Sapiens Enhanced StatementPro Application Streamlines NAIC Reporting 

The new feature simplifies and automates reporting Notes to Financial Statements NAIC filings.

(Image source, Sapiens StatementPro landing page.)

Sapiens Americas, a wholly owned subsidiary of Sapiens International Corporation, (Holon, Israel), a global provider of software solutions for the insurance industry, has announced the release of an enhanced feature for Sapiens StatementPro platform, which enables all components of Notes to Financial Statements reporting to be completed inside the software, eliminating the need for time-consuming data entry in a separate document.

Sapiens says that all of its customers will receive the enhanced solution, which it says provides superior flexibility and processing efficiency for more robust annual and quarterly financial notes reporting for property/casualty; life, accident & health/fraternal; health and title companies. The enhancement provides the framework within the software to encapsulate the narrative and data captured elements. The improvement the vendor asserts, brings StatementPro’s statement accumulation capabilities to a whole new level of sophistication.

Julie Kramer, VP, Financial and Compliance, Sapiens.

“Some of our clients have told us that the notes section takes as long to complete as the rest of the Annual Statement,” comments Julie Kramer, VP of Sapiens’ Financial and Compliance division. “This new enhancement will drastically reduce the time it takes to complete the notes freeform 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.”

Hierarchical View of Notes

Sapiens reports that the enhanced solution also includes a hierarchical view of notes and sub-notes. The data entry for the traditionally data captured notes remains the same. Not only can users now navigate through the notes easier, more than one user can work on the notes components simultaneously, the vendor says.

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

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at [email protected] or (503) 936-2803.

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