Abstract
In 2023, VYRD Insurance transitioned to Gain Compliance. As a dynamic startup, the company’s lead on statutory financial statements, Valerie, adeptly navigated new territory as a beginner to the yellow book process. This Customer Story showcases how Gain’s intuitive software streamlined the learning process, empowering Valerie to excel.
Key Quote
“I’ve had such a great experience so far, I’ve really enjoyed learning statutory accounting because it’s all so easy to follow in Gain.”
Valerie, Controller, VYRD Insurance
Background
At VYRD, a lean startup, team members take on diverse roles. Among her responsibilities, Controller Valerie spearheaded the company’s NAIC filings. Initially, she used software she had inherited to compile the company’s yellow book. Its steep learning curve and the inherent complexity of the filing itself made the process challenging.
Despite these hurdles, Valerie was determined to produce professional-quality statements. However, the prior vendor’s archaic interface and cumbersome data formatting requirements made the task daunting.
“Navigating their statutory accounting module was difficult, and support didn’t have answers to my questions,” she recalled. Formatting issues and repetitive tasks further compounded the challenges, making each quarterly update a time-consuming ordeal.
A Better Way
Valerie assumed statutory filings would always be time-consuming and complex until she discovered Gain Compliance.
Initially skeptical, she was pleasantly surprised by Gain’s user-friendly interface and design. “It’s very intuitive; I didn’t have to consult training docs and could navigate the software immediately,” she said.
Gain’s built-in ‘guardrails’ provided additional confidence, highlighting changes and ensuring data accuracy. “The Notes are phenomenal in Gain. The formatting is perfect, and the validations clearly indicate what needs to be corrected, taking you directly to the relevant schedules,” Valerie enthused.
Improved Collaboration and Automated Roll-Forwards
Gain also enhanced collaboration with VYRD’s CFO. “Gain’s Outline Labels make it easy to track reviewed and pending work,” Valerie explained. The Marked for Roll Forward functionality offered visibility into periodic text changes, improving efficiency and accuracy.
The Security of Best-in-Class Support
From the outset, Gain’s customer support was instrumental in ensuring a smooth transition. “They made the transition so easy, ensuring everything was accurate,” Valerie noted. Gain’s proactive support went above and beyond, troubleshooting issues and providing immediate assistance, exemplifying exceptional customer service.
Peace of Mind + Efficiency
Switching to Gain Compliance has been a significant success for VYRD. “Everything has been intuitive and smooth,” Valerie reflected. She appreciates the software’s comprehensive validation process and seamless integration with NAIC Guidance, significantly reducing the time spent on statements by 75%.
Conclusion
Gain Compliance’s modern and intuitive software has revolutionized the statutory filing process, making it more accessible and efficient. By simplifying complex tasks, Gain has fundamentally improved the experience for newcomers to statutory filings, ensuring success even for those with minimal prior experience.
Putting all of the pieces together – superlative software, best-in-class support, timely and comprehensive educational updates and resources – Valerie summarized the impact that Gain has had on improving outcomes for VYRD’s reporting: “I’ve had such a great experience so far, I’ve really enjoyed learning statutory accounting because it’s all so easy to follow in Gain.”
Gain’s modern and intuitive software has made this difficult intellectual terrain more approachable, and made data flows across the statement more discoverable.
Learn more about how Gain has improved outcomes for financial reporting teams for other carriers.