New release streamlines NAIC filings and boosts productivity
Sapiens International Corporation, a leading global provider of software solutions for the insurance industry, announced the release of StatementPro Multi-Company Operations (MCO). This powerful new feature set, available to all Sapiens Financial & Compliance (F&C) customers, enables insurers to streamline statutory reporting by performing the same actions across multiple statements and companies, significantly reducing administrative burden and increasing productivity.
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Already recognized as the most feature-rich statutory reporting solution in the market, StatementPro now delivers an even more intuitive and seamless workflow with MCO. This enhanced functionality allows insurers to prepare multiple statements with less effort while ensuring accuracy and compliance. New users benefit from an intuitive experience requiring little to no training, further reducing onboarding time and operational disruption.
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More than half of all National Association of Insurance Commissioners (NAIC) reporting entities belong to a group of companies, placing increasing pressure on insurers to efficiently file for multiple entities within tight regulatory deadlines. Traditionally, preparing statements across group companies required repetitive manual actions, such as printing, importing, exporting, and attaching the same schedules for multiple entities. StatementPro MCO addresses these challenges by optimizing efficiency, minimizing redundancy, and ensuring consistency across all filings.
Among MCO’s key capabilities is the new Filing Period Setup Wizard, which allows users to create and schedule all statements for the next filing period in a single operation. This feature results in significant time savings, cutting hours from each filing period and potentially reclaiming weeks of staff productivity over the course of a year.
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“As organizations continue to merge, acquire, and expand their insurance entities, the ability to optimize reporting across multiple entities is critical,” said Roni Al-Dor, Sapiens President and CEO. “With only a few months to complete annual statements, StatementPro MCO is essential for insurers looking to meet internal and regulatory deadlines efficiently. As reporting complexity grows, Sapiens’ technology ensures that every second counts, enabling our customers to streamline their processes and maintain compliance without compromising accuracy.”
Sapiens is committed to continuously evolving StatementPro’s Multi-Company Operations with additional capabilities, including automated NAIC filings for all reporting entities and the ability to input standardized responses across statements. These upcoming enhancements will further reinforce StatementPro’s position as the industry’s most comprehensive statutory reporting solution.
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Source – PR Newswire
