It is hard to understate the size and importance of the insurance industry to the U.S. economy.
With $1.2 trillion written in premiums domestically each year, the insurance market comprises 7% of U.S. GDP. Over and above its outsized role in the economy, insurance is foundationally important to society. It plays a fundamental role in not just business transactions, but also in the everyday life of every citizen.
Notably, insurance also represents a success story for a state-based regulatory system. As evidenced by the performance of insurance companies during the 2008 financial crisis relative to their banking peers, as well as the actions and advocacy to protect consumers in insurance matters, the framework of independent insurance commissioners coordinating through a central body (the National Association of Insurance Commissioners) has proven effective.
At the same time, the scale and reach of insurers against the backdrop of a distributed regulatory environment creates challenges for insurers with respect to regulatory reporting.
That is Gain Compliance’s mission: we are building software which makes the underlying processes more efficient and improves outcomes in terms of data quality.