In the fast-changing world of insurance, P&C insurers continually search for new ways to work more efficiently and optimize expense ratios through ongoing reporting.
Managers responsible for creating reports across the P&C industry often feel overwhelmed by time and accuracy demands. Compiling data from various sources and ensuring compliance with regulations can be time-consuming and energy-draining, diverting attention from core business objectives.
WaterStreet Company is here to simplify reporting while enhancing the quality of your insights.
Regulatory Reporting Today
Regulatory reporting serves as the bedrock of accountability and transparency in the P&C insurance landscape, ensuring adherence to stringent guidelines set forth by governing bodies.
Deloitte has described 2024 as a close balance between profitability and regulation. As insurers adopt AI to enhance profitability measures, oversight is required to limit the risk of discrimination against policyholders.
These reports not only provide regulators with insights into insurers’ financial health and solvency but also instill confidence among policyholders and investors. Timely and accurate regulatory reporting is imperative, as non-compliance can lead to severe penalties and reputational damage.
Regulatory reports also offer invaluable insights into market trends, risk exposure, and competitive positioning, enabling insurers to make informed decisions and navigate regulatory complexities with confidence.
The priority of regulatory reporting is paramount for insurers looking to maintain regulatory compliance, safeguard their reputation, and foster trust among stakeholders.
3 Efficient Reporting Methods
1. Start with Out of the Box Reports
Waste no time accessing key data. Our 67 standard insurance operations reports bring together decades of P&C insurance expertise with our insurance-specific data model.
Let the filters do the digging for you. Filter visuals by date ranges and parameters such as geographic region, product form, and source data, enhancing customization and precision in your reporting. With the automatic generation of these reports, managers can easily export data directly to Excel or CSV formats for further analysis or sharing purposes. By drilling through visuals, users can access underlying data elements to pinpoint individual policies or claim numbers, aiding in detailed analysis and decision-making.
Benefits:
- Easy access to key data insights.
- Enhanced customization and precision in data analysis through filtering visuals by date ranges and parameters.
- Seamless export of data to Excel or CSV formats for further analysis or sharing purposes.
- Detailed analysis and decision-making facilitated by drilling through visuals to access underlying data elements.
2. Customize Reports with Drag-and-Drop
When you need to drill down deeper to support the toughest decisions, easily create your own custom report without any coding skills needed.
The drag-and-drop report editor allows for the seamless design of report pages and management of visual displays, including funnel charts, heat maps, and area charts. This allows report creators to quickly create multi-page reports with drill-through capabilities. Filter data at various levels, ensuring a granular understanding of information, and utilize natural language exploration to receive immediate answers to your questions in the form of tables, charts, maps, and more.
Benefits:
- Effortless modification and creation of reports without coding requirements.
- Seamless design of report pages and management of visual displays using the drag-and-drop editor.
- Granular understanding of information through data filtering at various levels.
- Fast answers with natural language exploration.
3. Spot Check Real-Time Data
In today’s fast-paced business environment, staying on top of real-time data is essential for mitigating risk well ahead of time.
Our platform offers the ability to spot-check transactions throughout the month. Improve accuracy and gain confidence in the integrity of the data through anomaly detection. With greater visibility into transactional data in real-time, managers can proactively identify and resolve discrepancies before they escalate, ensuring data reliability and operational efficiency. The ability to make timely adjustments enables carriers to mitigate risks effectively and maintain compliance with regulatory requirements, safeguarding the company’s financial stability and reputation.
Benefits:
- Improved accuracy in spotting-checking transactions throughout the month.
- Enhanced visibility into transactional data in real-time.
- Proactive identification and resolution of discrepancies.
- Timely adjustments to mitigate risks and ensure compliance.
P&C Reporting with WaterStreet Company
Save time and dive deeper. Our Business Intelligence Platform offers P&C insurers faster, data-driven decision making while managers find relief in quick and informative analysis.
By thoughtfully leveraging cutting-edge tools and solutions, carriers can achieve sustainable cost reductions while maintaining competitiveness and delivering value to their stakeholders.
Reach out to WaterStreet Company today to request a consultation and demo of our solutions.
