Insurance Supervision

 

END-TO-END INSURANCE SUPERVISION

Automate every aspect of your Insurance Supervision activities

With constant new requirements, the fluid nature of emerging risk, and ongoing regulatory changes, current supervisory systems find themselves inadequate to deal with this continuous evolution. Now more than ever, financial regulatory organizations need to adopt a robust and flexible, risk-based insurance supervision platform that evolves right alongside dynamic global insurance supervision standards and guidelines.

Expertly designed for financial regulatory bodies across the globe, SQL Power offers an insurance supervision solution that can be easily tailored to an organization’s current insurance supervision needs. From registering or licensing a new insurance company, renewing the license, data collection, complete automation of Solvency I and II mandates, providing pre-built risk management and assessment tools like the CARAMEL framework and associated risk ratings and metrics, to onsite inspections; the solution provides a robust platform that can be easily tweaked in days/weeks in order to adopt the latest insurance supervision mandates, future-proofing your organization’s Insurance Supervision Platform.

How it works

In a heavily regulated industry like insurance, despite varying levels of complexity across jurisdictions from simple to complex, supervisors find themselves resource-constrained and limited by their processes. SQL Power automates complex operations to improve the effectiveness of supervision by enhanced resource allocation and processes to ultimately improve supervisory outcomes.  

Solvency Structure in Solvency I and II

Financial Submissions

Fully automate and simplify your Solvency I returns and prepare for Solvency II

Increase the level of harmonization in your insurance regulation and supervision activities with an integrated insurance supervision solution that automates, simplifies, and standardizes your Solvency I data collection processes. The platform also allows you to seamlessly transition from Solvency I to Solvency II with an integrated roadmap.  

Achieve maximum compliance and adoption with a platform that offers the highest level of automation to regulators and their regulated entities by accurately replicating all formulas within the two Solvency I returns.5

Remove the financial and technological burden from the filers with an easy-to-use web-based interface: users can interact with their regulator, submitting all 45 schedules, and have it all auto-validated for consistency and completeness prior to submission.

Save time and manual effort internally and externally when requesting changes or amendments to submissions by only unlocking a subset of fields or tables that require correction, while locking the rest of the document. All changes in the re-submission are highlighted to the regulator for immediate review.

Unleash the power of advanced analytics by instantly highlighting key ratios and their relative performance on any submission. Analysts no longer have to remember or look-up acceptable key risk ratios or an organization’s reported metric from the last reporting period or its relative performance.

Seamlessly Transition from Solvency I to Solvency II with an Integrated Roadmap

 

 

Business Registration & Licensing

SQL Power uses a powerful and robust business registration and licensing solution that can be tailored to mirror exact business processes and workflows. Through a fusion of simplified online forms, electronic signature, payment collection, and certificate generation modules, our solution massively reduces all the manual work typically associated with registration and licensing processes.

Expertly designed for financial regulatory bodies across a variety of jurisdictions, SQL Power offers a powerful and complete, robust data collection and analytics platform to automate the core processes for your business registrations and licensing functions. Our Registration & Licensing Platform automates the core processes for business registrations and licensing activities across a full spectrum of financial sectors, paving the way for more efficient use of operational budgets and personnel resources.

A preview of a portion of a trust license application

A 360-Degree Organizational View

360-Degree Organizational View

SQL Power offers a complete suite of innovative productivity tools to simplify every aspect of data migration, business intelligence, and performance measurement and management for insurance supervision.

Via our 360-degree organizational view, regulators can access all information including licenses, senior staff, shareholders, related organizations, communications, payment history, and complete inspection history. The information is automatically updated from submissions from the entity organization, effectively providing a comprehensive view of every entity the supervisor is responsible for regulating.

Profiles are automatically generated and updated when the system receives validated data and gives authorized users the option to manually create and modify profiles when required. Profiles have the capability to present the entire activity and history of every entity regulated by the regulator in a consolidated area in a compact format, including all registrant information such as contacts or registration categories, submissions, risk assessment results, list of present and former senior officers, directors or shareholders with start and end dates, history of infractions, complaints or payments, related organizations, person or cases, and much more. Profiles are very flexible and can be configured to support multiple different views based on the entity’s associated type of financial institution.

Advanced Analytics

The SQL Power Insurance Supervision Solution also comes bundled with integrated advanced analytics. Our real-time XBRL Analytics platform is extremely dynamic, powerful, and delivers the most robust and powerful business intelligence solution on the market that instantly highlights key ratios and their relative performance on any financial submission.

Analysts no longer have to remember or look-up acceptable key risk ratios or an organization’s reported metric from the last reporting period or its relative performance to its peer group. Our insurance supervision platform allows each supervisor to define their key performance indicators (KPIs) for all classes of insurers, acceptable ranges for each KPI, or acceptable variance year over year.

The CARAMEL dashboard overview

The CARAMEL dashboard, powered by MicroStrategy

Risk Management

Financial regulators need a structured way to manage risk to maintain confidence, legitimacy, and credibility with stakeholders in the institutional structure of insurance regulation and supervision. SQL Power offers a pre-built risk management solution that provides supervisors critical risk assessment tools to empower them with better decision making and to address risk in a systematic manner.

The risk management framework provides financial regulators with fully integrated business intelligence tools, dashboards (CARAMEL), an onsite inspection platform, and predictive modeling to derive a risk rating for each organization.

Onsite Inspections

With increasing standards in compliance and risk-based supervision, comes significant pressure for financial authorities to plan and execute various regulatory and supervisory processes required for ongoing supervision. A key proactive supervisory function for regulators is to perform onsite inspections to obtain a comprehensive assessment and risk profile of their regulated entities. With people and resource barriers causing strain on such supervisory processes, inspection teams are expected to maximize their efficiency and effectiveness by conducting each inspection with varied amounts of frequency and intensity that is proportionate to each regulated entity’s risk level.

SQL Power’s Onsite Inspection offers supervisory teams a web-based solution to automate and manage every aspect of regulatory onsite inspection processes and functions. This dynamic platform increases the inspection team's efficiency by automating and delegating mundane tasks while giving regulators the flexibility to adapt as high-level decisions are made throughout the investigation. This world-class solution provides the flexibility to define and assign additional tasks, based on findings, at every stage of the investigation process.

A simplified Onsite Inspection business process workflow

Additional Modules in the Regulatory Life Cycle

 

Business Registration & Licensing

SQL Power uses a powerful and robust business registration and licensing solution that can be tailored to mirror exact business processes and workflows. Through a fusion of simplified online forms, electronic signature, payment collection, and certificate generation modules, our solution massively reduces all the manual work typically associated with registration and licensing processes.

 

 

Request & Complaint Management

SQL Power’s Insurance Supervision solution gives regulators the ability to process and manage ad hoc complaints submitted by constituents or their regulated entities. Complaints can be easily logged and assigned to the appropriate team member for their attention and action.

 

 

Fine Tuning of Regulatory Processes

SQL Power's Insurance Supervision Solution allows business users to easily update an organization’s data collection and business rules in order to reflect the most recent regulatory policy or legislative changes. The Solution automatically renders Web-Forms/Returns from the latest business rules (metadata), and cascades business rules changes throughout the system, without any need for re-coding. This reduces the dependency on outside consultants or IT for ongoing system maintenance.

 

Effortless Integration

SQL Power’s insurance supervision solution is designed to easily integrate with existing core CRM, governance systems, existing supervisory software, and infrastructure, leveraging existing data and technology investments for seamless integration. Our expert team of engineers will work with your business scale to ensure that our software implementation is smooth and functionally sound.

Why Choose SQL Power’s Insurance Supervision Solution

Powerful functionality with real-time validation of inputted data, simplified submissions, and a built-in analytics platform.

Integrated roadmap for Solvency I and Solvency II adoption.

Pre-built risk management solution that includes world-class risk assessment tools including the only onsite inspection module for financial regulators.

Quick implementation, we'll get you started in as little as 30 days!

360-Degree Organizational View, access, and view all information pertaining to your regulated entities at a glance.

Adopt the most robust Insurance Supervision Solution in the World.

Experience end-to-end automation of all insurance supervision and risk management functions including access to real-time alerts, dashboards, and advanced analytics with SQL Power.

 

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