Automation
Automated compliance validation and monitoring system for carrier writing across 40+ states. Validates state-specific requirements, tracks regulatory changes, and monitors in-force book for compliance issues.
Client
Surplus Lines Carrier
Services
Policy Management Automation
Surplus lines carrier writing specialty commercial coverages across 40+ states. Managing complex state-specific regulatory requirements including endorsements, filings, and reporting mandates. Processing thousands of policies annually across multiple jurisdictions with compliance team of 4 people attempting to track requirements across all states and product lines.
Prior compliance violations resulted in fines and increased regulatory scrutiny, with carrier under pressure to demonstrate systematic compliance management to state regulators. Policy system validates basic policy structure but no automated compliance checking, with compliance tracking done in spreadsheets and manual review of state requirements.
Manual compliance tracking couldn't keep up with regulatory complexity. Each state had different endorsement requirements, coverage mandates, and filing rules. Compliance staff used spreadsheets to track requirements, but errors were common. Regulatory changes often weren't caught until audits. When a state updated endorsement requirements, identifying all affected in-force policies was a manual nightmare.
Compliance violations resulted in fines and damaged relationships with state regulators. Audit preparation required weeks of manual review to document that policies met requirements at time of binding. The carrier needed confidence that every policy met current compliance requirements and ability to respond quickly to regulatory changes. The manual process created significant regulatory risk and consumed resources that could be better deployed elsewhere.
Pre-Bind Compliance Validation
Automated validation of every policy against state-specific requirements before binding. Required endorsements, coverage minimums, form filing status, and regulatory mandates checked at system level. Policies that don't meet requirements are blocked from issuance with specific violations flagged.
Regulatory Change Management
Tracking system for regulatory updates across all jurisdictions. When requirements change, automated identification of affected in-force policies. Remediation reports generated with specific actions needed to maintain compliance.
Continuous Book Monitoring
Real-time monitoring of in-force policies against current compliance requirements. Automated alerts when policies fall out of compliance due to regulatory changes or policy modifications. Dashboard visibility into compliance status across all states and product lines.
Audit Documentation and Reporting
Complete audit trail of compliance validation at time of binding. Automated generation of compliance reports for regulatory audits. Documentation proves policies met requirements when issued, even if requirements have since changed.
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