|CHALLENGES 0F STATISTICAL REPORTING
• Highly regulated Property and Casualty Insurance industry
• Multiple regulating entities with multiple deadlines
• New regulatory and accounting standards are in the works
(FIO). It will result in additional reporting burdens and
compliance challenges for insurers.
• Labor intensive and costly:
• Multiple systems: extensive data capture process;
• Multiple steps of data clean up and standardization;
• High costs of manual interventions;
• Individual product specifications;
• Employee turnover results in knowledge/experience attrition.
• Endless investments in additional on-site hardware,
software and personnel.
• Time and resource constraints (IT, Finance/accounting,
• Statistical reporting requires dedicated resources to pull the
data, code the data, validate the outputs, reconcile to annual
statements, correct any coding or balancing problems, and
deal with resubmissions.
• Missed deadlines and penalties.
• Business priorities – Statistical reporting is a non-core
process and may not be the highest priority for an insurance
|OUTSOURCE YOUR BUREAU REPORTING TO STATPORT
It is not a simple task for an insurance company to stay statistically compliant. There are quite a few
challenges to deal with. Overcome your challenges by outsourcing your reporting needs to us!
|STATISTICAL REPORTING PROCESS AT STATPORT™
• Assessment of company’s product offerings and the extend
of statistical reporting needs. Produce list of required reports
per product /state requirement with due dates and delivery
• Analysis of company’s systems and data sources to
establish the most efficient and cost effective approach for
data gathering and transmission.
• Data coding and conversion of unprocessed transaction
data to correspond with a specific statistical plan.
• Data editing to ensure reporting integrity
• Data reconciliation to Insurers’ annual statements
• Timely electronic submission to statistical agents and
• Expedited resubmission (when needed) process
• Systematic review of statistical requirements to ensure that
all changes are captured and implemented in a timely
manner to avoid late submission or last minute fixes
• Secure retention of all submitted and resubmitted files and
|WE CODE AND REPORT ON THE FOLLOWING PRODUCTS:
· Personal Lines
· Inland Marine
· Personal Auto
· Commercial Auto
· General Liability
· Fire & Allied Commercial
· NC Quarterly Mobile Home and Auto
We provide reporting services to fit the layouts of ISO, NCCI, NISS, ISS , AAIS , SAA & TICO statistical plans.
We also offer our services for Market Conduct Annual Statements & Florida Hurricane Catastrophe Fund
submissions as well as all of states' calls.
| Copyright © 2011 STATPORT GROUP, LLC. All rights reserved.