Insurance Supervision

Stay on top of the latest and evolving Insurance Supervision Standards and Guidelines with SQL Power’s Robust, Dynamic and Efficient Insurance Supervision Solutions

Insurance supervision requirements and insurance supervision standards have evolved significantly over the past decade, disclosure standards have evolved from custom per jurisdiction all the way to Solvency II.  It is no longer an option to develop or purchase a fixed insurance supervision or even a Solvency II platform as it will surely be obsolete within 5 years.

Now more than ever, financial regulatory organizations need to adopt a robust and flexible insurance supervision platform that evolves right alongside the evolving global insurance supervision standards and guidelines. Insurance supervision platforms in the 21st century need to be easily tweaked/configured to incorporate any new data points, new ratios, and new validation rules.

Expertly designed for financial regulatory bodies across the globe, SQL Power offers insurance supervision solutions that can be easily tailored for a central bank’s current insurance supervision needs while also providing a robust platform that can be easily tweaked in days/weeks in order to adopt the latest insurance supervision standards and guidelines as needed and when needed without needing to make any additional software purchases – Thus future-proofing your organization’s insurance supervision platform.

Our software solutions are architected to integrate easily with existing supervisory software and infrastructure for a seamless transition and on-boarding of all regulated entities. Our solution is dynamic, flexible and scalable and can be easily configured to automate all your current insurance supervision applications, financial returns, validation rules, and KPI(s) - providing in-depth reporting and analytics platform while adding the convenience of e-commerce, electronic signatures, and automated certificate generation.

The SQL Power insurance supervision solution also comes bundled with integrated XBRL Analytics; instantly highlighting 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 central bank to define their key performance indicators (KPIs) for all classes of insurers, acceptable ranges for each KPI, or acceptable variance year over year.

Once the financial returns are submitted, the system immediately highlights and colour-codes (red, yellow, or green) each submitted key metric, providing a colour-coded up or down arrow, while also allowing the analyst to hover over the submitted metric to view a pop up of a trending graph and a year-over-year performance comparison chart.

Increased Automation, Improved Efficiencies while Future-Proof your Insurance Supervision platform!

SQL Power uses a powerful and robust data collection and analytics platform to automate the core insurance regulatory processes from licensing of dealers, brokers, and agents to financial data collection, management, and processing thereby paving the way for more efficient use of operational budgets and personnel resources. Through a fusion of pre-built Solvency II forms, customized workflows, electronic signature, payment collection, and integrated analytics functions, SQL Power massively reduces all the manual work typically associated with the insurance industry licensing and ongoing insurance risk management.  

No more eye-balling of financial returns or manually looking-up key risk ratios or year-over-year performance of an insurer or its peer group to identify risk exposure; in seconds the system highlights problematic financial submissions amongst the sea of green (acceptable) submissions, allowing the analysts to focus on the problematic returns. Once the problematic financial return/submission is opened, each key metric is colour-coded and any violated risk ratios are instantly highlighted significantly cutting down on the manual review process and the insurance division’s workload.

The system can also be configured to automatically trigger on-site inspections based on the violation of those key risk-ratios. On-site inspection projects can be automatically triggered or manually launched by the insurance inspection division and an on-site inspection project plan can be automatically created based on pre-defined on-site inspection templates: communications are automatically sent, meetings scheduled as well as the scheduling pre-site visit inspection form. Other on-line forms can also be requested, fines can be levied and collected all within our on-site inspection module.

The SQL Power suite can fully automate the following Insurance Supervision Functions:

• Application for Insurance Agent License
• Application for Insurance Broker License
• Application for Class A, B, ,C, D Insurer License
• Application for Insurance Manager License
• All other Insurance related License applications and Requests (as required by jurisdiction)
• Class A Insurers Annual Return
• Class B Insurer Annual Return
• Class C Insurer Annual Return
• Insurance Agent/Agency Annual Return
• All other Insurance Compliance Returns (as required by Jurisdiction)
• Integrated Analytics
• On-Site Inspections
• Standard and Ad-Hoc Reports
• Risk based Alerts and Dashboards

Effortless Integration

SQL Power’s insurance supervision solution is designed to easily integrate with existing core CRM and governance systems, leveraging existing data and technology investments for a seamless integration. Our platform can be configured to easily evolve with global insurance supervision standards and guidelines thus future-proofing your organization. Finally, our experienced team of engineers work within your business scale to ensure that our software implementation is smooth and functionally sound.

If your organization could benefit from SQL Power’s advanced insurance supervision solutions, we’d love to hear from you!

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