Regulatory Reporting Platform
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The Insurance Authority is entrusted with the act of regulating the activities of the insurance sector and to protect the business activities in the best interest of the region. To analyse and publish the industry activities and trends, the Authority requires information from every member insurance company in the form of specific reports to be send to them on a periodic basis. The Authority sends out these strategic communication directives and reporting guidelines to all insurers from time to time.
However, for insurers, the constant regulatory reporting changes can be a bottleneck as they are compelled to modify their reporting to suit the insurance authority reporting requirements.
Platform Highlights
Beyontec Regulatory Reporting Platform is a cloud-based platform solution that helps the insurance associations to maintain a repository of all its members and identify the financial performance of each insurance company through specific dashboards and reports, for effective administration and supervision.
Cloud Based Platform
As an on-demand platform it is easy to implement, highly secure, always available and comes with guaranteed performance, with no dependency on software installation and maintenance.
Standardise the Data Gathering Process
The Authority or Association can standardise and automate the collection of the data from various insurance companies in the form of specific reports that all insurers have to comply with.
Consolidated Industry Performance Reports
The tool allows the Authority to analyse the standardised data faster for deriving insights and plotting the industry performance across various parameters, quarterly or on an annual basis.
Big Data Analytics Capabilities
While the standardisation allows inconsistencies to be removed from data inputs, by applying big data analytics and AI to the data, the platform can catch any abnormality in the data inputs and provide regular alerts.
Unified and Predefined Format for All Insurers to Provide Data
The Authority can create pre-configured reporting templates for insurers to follow and can also define the frequency of these reports.
Multiple Upload Methods (Excel, XML files)
The insurers can upload the reports in XML or MS Excel as defined by the Authority, and as per the schedule, using the existing pre-configured templates.
Easy to Generate and Publish Consolidated Reports
With standardised inputs, the Authority can group and list data according to account or filing type for detailed analysis, comparison and evaluation.
Automatic Validation of Data with Error Logs
The application will alert the insurer by showing an error message in case of any error or invalid data inputs while uploading the reports.
Highly Secured Platform
Platform has powerful authentication tools and microservices, and comes with multiple levels of firewalls with data encryption and SSL protection for web use.
In-built Alert Systems
Each insurance company will receive notifications which enable them to remain on top of submissions and timelines. Notification reminder alerts can be configured and sent as defined by the Authority.
Centralised Data Repository for Future Mining
As the platform will hold consolidated data from across all insurance companies in one place, the Authority can mine this data to assess the relative ranking and performance of its members.
Data Export from Dashboard
The Authority can export the data from the platform reports into sharable formats such as PDF or Excel formats.
