From Zero to 80 – FilingMate Accelerates the Regulatory Filing Process
FilingMate, a SaaS platform allowing insurance companies to find, complete and file forms with regulators, now supports over 80 regulators in across all 50 US states.
Boston, MA – Only after an insurance company’s compliance staff spends hours searching various state department of insurance websites for checklists and other documentation explaining the current form and filing requirements, can they finally begin the tedious work of gathering data, populating forms, and ultimately shipping paper off to regulators.
No longer. A national personal lines carrier utilized the FilingMate platform to quickly sort through hundreds of forms and identify which were required by 80 regulators in all 50 states. Once identified, users were able to allocate work to various team members, track progress, and benefit from a logical workflow engine dramatically reducing the time spent copying and pasting the same data into multiple forms. “Every carrier scrutinizes DOI websites and checks the file room to see what was submitted previously. It’s a waste of time and effort,” notes FilingMate co-founder Maureen Fidler. “With FilingMate, insurance companies can spend their valuable time and resources building their businesses instead of expending energy on regulatory administration.” Although this project primarily benefited the carrier’s finance department, other departments saw benefits of having all compliance data stored in one place and have begun exploring opportunities to leverage the platform.
Having built a robust library of forms to support annual and quarterly statement filings, FilingMate is expanding into related filing areas. Carriers contemplating a license expansion or looking for a boards, bureaus, and fair plans solution should send an inquiry to firstname.lastname@example.org.
FilingMate was founded to provide insurance companies with a platform for finding, completing and submitting regulatory filings. The founders of FilingMate have a combined 30 years of experience in the insurance industry, working in property and casualty (P&C), life, and accident and health (A&H) companies. As compliance, legal, finance, and underwriting professionals, the founders have worked closely with nearly every regulator in the United States.