NAIC: Improve Efficiency Accuracy and Productivity in the ... ... Improve Efficiency, Accuracy and Productivity

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  • The contents of this presentation are confidential. Copyright © 2017 Workiva.

    Improve Efficiency, Accuracy and Productivity in the Regulatory Reporting Process

    Lisa Benoit Insurance Industry Subject Matter Expert, Workiva

  • Discuss key cultural challenges facing the industry

    Identify regulatory challenges faced by insurers today

    Describe challenges with data management

    Discuss process improvement basics

    Identify what to look for in a technology solution

    Key Takeaways

    Statutory Reporting example

  • Key Challenges

  • 1

    Key Challenges

    Cultural

    • Business model is changing fast • Increasingly connected consumers • Attracting and retaining talent • Emerging technology

  • 2

    Key Challenges

    Regulatory

    • Increasingly complex regulatory environment • New regulations constantly added

    ◦ ORSA ◦ Solvency II ◦ International Capital Standards ◦ Dodd-Frank

    ◦ Model Risk ◦ Life PBR ◦ Captive Insurers ◦ DOL Fiduciary Rule

  • 3

    Key Challenges

    Data Management

    • Non-value added time • Lack of true collaboration that adds value • Version control • Data governance leads to risk in reporting • No single source of truth

  • Key Challenges

    REGULATORYCULTURAL

    DATA MANAGEMENT

  • Key Challenges

    REGULATORYCULTURAL

    DATA MANAGEMENT

    DO MORE WITH LESS

  • So then, what can you do

  • Process Improvement

  • Create a process improvement culture

    90% of all spreadsheets with more than 150 rows have errors*

    80% of projects go unaddressed*

    Small processes often fly under the radar

    Process owners take the lead

    Become empowered to be a process improvement junkie

  • Consider the Universal Process Framework

  • Gather

    Unstructured Data - 90%

    Structured Data - 10%

    GL & STAT Package

    Accounting Operations

    Accounting Policy

    Actuarial

    Corporate Benefits

    GAAP Reporting Team

    Investments

    Legal

    Lines of Business

    Reinsurance

    Risk Management

    STAT Reporting Team

    Tax

  • Gather

    Unstructured Data - 90%

    Structured Data - 10%

    GL & STAT Package

    Accounting Operations

    Accounting Policy

    Actuarial

    Corporate Benefits

    GAAP Reporting Team

    Investments

    Legal

    Lines of Business

    Reinsurance

    Risk Management

    STAT Reporting Team

    Tax

    Biggest opportunity for process improvement

  • Gather Organize

    Accounting Operations

    Accounting Policy

    Actuarial

    Corporate Benefits

    GAAP Reporting Team

    Investments

    Legal

    Lines of Business

    Reinsurance

    Risk Management

    STAT Reporting Team

    Tax

    • Track deliverables

    • Combine data • Perform rounding

    Master Excel® File

    Reporting Team

    Audited Financial Statement

    MD&A

    Footnotes Times 35+ Notes

    Times # of Pages

    Times 25+ Notes

    GL & STAT Package

    Unstructured Data - 90%

    Structured Data - 10%

  • Gather Organize

    Accounting Operations

    Accounting Policy

    Actuarial

    Corporate Benefits

    GAAP Reporting Team

    Investments

    Legal

    Lines of Business

    Reinsurance

    Risk Management

    STAT Reporting Team

    Tax

    • Track deliverables

    • Combine data • Perform rounding

    Master Excel® File

    Copy, paste, manually update, and format text and tables in multiple

    documents. Track deliverables, follow up on and resolve questions, and

    track sign-off.

    Reporting Team

    Audited Financial Statement

    MD&A

    Footnotes Times 35+ Notes

    Times # of Pages

    Times 25+ Notes

    GL & STAT Package

    Unstructured Data - 90%

    Structured Data - 10%

  • Gather Organize

    Accounting Operations

    Accounting Policy

    Actuarial

    Corporate Benefits

    GAAP Reporting Team

    Investments

    Legal

    Lines of Business

    Reinsurance

    Risk Management

    STAT Reporting Team

    Tax

    • Track deliverables

    • Combine data • Perform rounding

    Master Excel® File

    Reporting Team

    Audited Financial Statement

    MD&A

    Footnotes Times 35+ Notes

    Times # of Pages

    Times 25+ Notes

    Review

    Departmental ManagementGL &

    STAT Package

    Unstructured Data - 90%

    Structured Data - 10%

    Copy, paste, manually update, and format text and tables in multiple documents. Track deliverables, follow up on and resolve questions, and track sign-off.

  • Gather Organize

    Accounting Operations

    Accounting Policy

    Actuarial

    Corporate Benefits

    GAAP Reporting Team

    Investments

    Legal

    Lines of Business

    Reinsurance

    Risk Management

    STAT Reporting Team

    Tax

    • Track deliverables

    • Combine data • Perform rounding

    Master Excel® File

    Reporting Team

    Audited Financial Statement

    MD&A

    Footnotes Times 35+ Notes

    Times # of Pages

    Times 25+ Notes

    Review

    Version 1

    Departmental ManagementGL &

    STAT Package

    Unstructured Data - 90%

    Structured Data - 10%

    Copy, paste, manually update, and format text and tables in multiple documents. Track deliverables, follow up on and resolve questions, and track sign-off.

  • Gather Organize

    Accounting Operations

    Accounting Policy

    Actuarial

    Corporate Benefits

    GAAP Reporting Team

    Investments

    Legal

    Lines of Business

    Reinsurance

    Risk Management

    STAT Reporting Team

    Tax

    • Track deliverables

    • Combine data • Perform rounding

    Master Excel® File

    Reporting Team

    Audited Financial Statement

    MD&A

    Footnotes Times 35+ Notes

    Times # of Pages

    Times 25+ Notes

    Review

    Version 1

    Version 2

    Departmental ManagementGL &

    STAT Package

    Unstructured Data - 90%

    Structured Data - 10%

    Copy, paste, manually update, and format text and tables in multiple documents. Track deliverables, follow up on and resolve questions, and track sign-off.

  • Gather Organize

    Accounting Operations

    Accounting Policy

    Actuarial

    Corporate Benefits

    GAAP Reporting Team

    Investments

    Legal

    Lines of Business

    Reinsurance

    Risk Management

    STAT Reporting Team

    Tax

    • Track deliverables

    • Combine data • Perform rounding

    Master Excel® File

    Reporting Team

    Audited Financial Statement

    MD&A

    Footnotes Times 35+ Notes

    Times # of Pages

    Times 25+ Notes

    Review

    Version 1

    Version 2

    Version 3

    Departmental ManagementGL &

    STAT Package

    Unstructured Data - 90%

    Structured Data - 10%

    Copy, paste, manually update, and format text and tables in multiple documents. Track deliverables, follow up on and resolve questions, and track sign-off.

  • Gather Organize

    Accounting Operations

    Accounting Policy

    Actuarial

    Corporate Benefits

    GAAP Reporting Team

    Investments

    Legal

    Lines of Business

    Reinsurance

    Risk Management

    STAT Reporting Team

    Tax

    • Track deliverables

    • Combine data • Perform rounding

    Master Excel® File

    Reporting Team

    Audited Financial Statement

    MD&A

    Footnotes Times 35+ Notes

    Times # of Pages

    Times 25+ Notes

    Review

    Version 1

    Version 2

    Version 3

    Version 4

    Departmental ManagementGL &

    STAT Package

    Unstructured Data - 90%

    Structured Data - 10%

    Copy, paste, manually update, and format text and tables in multiple documents. Track deliverables, follow up on and resolve questions, and track sign-off.

  • Gather Organize

    Accounting Operations

    Accounting Policy

    Actuarial

    Corporate Benefits

    GAAP Reporting Team

    Investments

    Legal

    Lines of Business

    Reinsurance

    Risk Management

    STAT Reporting Team

    Tax

    • Track deliverables

    • Combine data • Perform rounding

    Master Excel® File

    Reporting Team

    Audited Financial Statement

    MD&A

    Footnotes Times 35+ Notes

    Times # of Pages

    Times 25+ Notes

    Review

    Version 1

    Version 2

    Version 3

    Version 4

    Departmental ManagementGL &

    STAT Package

    Unstructured Data - 90%

    Structured Data - 10%

    In crunch time, it becomes difficult

    to accurately incorporate all

    changes necessary while