EXL REGULATORY REPORTING ASSIST.AI™
Get in touchTransform 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.