National Life Insurance Carrier · Insurance · Hartford, CT · 11 weeks
NAIC statutory reporting automated from 6 weeks to 4 days
A national life insurer spent six weeks every quarter manually preparing NAIC statutory filings across three departments. We automated their data assembly, validation, and reporting processes, cutting the cycle down to four days and saving $1.1 million annually in compliance labor costs.
Challenge
The quarterly NAIC filing forced actuarial, finance, and IT teams to pull data manually from six different systems, then spend hours fixing mismatches and putting the report together. This took 480 person-hours each quarter and often led to errors that required correcting filings later.
Outcome
We cut NAIC filing prep time from six weeks to four days by streamlining data collection and automating key validation steps. This dropped manual work from 480 to 32 person-hours each quarter. The changes saved the company $1.1 million annually in compliance labor. Since implementation, they haven’t needed to restate any filings in four consecutive quarters.
Results
- 6 weeks to 4 days NAIC filing preparation cycle
- 480 to 32 Person-hours per quarter
- $1.1M Annual compliance labor saved
- 0 Restatements in first 4 quarters post-deployment
We used to spend six weeks every quarter on a filing that really should take just a few days. Thinklytics automated the process, and now we close in four days with around 32 hours of work instead of 480. We haven’t had to restate anything since.