Current Market Scenario
The issues faced by the insurance sector are paramount when it comes to automation and interoperability of the IT systems in place. It is more critical for compliance and bureau reporting needs. Stricter norms put in for the insurance sector in terms of fines and penalties in case on non-filing or delayed filing of compliance reports have made the process even more timesensitive. These requirements have necessitated a need for a one-stop tool to automate the whole process and ensure interoperability of systems in place.
Major concerns bothering most of the insurance carriers are highly time consuming manual filing of Bureau file submissions and laborious efforts of regular updates for Bureau reporting organizations.
As the amount of data being processed increases every year, investing in efficient IT services and software makes business sense. These initial costs for the installation of IT infrastructure are offset by the monetary gains and process efficiencies well into the future.
Since the insurance market is still skeptical of huge investments, we believe that it makes sense to invest in high utility reporting tools like RePortal that ensure cross-platform compatibility and are cost-effective. RePortal is a plug-and-play tool that requires minimal changes to your existing system configuration and helps automate the filing process.
Problems Faced by the Industry
The insurance industry faces many issues pertaining to compatibility with the various standards that are in place for
analysis and compilation of data.
The major issues faced by the insurance industry are:
- Restricted flexibility in terms of updating data
- Major system updates need to be undertaken to move to automation of filing processes
- Pertinent compatibility issues with Bureau reports and insurance companies systems
- Periodic rules updates need to be highlighted in real time
This product is the result of hours of research and market analysis, combined with top-notch technological business logic. We developed RePortal keeping these problems in mind and RePortal resolves these problems very effectively and efficiently.
RePortal is a small plug-and-play package that enables easy compatibility of existing systems with those put in at Bureau reports. Although most of the processes are taken care of by Bureau reports, there is a lack of flexibility in formulating the reports when it comes to the systems on the insurance companies’ end. RePortal takes care of this with minimal overhead.