Regulatory Reporting for Insurance Companies
IRDAI Regulatory Compliance is of paramount importance for Indian General Insurance companies and is monitored at the CXO and board level in well-run companies. Any errors or delays have substantial consequences. It is a strenuous and time consuming activity which is critical to business continuity.
Challenges
Any changes in business or insurance regulatory reporting formats puts an additional stress to meet timelines. Errors and rework can cause further pain. Not to mention the top management visibility and pressure.
Large Data and Several Reports
- Errors in Excel are easy to make and tough to catch
- Matching Company data such as LOB to IRDAI LOB can be tiresome
- Stressful to meet timelines especially in cases of rework and format changes
- Direct impact on CEO/CFO/Legal
Insurance Regulatory Reporting Complexity
- IRDAI Compliance Reporting is typically a manual task in Excel
- CXOs and Legal/Compliance have limited ability to do sanity checks
- Rework and Format changes make it stressful
- Compliances and Stringent timelines are expected to increase
Kadac Regulatory Reporting Platform
Plug & Play
- Generate and Auto-upload reports to IRDAI
- Readymade connectors for HealthBuzz/ TCS BaNCS/ PolicyAsia/ Excel and other Core systems
- Data can also be taken from your Data Mart/Data Warehouse
- Easy User interface to define masters and mappings to align your lines of business and channels to IRDAI categorization
- 50+ pre-built configurable report templates as per IRDAI reporting guidelines
- Alerts for Report Deadlines
- Seamless, error-free monthly, quarterly, half-yearly, and yearly IRDAI reporting.
- On-time reporting at a lower cost
- Repeatable trackable process
- Easy to rework as any change in LOB data can be quickly incorporated
Boost your Employee Satisfaction with high value work possible with process
orientation and reduce Cost
Peace of Mind