Sapiens launches enhanced feature for NAIC reporting

Sapiens launches enhanced feature for NAIC reporting | Insurance Business

Sapiens launches enhanced feature for NAIC reporting

Sapiens Americas, a wholly owned subsidiary of insurance software provider Sapiens International Corporation, has announced the release of an enhanced feature for Sapiens StatementPro. The feature enables all components of notes to financial statements reporting for National Association of Insurance Commissioners (NAIC) filings to be completed inside the software, eliminating the need to enter data in a separate document.

All customers will receive the enhanced feature, which Sapiens said increases processing efficiency for more robust annual and quarterly financial notes reporting for property and casualty, life, accident and health/fraternal, health, and title companies.

“Some of our clients have told us that the notes section takes as long to complete as the rest of the annual statement,” said Julie Kramer, vice president of Sapiens’ financial and compliance division. “This new enhancement will drastically reduce the time it takes to complete the notes free-form document while also offering additional benefits. Statutory accountants will greatly appreciate how the new feature makes their notes reporting a much more streamlined and effective process.”

Read more: Sapiens partners with AI firm to improve workers’ comp process

The feature also includes a hierarchical view of notes and sub-notes. The data entry for traditionally data-captured notes remains the same. The feature also allows more than one user to work on the notes components simultaneously, Sapiens said.

Users will be able to mark notes as “not applicable” or enter their own “not applicable phrase or text for notes and sub-notes. They will also be able to group notes together to consolidate “not applicable” notes. Notes can be tracked for completion and assigned to individuals or groups. Users can also now incorporate tables or other source material directly into the narrative notes or sub-notes, Sapiens said.