As new states come online and existing programs change, you can’t afford to lose track of the latest mandatory reporting requirements.
As an insurer, you are under increasing pressure from all sides. Whether you’re competing for market share, meeting customer expectations with new solutions, or complying with a constantly evolving array of regulatory requirements, your workload is expanding. And there’s seemingly no end in sight.
When it comes to mandatory liability reporting, the only constant has been change. You're facing tough choices to satisfy these new demands, and must dedicate significant time, money and effort to perform the necessary work—resources you could better use for innovation and growth.
But there’s no need for you to manage regulatory compliance on your own. Let’s look at how outsourcing your liability reporting could help ease the load and mitigate potential disruption for your customers.
Let’s take a look at a hypothetical roadmap of planned activities for a carrier that is planning for several typical technology-based activities over the course of the next year.
Continuing with this hypothetical timeline, over the course of the coming year, several states may unexpectedly require updates to their mandatory liability reporting.
How will this carrier handle these time-sensitive reporting updates? With many of its development, testing and project management resources shared across the organization, will it be necessary to pause planned technology roadmap activities? Will some activities have to be deferred to the following year? Is there a way to complete everything on the calendar without letting the schedule slip?
One possibility is for the carrier to adjust its schedule to both comply with the new mandatory liability reporting requirements and complete its original roadmap of activities. This typically leads to a delay on some activities, however.
A better answer is to partner with an expert to help make the most of resources so that there’s no need to choose between achieving strategic business goals and meeting changing state reporting requirements. You can do both and stay on schedule.
