1. Home
  2. EXL REGULATORY REPORTING ASSIST.AI™

EXL REGULATORY REPORTING ASSIST.AI™

Get in touch

Transform NAIC reporting with genAI-powered review, analytics, and insights

With the evolution of insurance NAIC reporting requirements and the rapid adoption of new technology, insurers face multiple process challenges:

  • No unified platform to monitor statutory reporting close cycle progress.
  • Significant time spent validating and reviewing financial statements during close.
  • A manual review process prone to missed or incorrect validations.
  • The shrinking pool of experienced workers with statutory reporting knowledge.
  • Substantial manual efforts required to generating insights into flux analysis, controller or CFO queries, regulatory compliance, and more during the close cycle.
  • A need for generative AI (genAI)-powered solutions to help create financial analytics examining trends, patterns, and outliers.

EXL REGULATORY REPORTING ASSIST.AI™, a scalable, platform-agnostic, financial analytics and compliance technology solution, enables automated review, analysis, and business insights through the power of genAI.

The right tool for automated validations and substantiations

EXL REGULATORY REPORTING ASSIST.AI™, created by EXL’s team of regulatory reporting experts with years of deep domain and technology experience, has helped numerous firms create value by unlocking data-led insights.

EXL REGULATORY REPORTING ASSIST.AI™ incorporates purpose-built genAI and large language models (LLMs), cloud-native architecture, and unified workflows to address fundamental problems in statutory reporting. Its machine learning capabilities ensure continuous improvement in determining next-best actions based on historical data for failed validations. An integrated dashboard allows users to quickly derive actionable, on-demand insights, informing decisions and improving outcomes.

EXL REGULATORY REPORTING ASSIST.AI™ at a glance

  • Real-time analysis and insight generation
  • Built-in data ingestion and validation engine
  • Unified and interactive workflow
  • GenAI nudges
  • Business intelligence visual generation

Reduce statutory reporting timelines, generate powerful insights

Complexity and frustration in NAIC reporting can now be alleviated using EXL REGULATORY REPORTING ASSIST.AI™. Its functions are specifically designed to reduce review time, minimize errors, and accurately address controller and regulator queries:

Schedule and performance metrics

  • Statutory reporting schedule with automated roll-forward and KPIs capability

Validations

  • Automate manual checks and review of financial statements
  • Machine learning to create historical records of resolution steps for each validation
  • Next-best action based on historical validations

Business insights

  • Identify anomalies in trends and patterns for key financial ratios, capital adequacy, and underwriting performance

Flux analysis

  • Provide rationale for variation in quarter-over-quarter and year-over-year figures for significant movements above predefined thresholds

Conversational BI (genAI)

  • On-demand and ready-to-use responses for controller and regulator queries

Controller’s review

  • Controller and analyst review and response comment submissions

Generate compliant financials based on timely insights with EXL REGULATORY REPORTING ASSIST.AI™

EXL REGULATORY REPORTING ASSIST.AI™ can deliver the following benefits:

  • 30-40% improvement in average handling time for controller and regulator queries
  • 40-50% reduction in review timelines
  • 60-70% reduction in errors ensuring compliant financials

Why struggle through another reporting season under the status quo? Transform your NAIC reporting process with EXL REGULATORY REPORTING ASSIST.AI™. To speak to an EXL regulatory expert or to schedule a EXL REGULATORY REPORTING ASSIST.AI™ demonstration, please fill up this form.