Bureau Reporting

Ebix Consulting provides Bureau Reporting solution with RePortal, a key differentiator in the insurance space owing to the ingenuity in the business logic involved in developing the tool and the fact that it has been developed after undertaking extensive market research. The issues faced by the insurance sector, specifically the State Department and the compliance team, were analyzed and a cost-effective solution to the issues was proposed. RePortal is the culmination of that research.

RePortal is a tailor-made and cost effective bureau reporting solution for insurance carriers. It ensures seamless compatibility between standards of the bureaus and insurance carriers. Ebix Consulting built RePortal with the aim of comprehensively tackling the challenges faced by the insurance industry in the regulatory reporting arena.

At Ebix Consulting, we realize the needs of the insurance sector. We bring in here the challenges faced by the industry and how RePortal solutions address each of them.

Features

Restricted flexibility in terms of updating data:

RePortal is a web-based application and is thus, available online anytime. This effectively translates to efficient utilization of time and superior ease of access. RePortal makes sure that even a small change that has to be made to the database does not result in significant overheads. Our efficient use of code and its footprint make RePortal an ideal candidate for database-wide updates.

Major system updates need to be undertaken to move to automation of filing processes:

RePortal is a plug-and-play tool that involves minimal cost overheads in terms of installing the tool. There is no need to undertake extensive overhauling of the existing systems to incorporate the functionality of RePortal. The built-in algorithms in RePortal make sure that the tool stays compact and is potent enough to take care of the issues at hand.

Pertinent compatibility issues with Bureau reports and insurance companies systems:

One of the major issues faced by insurance carriers is the issue of compatibility of systems and reports generated at the carrier€™s end with that of the specifications mandated by bureau reporting standards and guidelines. Although bureau reporting companies provide the insurance carriers with their own tools, the level of customizability of those tools is very restricted. Thus, the insurance carriers need to work out of their own framework and this in turn results in cost overheads.

Periodic rules updates need to be highlighted in real time:

A simple text-based rules updating mechanism eliminates introducing changes to the business logic governing the tool. The updates in rules in accordance with Bureau reports guidelines can be incorporated easily through RePortal.

Benefits

• Easy rules updates through text-based commands that provide user the flexibility to modify the rules on the fly
• Ease of use owing to absence of coding by the user and the ability for versioning of such updates and uses
• User friendly interface
• Total portability across platforms
• Seamless integration of user generated reports with Bureau reports standards
• Low overheads
• Data consistency and integrity