Insurance firm Sapiens partnered with compliance solutions provider Long Group Consultants to augment reporting requirements for workers’ compensation and property and casualty insurers.
Given that traditionally highly regulated, the reporting requirements in the insurance industry are often rigorous, the partnership between Sapiens and Long Group Consultants will enable Sapiens’ customers to more easily and accurately meet strict industry requirements, including data management and other state/bureau reporting needs in the workers’ compensation (NCCI, WCSTAT and WCPOLS, Indemnity and Medical) and P&C (ISO) sectors.
Under the partnership, insurers will be able to meet ISO and NCCI statistical reporting requirements simply and seamlessly, while reducing costs, errors and risks. The partnership will offer workers’ compensation and P&C insurers a solution for statistical reporting required for data calls, submissions to bureaus or statement reconciliations.
With Sapiens’ solutions and Long Group Consultant’s reporting expertise, insurers will be equipped with full-service statistical reporting capabilities, significantly reducing risk and enabling better planning for updates.
Commenting on the association, Sapiens president and CEO Roni Al-Dor said, “Client data is in excellent hands with our combined solution, which relieves insurers of the stress of searching, training and managing statistical analysts. It also eliminates incorrect reporting which can lead to excessive fines. Statistical reporting is a critical function. Having this out-of-the-box capability through our partnership will reduce the reporting burden on our carrier clients.”
Echoing a similar sentiment, Long Group president Steven Long added, “Keeping up with reporting requirements can result in a continual flood of time-consuming and specific domain expertise-required projects, not always obtainable from IT teams. Our partnership with Sapiens transfers the stress of reporting to us and relieves insurers of this major bottleneck insurers encounter.”
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