Regulatory Compliance of Insurance Carriers – No Longer Boring!
Boston, MA – The insurance industry is one of the most highly-regulated in the entire country. These regulations differ by state and across national and international bodies.
“We’re trying to make insurance company regulatory compliance as simple as using TurboTax ,” explains cofounder, Scott Soderstrom. “We mapped out the relationships between various regulators, filing requirements, and forms. With a few questions and answers, we know what forms are required and where to put data – just like TurboTax.”
FilingMate’s approach is simple. Customers answer simple questions about their form and filing needs. The insurtech company’s software then processes the feedback and provides the necessary forms for completion. Data can be captured and stored so it’s available for reuse in the future, further simplifying the form-completion process. Once a form is completed, FilingMate submits it to the required regulators.
The idea has already proven popular enough that Soderstrom was invited to speak about his company at Insurtech Boston – Episode 4 “A New Hope” back on November 9th. His speech covered how he and his cofounder went about creating FilingMate to address challenges associated with insurance regulation. Consistent with the theme of the Insurtech Boston event, Soderstrom found a fun, fresh way to tackle the challenge of talking about insurance regulation and compliance by structuring his speech around the Star Wars movies; it was a big hit with those in attendance.
He was also featured on the latest episode of the Insurance Innovators podcast, where he talks about FilingMate, regulatory compliance, the difference between a startup and an established business, taking measured risks, and much more.
Given the demands placed on insurance companies by numerous regulatory bodies, FilingMate’s insurtech solutions are long overdue. If the early reaction the company has already received from the market is any indicator, we can expect to hear a lot more from this company in the near future.
FilingMate is an insurtech company that was founded to provide insurance companies with the forms they need and a simple, user-friendly path toward regulatory filings. The founders of FilingMate have a combined 30 years of experience in the insurance industry, including working in property and casualty (P&C), life, and accident and health (A&H). As compliance, legal, finance, and underwriting professionals, the founders have also worked closely with nearly every regulator in the United States.