Insurance companies doing business in multiple geographies have to prepare and submit filings to varied regulatory bodies. JMR’s offering for Insurance Compliance includes a comprehensive tracking and reporting solution.
JMR Avenir’s Compliance Tracking System provides visibility into the fulfillment status of compliance obligations to ensure that gaps are closed across the compliance lifecycle. Platform capabilities also include robust workflow management, automatic notifications and exception management, SLA management, compliance surveys and attestation management.
Its key features are:
- Faster turnaround time to complete compliance activities.
- Extensible compliance oversight to producers, TPA’s and other affiliates.
- Captures full documentation on policy approvals, changes, exceptions, attestations, testing and the evolution of policies over time, so that the firm can effectively respond to audits, examinations, and on-demand requests.
- Systematic capturing of data to provide in-depth analysis to insurers.
- Enables end-to-end automation of filings for multiple regulatory bodies
- Contains up-to-date filing requirements, cutting down on extra effort required by insurance carriers
- Central Repository helps with management of filings
It helps insurers effectively automate every activity related to filing and comes with repository of forms and documents required for filing. With this solution not only the filings gets automated but insurers can also track work history and generate reports. Major benefits to insurance companies include:
- Higher efficiency and lowered time-to-market
- Receive faster approvals on new products
- Higher product integrity due to the availability of a number of accurate reports and status updates
- Streamlined audit process of filings
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