Insurance Firm Automates Compliance Processes

Insurance Firm Automates Compliance Processes

Insurance Company Implements Automated Compliance Processes

A large midwest insurance and record-keeping company required a solution to manage their 403(b) and Schedule C compliance requirements. The manual keying of indicative and financial data in 5500 forms exposed them to compliance risks. A solution was required to consistently capture and calculate fees, reduce errors by creating validation and control reports and a means to increase processing volumes while being able to decrease time, materials and costs. EI’s Industry Consulting services provided an assessment of their 403(b) and Schedule C compliance, identifying the gaps and risks that were inherent in their existing capabilities and operational model leading to implemented of automated compliance processes.

Working with them, they helped generate the requirements for automating the 5500 forms compliance to eliminate manual re-entering of indicative and financial data, and better manage their compliance risks. EI’s Data Warehousing practice helped define an Informatica front end for a ledger DataMart  that could be used to update various systems of records with the integrated information, thus automating the generation of 5500 and other forms. As a result of partnering with EI, the client was able to address shortfalls in compliance and improve the automation of its 5500 forms capabilities so as to automate processes that had formally required rekeying of indicative and financial information.