Abstract
In 2024, MedBen’s VP of Finance, Ed Nydegger, sought to reduce the manual effort and time spent on regulatory reporting. After discovering Gain’s modern solution, he fast-tracked an upgrade that immediately yielded significant operational benefits.
In this Customer Story, you’ll see how Gain’s fresh approach created time savings and allowed MedBen to focus on the statutory accounting principles underpinning the company’s statements.
Key Quote
“Switching to Gain Compliance lowered my stress level. I’m more efficient with the filing, and at the same time, I’m learning more about the rules and recent rule changes of statutory accounting than I ever did before using Gain.”
Ed Nydegger, VP Finance, MedBen
Background
In 2010, Ed Nydegger inherited stat. reporting responsibility for MedBen’s single reporting entity.
He recalled that data entry in Eagle Technology Management’s Wings software was highly inefficient, describing the process as “running from one silo to another” as the interface was organized strictly around statement identifiers. Validation was equally time-consuming; resolving issues required navigating back to specific identifiers to fix errors, followed by a full recompilation of the validation report to confirm resolution.
“Cash flow was clunky,” he observed, “because we had to close out of it to get to another module.” If data wasn’t syncing up, there was more “back and forth” between modules to bring the statement together.
“There was a lot of late-night ‘oil-burning’ to make that happen”, he remembered. While that was a challenge, he leaned into his knowledge of the filing, and, with the support he received from Eagle Technology Management, he was able to make the software work.
Once Eagle Technology Management was acquired by Sovos, however, MedBen lost dedicated support, and the generalized customer assistance framework which replaced it wasn’t nearly as helpful. At this point, making the legacy software product work was taking time from Ed that he didn’t have to spare.
Finally, Ed took on additional responsibilities at MedBen. This served as the final push to find a better solution for the company’s regulatory reporting.
Soon after, Ed began using Gain Compliance for the company’s NAIC reporting.
Now Focused on the Principles
From the outset, Ed was impressed with how easy it was to get started with Gain. “The transitions team was fantastic,” he enthused. “It was quick and easy, and they were very patient and accommodating. With a bit of training, I was off and running.”
With Gain, Ed no longer felt like statement data was siloed in modules. “It was Cloud-based. I could have multiple tabs open. I could look at different parts of the statement at the same time, and I could see how they were all connected,” he said. “If I made an update to one section, I could immediately see how that flowed to the rest of the statement.”
The flexibility and ease of tracing data across statements extended across statement filing periods as well. “When I need to reference a prior year, I press a button and that statement pops up,” he noted, “I could have the 2024 statement up as reference as I worked on the 2025 statement.”
His workflows around the Notes became streamlined as well. “The way Gain brought that document into the software, I didn’t have to manage it anymore. If language needed to change, it was easy to update, and had a feature to highlight things that regularly changed.”
In general, he became less focused on the mechanics of the software. With Gain, he was free to explore the statutory principles at play. “I had the time, and I could dig into why a number was off, and I could clearly see the rule my number was bouncing up against.”
With real-time visibility into the statement as a whole, the overall filing experience changed. “Switching to Gain Compliance lowered my stress level. I’m more efficient with the filing, and at the same time, I’m learning more about the rules and recent rule changes of statutory accounting than I ever did before using Gain.”
Conclusion
Within many insurance companies, finance leaders often manage a variety of different responsibilities. With their knowledge and experience, they are well-equipped for the challenge. Figuring out the mechanics of using a legacy Annual Statement product is not only time consuming, those mechanics can pull focus away from what’s important.
With Gain, these finance leaders discover peace of mind through the ability to see their statements as a whole and thus better understand the accounting principles that guide this reporting.
Learn more about how Gain has improved outcomes for financial reporting teams for other carriers.