Outsourcing: By choosing outsourcing for NAIC filing processes, you can embrace the benefits of all these strategies, and much more. SS&C is a notable partner in the realm of statutory reporting, bringing a seasoned history, proven reliability, and a full suite of services:
– Comprehensive statutory statement preparation for quarterly and annual filings.
– Sophisticated risk-based capital analysis to confirm precise capital adequacy reporting.
– Thorough quality control reviews to spot and fix potential errors in client-prepared filings.
– Personalized regulatory advisory services focused on compliance, financial reporting, and operational efficiency.
With technology-driven solutions delivered by seasoned professionals, SS&C is your go-to for improving efficiency in your NAIC reporting efforts. Our team, backed by significant experience with insurance regulatory compliance and cutting-edge automation tools, integrates seamlessly with existing systems. This means we reduce manual workloads, enhance data security, and ensure timely filings.
Align for Achievement
By teaming up with SS&C, insurance companies tap into unmatched expertise, leading-edge technology, and sophisticated methods for streamlined NAIC reporting. Whether you’re a small insurer aiming to optimize resources or a larger entity handling growing regulatory demands, SS&C provides customized solutions to cut costs, bolster compliance, and increase efficiency. Reach out to us today to find out how we can simplify your NAIC reporting and filing needs, allowing you to refocus on your primary business goals.
