June 21, 2018
Burch LaPrade, CEO of Gain Compliance, joined presenters Chris Cheatham (Risk Genius), John Humphries (Risk Possibilities), and Julie Eichenseer (Guidewire) in providing a case study on how software targeting the automation of regulatory reporting – “RegTech” – can have a meaningful impact within Insurtech.
The demonstration of Gain Compliance’s software showcased how better reporting tools create better outcomes. Not only are carriers significantly more efficient in their processes, but the filings are, by design and by rule, compliant with regulations and reported data is of higher quality.
Referencing data from an analysis of common filing issues, LaPrade highlighted the errors caused by manual processes. In a study of the Notes section of Statutory Financial Filings, it was found that over two thirds of carriers’ documents had two or more types of deficiencies compared to the standards set by the NAIC and SAPWG. Additionally, almost one third of carriers reported data inconsistently within the same filing. (Gain Compliance’s White Paper on this topic presents the methodology and results of this study for fuller background).
LaPrade’s presentation demonstrated how Regtech delivers better results. For its specific reporting challenge, Gain Compliance’s software not only eliminates the possibilities of these error types, but also creates efficiencies by providing a cloud-based platform for disparate parties to collaborate on high-profile, complex filing processes.
About Gain Compliance:
Gain Compliance is a Des Moines-based software company serving the U.S. insurance market. Founded by compliance software veterans, the company’s mission is to improve processes and outcomes for carriers in their regulatory reporting.