SlideShare a Scribd company logo
Burch LaPrade
CEO and Founder, Gain Compliance
burch@gaincompliance.com
515-865-3702
Insurtech:
Solving Real Problems
What is Insurtech?
Insurtech is the promise to improve the insurance
market through the application of new approaches and
technology.
What is Insurtech?
It is also the
hottest area of
venture capital
investment, with
over $4 billion
committed in 2018
alone.
What Innovations Drive Insurtech?
•Big Data
•Cloud
•Machine Learning/Artificial Intelligence
•Block Chain
How can Insurtech improve the Annual Statement
reporting process?
Carriers face a heavy reporting
burden
Filing on an entity-by-entity basis, often
to each state.
Lots of data reported across lots of
different filing types.
Actuarial Memorandum; Separate Accounts;
Product Filings; Market Conduct Annual
Statement (MCAS); NY Supplement; Cat.
Calls; Audited Financials; Statutory Financial
Reporting; Registration Statements; Rate
Filings; Line-specific Reports; ACA/CMS
Reporting; Premium Tax Accounting; ORSA;
SEC Reporting; Premium Tax Filings; State-
specific data calls; Rating Agency Reporting;
Statistical Reporting….
Case Studies – Annual Statement
Focused on Notes section –
•Completed using Word and Excel
•Integration of NAIC/SAPWG updates
•Double entry of electronically filed data
Universal Process for Notes
Case Studies – Annual Statement
What could go wrong?
2018 Analysis*
Sample size: 102 filings
Screened for Compliance Errors by type:
• Failure to keep up with most recent NAIC guidance
• Table content and formatting errors
• Mandatory quarterly disclosure omissions
*Reference: White Paper: Common Compliance and Filing Errors for the Notes of Statutory
Financial Reports
Table formatting and content
Mandatory quarterly
disclosures
SAPWG Updates
COMPLIANCE
WITH
INSTRUCTIONS
27%
Single Error
Type Only
58%
Two Error
Types
15%
Three Error
Types
Compliance errors
2018 – 2019 Analysis
Sample size: 336 filings
Screened for Data Inconsistency:
Mismatch between data in the printed filing and data
filed electronically.
Root Causes of Inconsistent Data
• Two separate processes
• Limitations of Annual Statement vendor software to run cross-
checks and validations
• Impractical to tick and tie PDF and Electronic Notes Data
• Reality of the reporting environment and resources
Data Quality Errors
Inconsistent data between
the PDF and Electronic
Notes filing.DATA MISMATCH
ERRORS
75%
DATA MISMATCH
(PDF vs. Electronic Filing)
Solutions
Understanding
• What are the risks of status quo?
• What are the possibilities to improve?
Research
• What resources are available for education?
Framework
• What opportunities exist for a repeatable framework?
Solutions
Technology vs. Personality-driven solutions
The Holy Grail is automation
Gain Compliance automates the
manual processes that are inefficient
and lead to errors:
Conformity with NAIC guidelines
Document formatting
Electronic filing of Notes data
Cross-checks and validations
Burch LaPrade
CEO and Founder
burch@gaincompliance.com
515-865-3702
Thank You

More Related Content

What's hot

AI governance market worth $316 million by 202
AI governance market worth $316 million by 202AI governance market worth $316 million by 202
AI governance market worth $316 million by 202
DheerajPawar4
 
Accenture 2015 Global Risk Management Study: Capital Markets infographic
Accenture 2015 Global Risk Management Study: Capital Markets infographic Accenture 2015 Global Risk Management Study: Capital Markets infographic
Accenture 2015 Global Risk Management Study: Capital Markets infographic
accenture
 
Master data management market worth $27.9 billion by 2025
Master data management market worth $27.9 billion by 2025Master data management market worth $27.9 billion by 2025
Master data management market worth $27.9 billion by 2025
DheerajPawar4
 
Data center colocation market ppt
Data center colocation market pptData center colocation market ppt
Data center colocation market ppt
DheerajPawar4
 
NYMUG Benchmark and metric resources july, 2013
NYMUG Benchmark and metric resources july, 2013NYMUG Benchmark and metric resources july, 2013
NYMUG Benchmark and metric resources july, 2013
Inga Romanoff
 
HIMSS Analytics® - Healthcare IT State of the Market 2016
HIMSS Analytics® - Healthcare IT State of the Market 2016HIMSS Analytics® - Healthcare IT State of the Market 2016
HIMSS Analytics® - Healthcare IT State of the Market 2016
HIMSS Analytics
 
Data center rack market worth $5.9 billion by 2025
Data center rack market worth $5.9 billion by 2025Data center rack market worth $5.9 billion by 2025
Data center rack market worth $5.9 billion by 2025
DheerajPawar4
 
Top sectors outsourcing their services
Top sectors outsourcing their servicesTop sectors outsourcing their services
Top sectors outsourcing their services
Priya Dubey
 
It spending set for rise after 2013 dip
It spending set for rise after 2013 dipIt spending set for rise after 2013 dip
It spending set for rise after 2013 dip
John Davis
 
Data Center Colocation Market
Data Center Colocation MarketData Center Colocation Market
Data Center Colocation Market
DheerajPawar4
 
Io t middleware market worth $19.5 billion by 2023
Io t middleware market worth $19.5 billion by 2023Io t middleware market worth $19.5 billion by 2023
Io t middleware market worth $19.5 billion by 2023
DheerajPawar4
 
Penetration testing market is expected to grow $4.5 billion by 2025
Penetration testing market is expected to grow $4.5 billion by 2025Penetration testing market is expected to grow $4.5 billion by 2025
Penetration testing market is expected to grow $4.5 billion by 2025
DheerajPawar4
 
Io t middleware market vendors by share & growth strategies 2025 marke...
Io t middleware market vendors by share & growth strategies   2025  marke...Io t middleware market vendors by share & growth strategies   2025  marke...
Io t middleware market vendors by share & growth strategies 2025 marke...
DheerajPawar4
 
2Q18 Global ISG Index Infographic
2Q18 Global ISG Index Infographic2Q18 Global ISG Index Infographic
2Q18 Global ISG Index Infographic
Information Services Group (ISG)
 

What's hot (14)

AI governance market worth $316 million by 202
AI governance market worth $316 million by 202AI governance market worth $316 million by 202
AI governance market worth $316 million by 202
 
Accenture 2015 Global Risk Management Study: Capital Markets infographic
Accenture 2015 Global Risk Management Study: Capital Markets infographic Accenture 2015 Global Risk Management Study: Capital Markets infographic
Accenture 2015 Global Risk Management Study: Capital Markets infographic
 
Master data management market worth $27.9 billion by 2025
Master data management market worth $27.9 billion by 2025Master data management market worth $27.9 billion by 2025
Master data management market worth $27.9 billion by 2025
 
Data center colocation market ppt
Data center colocation market pptData center colocation market ppt
Data center colocation market ppt
 
NYMUG Benchmark and metric resources july, 2013
NYMUG Benchmark and metric resources july, 2013NYMUG Benchmark and metric resources july, 2013
NYMUG Benchmark and metric resources july, 2013
 
HIMSS Analytics® - Healthcare IT State of the Market 2016
HIMSS Analytics® - Healthcare IT State of the Market 2016HIMSS Analytics® - Healthcare IT State of the Market 2016
HIMSS Analytics® - Healthcare IT State of the Market 2016
 
Data center rack market worth $5.9 billion by 2025
Data center rack market worth $5.9 billion by 2025Data center rack market worth $5.9 billion by 2025
Data center rack market worth $5.9 billion by 2025
 
Top sectors outsourcing their services
Top sectors outsourcing their servicesTop sectors outsourcing their services
Top sectors outsourcing their services
 
It spending set for rise after 2013 dip
It spending set for rise after 2013 dipIt spending set for rise after 2013 dip
It spending set for rise after 2013 dip
 
Data Center Colocation Market
Data Center Colocation MarketData Center Colocation Market
Data Center Colocation Market
 
Io t middleware market worth $19.5 billion by 2023
Io t middleware market worth $19.5 billion by 2023Io t middleware market worth $19.5 billion by 2023
Io t middleware market worth $19.5 billion by 2023
 
Penetration testing market is expected to grow $4.5 billion by 2025
Penetration testing market is expected to grow $4.5 billion by 2025Penetration testing market is expected to grow $4.5 billion by 2025
Penetration testing market is expected to grow $4.5 billion by 2025
 
Io t middleware market vendors by share & growth strategies 2025 marke...
Io t middleware market vendors by share & growth strategies   2025  marke...Io t middleware market vendors by share & growth strategies   2025  marke...
Io t middleware market vendors by share & growth strategies 2025 marke...
 
2Q18 Global ISG Index Infographic
2Q18 Global ISG Index Infographic2Q18 Global ISG Index Infographic
2Q18 Global ISG Index Infographic
 

Similar to Gain Compliance - IASA Regional Presentation - 11-26-2019

The programmable RegTech Eco System by Liv Apneseth Watson
The programmable RegTech Eco System by Liv Apneseth WatsonThe programmable RegTech Eco System by Liv Apneseth Watson
The programmable RegTech Eco System by Liv Apneseth Watson
Workiva
 
How Automation is Driving Efficiency Through the Last Mile of Reporting
How Automation is Driving Efficiency Through the Last Mile of ReportingHow Automation is Driving Efficiency Through the Last Mile of Reporting
How Automation is Driving Efficiency Through the Last Mile of Reporting
Aggregage
 
online reporting
online reportingonline reporting
online reporting
soniakundra
 
Optimising Big Data Analytics for Non-Aeronautical Activity
Optimising Big Data Analytics for Non-Aeronautical ActivityOptimising Big Data Analytics for Non-Aeronautical Activity
Optimising Big Data Analytics for Non-Aeronautical Activity
Concessionaire Analyzer+
 
IT Financial Management Series - Part 1: Defining a Model to Effectively Run ...
IT Financial Management Series - Part 1: Defining a Model to Effectively Run ...IT Financial Management Series - Part 1: Defining a Model to Effectively Run ...
IT Financial Management Series - Part 1: Defining a Model to Effectively Run ...
UMT
 
The ITFM Tool Journey
The ITFM Tool JourneyThe ITFM Tool Journey
The ITFM Tool Journey
Pete Hidalgo
 
Invoiceware/America Economia LATAM Survey
Invoiceware/America Economia LATAM SurveyInvoiceware/America Economia LATAM Survey
Invoiceware/America Economia LATAM Survey
Daniel Wain
 
Reporting Challenges for Office of the Finance
Reporting Challenges for Office of the FinanceReporting Challenges for Office of the Finance
Reporting Challenges for Office of the Finance
paul young cpa, cga
 
Measuring GDP in a digitalised economy
 Measuring GDP in a digitalised economy Measuring GDP in a digitalised economy
Measuring GDP in a digitalised economy
Structuralpolicyanalysis
 
Reporting Challenges for Corporate Accounting and Finance - Office of the Fin...
Reporting Challenges for Corporate Accounting and Finance - Office of the Fin...Reporting Challenges for Corporate Accounting and Finance - Office of the Fin...
Reporting Challenges for Corporate Accounting and Finance - Office of the Fin...
paul young cpa, cga
 
The path to a Modern Data Architecture in Financial Services
The path to a Modern Data Architecture in Financial ServicesThe path to a Modern Data Architecture in Financial Services
The path to a Modern Data Architecture in Financial Services
Hortonworks
 
Automation of Regulatory reporting in the Banking and securities in 2022.pptx
Automation of Regulatory reporting in the Banking and securities in 2022.pptxAutomation of Regulatory reporting in the Banking and securities in 2022.pptx
Automation of Regulatory reporting in the Banking and securities in 2022.pptx
Maveric Systems
 
Marcoccio10 22
Marcoccio10 22Marcoccio10 22
Marcoccio10 22
jaikms kms
 
Subscription & billing management market is projected to register a moder...
Subscription & billing management market is projected to register a moder...Subscription & billing management market is projected to register a moder...
Subscription & billing management market is projected to register a moder...
DheerajPawar4
 
Reference data management in financial services industry
Reference data management in financial services industryReference data management in financial services industry
Reference data management in financial services industry
NIIT Technologies
 
“Touchless AP Automation”: [Auxis Webinar - February 26th, 2020]
“Touchless AP Automation”:  [Auxis Webinar - February 26th, 2020]“Touchless AP Automation”:  [Auxis Webinar - February 26th, 2020]
“Touchless AP Automation”: [Auxis Webinar - February 26th, 2020]
Auxis Consulting & Outsourcing
 
Introductory to ESG and Sustainability Reporting.pptx
Introductory to ESG and Sustainability Reporting.pptxIntroductory to ESG and Sustainability Reporting.pptx
Introductory to ESG and Sustainability Reporting.pptx
paul young cpa, cga
 
2018 travel and expense trends and benchmarks to improve spend management
2018 travel and expense trends and benchmarks to improve spend management2018 travel and expense trends and benchmarks to improve spend management
2018 travel and expense trends and benchmarks to improve spend management
Ashley Emery
 
CDO Vision: The Value of Data
CDO Vision: The Value of DataCDO Vision: The Value of Data
CDO Vision: The Value of Data
DATAVERSITY
 
Aptitude software cfo challenges
Aptitude software   cfo challengesAptitude software   cfo challenges
Aptitude software cfo challenges
Ross E. Chapman
 

Similar to Gain Compliance - IASA Regional Presentation - 11-26-2019 (20)

The programmable RegTech Eco System by Liv Apneseth Watson
The programmable RegTech Eco System by Liv Apneseth WatsonThe programmable RegTech Eco System by Liv Apneseth Watson
The programmable RegTech Eco System by Liv Apneseth Watson
 
How Automation is Driving Efficiency Through the Last Mile of Reporting
How Automation is Driving Efficiency Through the Last Mile of ReportingHow Automation is Driving Efficiency Through the Last Mile of Reporting
How Automation is Driving Efficiency Through the Last Mile of Reporting
 
online reporting
online reportingonline reporting
online reporting
 
Optimising Big Data Analytics for Non-Aeronautical Activity
Optimising Big Data Analytics for Non-Aeronautical ActivityOptimising Big Data Analytics for Non-Aeronautical Activity
Optimising Big Data Analytics for Non-Aeronautical Activity
 
IT Financial Management Series - Part 1: Defining a Model to Effectively Run ...
IT Financial Management Series - Part 1: Defining a Model to Effectively Run ...IT Financial Management Series - Part 1: Defining a Model to Effectively Run ...
IT Financial Management Series - Part 1: Defining a Model to Effectively Run ...
 
The ITFM Tool Journey
The ITFM Tool JourneyThe ITFM Tool Journey
The ITFM Tool Journey
 
Invoiceware/America Economia LATAM Survey
Invoiceware/America Economia LATAM SurveyInvoiceware/America Economia LATAM Survey
Invoiceware/America Economia LATAM Survey
 
Reporting Challenges for Office of the Finance
Reporting Challenges for Office of the FinanceReporting Challenges for Office of the Finance
Reporting Challenges for Office of the Finance
 
Measuring GDP in a digitalised economy
 Measuring GDP in a digitalised economy Measuring GDP in a digitalised economy
Measuring GDP in a digitalised economy
 
Reporting Challenges for Corporate Accounting and Finance - Office of the Fin...
Reporting Challenges for Corporate Accounting and Finance - Office of the Fin...Reporting Challenges for Corporate Accounting and Finance - Office of the Fin...
Reporting Challenges for Corporate Accounting and Finance - Office of the Fin...
 
The path to a Modern Data Architecture in Financial Services
The path to a Modern Data Architecture in Financial ServicesThe path to a Modern Data Architecture in Financial Services
The path to a Modern Data Architecture in Financial Services
 
Automation of Regulatory reporting in the Banking and securities in 2022.pptx
Automation of Regulatory reporting in the Banking and securities in 2022.pptxAutomation of Regulatory reporting in the Banking and securities in 2022.pptx
Automation of Regulatory reporting in the Banking and securities in 2022.pptx
 
Marcoccio10 22
Marcoccio10 22Marcoccio10 22
Marcoccio10 22
 
Subscription & billing management market is projected to register a moder...
Subscription & billing management market is projected to register a moder...Subscription & billing management market is projected to register a moder...
Subscription & billing management market is projected to register a moder...
 
Reference data management in financial services industry
Reference data management in financial services industryReference data management in financial services industry
Reference data management in financial services industry
 
“Touchless AP Automation”: [Auxis Webinar - February 26th, 2020]
“Touchless AP Automation”:  [Auxis Webinar - February 26th, 2020]“Touchless AP Automation”:  [Auxis Webinar - February 26th, 2020]
“Touchless AP Automation”: [Auxis Webinar - February 26th, 2020]
 
Introductory to ESG and Sustainability Reporting.pptx
Introductory to ESG and Sustainability Reporting.pptxIntroductory to ESG and Sustainability Reporting.pptx
Introductory to ESG and Sustainability Reporting.pptx
 
2018 travel and expense trends and benchmarks to improve spend management
2018 travel and expense trends and benchmarks to improve spend management2018 travel and expense trends and benchmarks to improve spend management
2018 travel and expense trends and benchmarks to improve spend management
 
CDO Vision: The Value of Data
CDO Vision: The Value of DataCDO Vision: The Value of Data
CDO Vision: The Value of Data
 
Aptitude software cfo challenges
Aptitude software   cfo challengesAptitude software   cfo challenges
Aptitude software cfo challenges
 

Recently uploaded

Neo4j - Product Vision and Knowledge Graphs - GraphSummit Paris
Neo4j - Product Vision and Knowledge Graphs - GraphSummit ParisNeo4j - Product Vision and Knowledge Graphs - GraphSummit Paris
Neo4j - Product Vision and Knowledge Graphs - GraphSummit Paris
Neo4j
 
Hand Rolled Applicative User Validation Code Kata
Hand Rolled Applicative User ValidationCode KataHand Rolled Applicative User ValidationCode Kata
Hand Rolled Applicative User Validation Code Kata
Philip Schwarz
 
DDS-Security 1.2 - What's New? Stronger security for long-running systems
DDS-Security 1.2 - What's New? Stronger security for long-running systemsDDS-Security 1.2 - What's New? Stronger security for long-running systems
DDS-Security 1.2 - What's New? Stronger security for long-running systems
Gerardo Pardo-Castellote
 
Using Xen Hypervisor for Functional Safety
Using Xen Hypervisor for Functional SafetyUsing Xen Hypervisor for Functional Safety
Using Xen Hypervisor for Functional Safety
Ayan Halder
 
2024 eCommerceDays Toulouse - Sylius 2.0.pdf
2024 eCommerceDays Toulouse - Sylius 2.0.pdf2024 eCommerceDays Toulouse - Sylius 2.0.pdf
2024 eCommerceDays Toulouse - Sylius 2.0.pdf
Łukasz Chruściel
 
Using Query Store in Azure PostgreSQL to Understand Query Performance
Using Query Store in Azure PostgreSQL to Understand Query PerformanceUsing Query Store in Azure PostgreSQL to Understand Query Performance
Using Query Store in Azure PostgreSQL to Understand Query Performance
Grant Fritchey
 
LORRAINE ANDREI_LEQUIGAN_HOW TO USE WHATSAPP.pptx
LORRAINE ANDREI_LEQUIGAN_HOW TO USE WHATSAPP.pptxLORRAINE ANDREI_LEQUIGAN_HOW TO USE WHATSAPP.pptx
LORRAINE ANDREI_LEQUIGAN_HOW TO USE WHATSAPP.pptx
lorraineandreiamcidl
 
Essentials of Automations: The Art of Triggers and Actions in FME
Essentials of Automations: The Art of Triggers and Actions in FMEEssentials of Automations: The Art of Triggers and Actions in FME
Essentials of Automations: The Art of Triggers and Actions in FME
Safe Software
 
Automated software refactoring with OpenRewrite and Generative AI.pptx.pdf
Automated software refactoring with OpenRewrite and Generative AI.pptx.pdfAutomated software refactoring with OpenRewrite and Generative AI.pptx.pdf
Automated software refactoring with OpenRewrite and Generative AI.pptx.pdf
timtebeek1
 
原版定制美国纽约州立大学奥尔巴尼分校毕业证学位证书原版一模一样
原版定制美国纽约州立大学奥尔巴尼分校毕业证学位证书原版一模一样原版定制美国纽约州立大学奥尔巴尼分校毕业证学位证书原版一模一样
原版定制美国纽约州立大学奥尔巴尼分校毕业证学位证书原版一模一样
mz5nrf0n
 
AI Fusion Buddy Review: Brand New, Groundbreaking Gemini-Powered AI App
AI Fusion Buddy Review: Brand New, Groundbreaking Gemini-Powered AI AppAI Fusion Buddy Review: Brand New, Groundbreaking Gemini-Powered AI App
AI Fusion Buddy Review: Brand New, Groundbreaking Gemini-Powered AI App
Google
 
OpenMetadata Community Meeting - 5th June 2024
OpenMetadata Community Meeting - 5th June 2024OpenMetadata Community Meeting - 5th June 2024
OpenMetadata Community Meeting - 5th June 2024
OpenMetadata
 
Unveiling the Advantages of Agile Software Development.pdf
Unveiling the Advantages of Agile Software Development.pdfUnveiling the Advantages of Agile Software Development.pdf
Unveiling the Advantages of Agile Software Development.pdf
brainerhub1
 
E-Invoicing Implementation: A Step-by-Step Guide for Saudi Arabian Companies
E-Invoicing Implementation: A Step-by-Step Guide for Saudi Arabian CompaniesE-Invoicing Implementation: A Step-by-Step Guide for Saudi Arabian Companies
E-Invoicing Implementation: A Step-by-Step Guide for Saudi Arabian Companies
Quickdice ERP
 
UI5con 2024 - Boost Your Development Experience with UI5 Tooling Extensions
UI5con 2024 - Boost Your Development Experience with UI5 Tooling ExtensionsUI5con 2024 - Boost Your Development Experience with UI5 Tooling Extensions
UI5con 2024 - Boost Your Development Experience with UI5 Tooling Extensions
Peter Muessig
 
openEuler Case Study - The Journey to Supply Chain Security
openEuler Case Study - The Journey to Supply Chain SecurityopenEuler Case Study - The Journey to Supply Chain Security
openEuler Case Study - The Journey to Supply Chain Security
Shane Coughlan
 
What is Master Data Management by PiLog Group
What is Master Data Management by PiLog GroupWhat is Master Data Management by PiLog Group
What is Master Data Management by PiLog Group
aymanquadri279
 
Neo4j - Product Vision and Knowledge Graphs - GraphSummit Paris
Neo4j - Product Vision and Knowledge Graphs - GraphSummit ParisNeo4j - Product Vision and Knowledge Graphs - GraphSummit Paris
Neo4j - Product Vision and Knowledge Graphs - GraphSummit Paris
Neo4j
 
Webinar On-Demand: Using Flutter for Embedded
Webinar On-Demand: Using Flutter for EmbeddedWebinar On-Demand: Using Flutter for Embedded
Webinar On-Demand: Using Flutter for Embedded
ICS
 
Oracle Database 19c New Features for DBAs and Developers.pptx
Oracle Database 19c New Features for DBAs and Developers.pptxOracle Database 19c New Features for DBAs and Developers.pptx
Oracle Database 19c New Features for DBAs and Developers.pptx
Remote DBA Services
 

Recently uploaded (20)

Neo4j - Product Vision and Knowledge Graphs - GraphSummit Paris
Neo4j - Product Vision and Knowledge Graphs - GraphSummit ParisNeo4j - Product Vision and Knowledge Graphs - GraphSummit Paris
Neo4j - Product Vision and Knowledge Graphs - GraphSummit Paris
 
Hand Rolled Applicative User Validation Code Kata
Hand Rolled Applicative User ValidationCode KataHand Rolled Applicative User ValidationCode Kata
Hand Rolled Applicative User Validation Code Kata
 
DDS-Security 1.2 - What's New? Stronger security for long-running systems
DDS-Security 1.2 - What's New? Stronger security for long-running systemsDDS-Security 1.2 - What's New? Stronger security for long-running systems
DDS-Security 1.2 - What's New? Stronger security for long-running systems
 
Using Xen Hypervisor for Functional Safety
Using Xen Hypervisor for Functional SafetyUsing Xen Hypervisor for Functional Safety
Using Xen Hypervisor for Functional Safety
 
2024 eCommerceDays Toulouse - Sylius 2.0.pdf
2024 eCommerceDays Toulouse - Sylius 2.0.pdf2024 eCommerceDays Toulouse - Sylius 2.0.pdf
2024 eCommerceDays Toulouse - Sylius 2.0.pdf
 
Using Query Store in Azure PostgreSQL to Understand Query Performance
Using Query Store in Azure PostgreSQL to Understand Query PerformanceUsing Query Store in Azure PostgreSQL to Understand Query Performance
Using Query Store in Azure PostgreSQL to Understand Query Performance
 
LORRAINE ANDREI_LEQUIGAN_HOW TO USE WHATSAPP.pptx
LORRAINE ANDREI_LEQUIGAN_HOW TO USE WHATSAPP.pptxLORRAINE ANDREI_LEQUIGAN_HOW TO USE WHATSAPP.pptx
LORRAINE ANDREI_LEQUIGAN_HOW TO USE WHATSAPP.pptx
 
Essentials of Automations: The Art of Triggers and Actions in FME
Essentials of Automations: The Art of Triggers and Actions in FMEEssentials of Automations: The Art of Triggers and Actions in FME
Essentials of Automations: The Art of Triggers and Actions in FME
 
Automated software refactoring with OpenRewrite and Generative AI.pptx.pdf
Automated software refactoring with OpenRewrite and Generative AI.pptx.pdfAutomated software refactoring with OpenRewrite and Generative AI.pptx.pdf
Automated software refactoring with OpenRewrite and Generative AI.pptx.pdf
 
原版定制美国纽约州立大学奥尔巴尼分校毕业证学位证书原版一模一样
原版定制美国纽约州立大学奥尔巴尼分校毕业证学位证书原版一模一样原版定制美国纽约州立大学奥尔巴尼分校毕业证学位证书原版一模一样
原版定制美国纽约州立大学奥尔巴尼分校毕业证学位证书原版一模一样
 
AI Fusion Buddy Review: Brand New, Groundbreaking Gemini-Powered AI App
AI Fusion Buddy Review: Brand New, Groundbreaking Gemini-Powered AI AppAI Fusion Buddy Review: Brand New, Groundbreaking Gemini-Powered AI App
AI Fusion Buddy Review: Brand New, Groundbreaking Gemini-Powered AI App
 
OpenMetadata Community Meeting - 5th June 2024
OpenMetadata Community Meeting - 5th June 2024OpenMetadata Community Meeting - 5th June 2024
OpenMetadata Community Meeting - 5th June 2024
 
Unveiling the Advantages of Agile Software Development.pdf
Unveiling the Advantages of Agile Software Development.pdfUnveiling the Advantages of Agile Software Development.pdf
Unveiling the Advantages of Agile Software Development.pdf
 
E-Invoicing Implementation: A Step-by-Step Guide for Saudi Arabian Companies
E-Invoicing Implementation: A Step-by-Step Guide for Saudi Arabian CompaniesE-Invoicing Implementation: A Step-by-Step Guide for Saudi Arabian Companies
E-Invoicing Implementation: A Step-by-Step Guide for Saudi Arabian Companies
 
UI5con 2024 - Boost Your Development Experience with UI5 Tooling Extensions
UI5con 2024 - Boost Your Development Experience with UI5 Tooling ExtensionsUI5con 2024 - Boost Your Development Experience with UI5 Tooling Extensions
UI5con 2024 - Boost Your Development Experience with UI5 Tooling Extensions
 
openEuler Case Study - The Journey to Supply Chain Security
openEuler Case Study - The Journey to Supply Chain SecurityopenEuler Case Study - The Journey to Supply Chain Security
openEuler Case Study - The Journey to Supply Chain Security
 
What is Master Data Management by PiLog Group
What is Master Data Management by PiLog GroupWhat is Master Data Management by PiLog Group
What is Master Data Management by PiLog Group
 
Neo4j - Product Vision and Knowledge Graphs - GraphSummit Paris
Neo4j - Product Vision and Knowledge Graphs - GraphSummit ParisNeo4j - Product Vision and Knowledge Graphs - GraphSummit Paris
Neo4j - Product Vision and Knowledge Graphs - GraphSummit Paris
 
Webinar On-Demand: Using Flutter for Embedded
Webinar On-Demand: Using Flutter for EmbeddedWebinar On-Demand: Using Flutter for Embedded
Webinar On-Demand: Using Flutter for Embedded
 
Oracle Database 19c New Features for DBAs and Developers.pptx
Oracle Database 19c New Features for DBAs and Developers.pptxOracle Database 19c New Features for DBAs and Developers.pptx
Oracle Database 19c New Features for DBAs and Developers.pptx
 

Gain Compliance - IASA Regional Presentation - 11-26-2019

  • 1. Burch LaPrade CEO and Founder, Gain Compliance burch@gaincompliance.com 515-865-3702 Insurtech: Solving Real Problems
  • 2. What is Insurtech? Insurtech is the promise to improve the insurance market through the application of new approaches and technology.
  • 3. What is Insurtech? It is also the hottest area of venture capital investment, with over $4 billion committed in 2018 alone.
  • 4. What Innovations Drive Insurtech? •Big Data •Cloud •Machine Learning/Artificial Intelligence •Block Chain
  • 5. How can Insurtech improve the Annual Statement reporting process?
  • 6. Carriers face a heavy reporting burden Filing on an entity-by-entity basis, often to each state. Lots of data reported across lots of different filing types.
  • 7. Actuarial Memorandum; Separate Accounts; Product Filings; Market Conduct Annual Statement (MCAS); NY Supplement; Cat. Calls; Audited Financials; Statutory Financial Reporting; Registration Statements; Rate Filings; Line-specific Reports; ACA/CMS Reporting; Premium Tax Accounting; ORSA; SEC Reporting; Premium Tax Filings; State- specific data calls; Rating Agency Reporting; Statistical Reporting….
  • 8. Case Studies – Annual Statement Focused on Notes section – •Completed using Word and Excel •Integration of NAIC/SAPWG updates •Double entry of electronically filed data
  • 10. Case Studies – Annual Statement What could go wrong?
  • 11. 2018 Analysis* Sample size: 102 filings Screened for Compliance Errors by type: • Failure to keep up with most recent NAIC guidance • Table content and formatting errors • Mandatory quarterly disclosure omissions *Reference: White Paper: Common Compliance and Filing Errors for the Notes of Statutory Financial Reports
  • 12. Table formatting and content Mandatory quarterly disclosures SAPWG Updates COMPLIANCE WITH INSTRUCTIONS 27% Single Error Type Only 58% Two Error Types 15% Three Error Types Compliance errors
  • 13. 2018 – 2019 Analysis Sample size: 336 filings Screened for Data Inconsistency: Mismatch between data in the printed filing and data filed electronically.
  • 14. Root Causes of Inconsistent Data • Two separate processes • Limitations of Annual Statement vendor software to run cross- checks and validations • Impractical to tick and tie PDF and Electronic Notes Data • Reality of the reporting environment and resources
  • 15. Data Quality Errors Inconsistent data between the PDF and Electronic Notes filing.DATA MISMATCH ERRORS 75% DATA MISMATCH (PDF vs. Electronic Filing)
  • 16. Solutions Understanding • What are the risks of status quo? • What are the possibilities to improve? Research • What resources are available for education? Framework • What opportunities exist for a repeatable framework?
  • 17. Solutions Technology vs. Personality-driven solutions The Holy Grail is automation
  • 18. Gain Compliance automates the manual processes that are inefficient and lead to errors: Conformity with NAIC guidelines Document formatting Electronic filing of Notes data Cross-checks and validations
  • 19. Burch LaPrade CEO and Founder burch@gaincompliance.com 515-865-3702 Thank You