IBC reporting, and for that matter all submissions to regulatory bodies including the GAA and the Facility Risk Sharing pools, is most often seen as an administrative headache, with little business benefit. It requires an investment of your time, and the development of technology, to submit information to regulators that has no direct value in terms of growing your business or improving your profitability.
It requires resources with specialized knowledge and expertise, that thoroughly understand your business, and that of the regulatory agencies. While these folks are struggling to correct an IBC error code, you need their help in implementing new core systems, or to introduce a new product or specialty line. And, for those doing the work, it is often tedious and repetitive.
It’s a problem that costs money, takes time, and uses resources you’d prefer were redeployed.
But what if there was technology that could help automate the process, check for and correct errors before they were submitted, and help extract the data from your core system to match IBC requirements? Yep, that’s regul8. I guess you knew I was going there, but if you’ve got regulatory challenges, then we have a solution.
I can’t identify and correct errors before submission
Given that the IBC imposes penalties for errors, this can get costly. Plus, there’s also the problem that high error rates trigger notifications to your senior executive, and nobody wants that. Life would be easier if you had a chance to review and edit before submission.
regul8 offers a user interface so this can be done. And, it gets better. regul8 remembers the edits, so on things like a long-tailed claim, once you correct the error once, it covers you in future submissions. regul8 remembers. This comes in handy lots of times.
Corrections to legacy reporting programs, cost too much, are outside of your control, and are a distraction to your core business
When everyone is busy, and who isn’t, making corrections to your core systems source data can take months. Getting IT staff to make and test program changes can take even longer. That can result in repeat errors, time to manage the process, and increased penalty fees.
Did I say that can be frustrating? Well it is. Seeing errors repeated month to month, that you wish you could fix and be done with, is frustrating.
You’re incurring penalty fees, that are just too high
It’s not enough to have errors flagged and rejected, but to be fined for these mistakes is just too much. Receiving fines month after month can be demoralizing, and it’s your Company and CEO’s reputation on the line.
Data quality is a problem. Often core insurance systems don’t store the necessary information or if they do, not in a format compatible to the regulator. Sometimes the information is just not available, but in some cases, algorithms can be applied to calculate or derive what is needed.
regul8 can integrate with your core systems, to extract, reformat, validate and help users edit the regulatory submission data. It de-mystifies reporting, improves accuracy, and reduces penalty fees. It makes responsible staff more productive…. and it can reduce penalty fees, generating a positive ROI.
You are changing your core system, and you realize you need to build a new reporting solution from scratch
You’ve spent years fine-tuning your existing legacy system. But to compete in the market, your company is moving to newer core systems. And guess what, these new systems don’t natively support Canadian Regulatory reporting. So, you have to do it all again with a new system. It’s enough to make you cry.
That’s where regul8 and the regul8 Accelerators come in.
They are built, proven, been used by many other insurers, and are available for you.
regul8 Accelerators are applicable to all Guidewire users. They are built to operate in tandem within PolicyCenter and ClaimCenter, to extract native information, exactly to IBC, GAA and FA RSP specifications. Getting quality data directly from the source systems greatly improves the regulatory process.
It’s a wrap
Meeting the needs of the IBC, GAA and RSP is complex and time-consuming. We’ve identified 4 common problems, and there are others.
To learn more about regul8, contact us. Or let Cam Loeppky of Wawanesa Insurance tell you about their experience.