Insurers are increasingly faced with the challenge of efficiently managing current and future reporting systems. In many places, the existing approaches to solving this problem are no longer effective. Communicating with authorities remains a major challenge for insurance companies.
Insurers often store their data in different databases. In addition, reporting is carried out via different applications, each of which must be supported, maintained and upgraded. The process of fulfilling reporting obligations to the authorities creates no added value, so now is the time to replace in-house developments and outdated systems with smart solutions.
This decision-making process will be further accelerated by new requirements regarding compulsory insurance for self-employed persons and cross-pillar pension information. Furthermore, ongoing cost pressures and the reduction of existing capacities are convincing reasons for an in-depth examination of the possible solutions.
What should a smart IT solution for communicating with the authorities be able to accomplish?
Ideally, the IT solution should use an interface to transfer all available data from the necessary systems of the providers, check this data for its relevance to the report, prepare it accordingly and report it to the authority as a data record. The solution should ensure the completeness of the reports and these steps should be processed automatically and in the background as much as possible.
Several solutions should not be used side by side. Instead, it is recommended to use only one tool for all statutory notifications, such as reporting to the German Federal Central Tax Office and to the German Central Benefit Agency for Retirement Assets, as well as for data interchange for statutory health insurance billing. This ensures a uniform dialog for all types of reports, a uniform batch procedure, uniform input and output interfaces with the authorities, uniform error handling for all types of reports and a uniform connection to all neighboring systems, including the inbox and printing. These standardizations will simplify processing.
Another requirement for the IT solution is that the statutory reporting procedures should be automated as far as possible through systematic improvement and development. This will ensure that the solution is future-proof, and will reduce the processing workload and increase efficiency.
A review of the statutory reporting procedures is a mandatory part of your consolidation strategy. Make an appointment with us, so we can demonstrate our smart IT solution for communicating with the authorities about individual contracts.