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Features in Statutory Reporting Systems
for Finance and Accounting
Software that prepares financial statements in accordance with statutory accounting principles required by insurance regulators.
We ask vendors to mark their product against our feature list. It is not available for all products and in some cases we have derived data from publicly available sources. The list of features follows. Vendors can add a further 10 key features of their own.
Audit, Controls, and Reconciliation
Tools for ensuring accuracy, traceability, and completeness of statutory reports.
- Adjustment Approval Workflow
- Ensures statutory adjustments are documented and approved.
- Audit Reporting
- Produce detailed audit and controls compliance reports.
- Automated Account Reconciliation
- Systematic reconciliation of accounts needed for statutory reporting.
- Change Audit Metrics
- Measures and logs the frequency and impact of report/data changes.
- Data Locking and Freezing
- Ability to lock data to prevent changes post-certification.
- Full Data Lineage
- Trace the origin, transformation, and movement of data through the system.
- Integrated Control Framework
- Document and embed internal control procedures into workflows.
- Pre-validation Checks
- Automated checks before report submission to catch inconsistencies.
- Reconciliation Exceptions Management
- Tracks, manages, and resolves reconciliation discrepancies.
- Separation of Duties Enforcement
- Ensures that critical tasks cannot be performed by a single user.
Cost Management & Licensing
Transparency, flexibility, and predictability in pricing and total cost ownership.
- Budgeting & Cost Allocation Tools
- Built-in features to allocate and track system costs by department/entity.
- Cost Predictability
- Ability to forecast yearly costs accurately.
- Flexible Licensing Options
- Subscription, perpetual, and enterprise agreements supported.
- Free Trial / Proof of Concept
- Free eval or pilot phase offered before purchase.
- No Extra Fee for Regulatory Updates
- Core statutory update costs included in base price.
- Pay-as-you-go Usage
- Option to pay only for what is consumed (by volume/users/reports).
- Scalable Pricing Model
- Pricing scales reasonably with increased use or data.
- Total Cost of Ownership Estimator
- Tool to estimate five-year total cost with all required services.
- Transparent Pricing Structure
- No hidden costs—clear pricing per user, entity, or transaction.
- Unlimited User Option
- Flat-fee plan available for unlimited users.
Data Integration & Import
Features and capabilities for connecting to, importing, and transforming data from internal and external systems required for statutory reporting.
- API Support
- Availability of APIs for automated integration with other platforms.
- Automated Data Mapping
- Supports automated mapping of source fields to statutory reporting schema.
- Bulk Data Upload
- Supports upload of high volume data sets efficiently.
- Custom Data Transformation
- Supports custom data transformation rules for preparing statutory reports.
- Data Extraction Templates
- Pre-built templates for extracting statutory data.
- Data Import Speed
- The speed at which the system imports data.
- Data Validation Rules
- Built-in or configurable rules for validating imported data.
- Error Reporting & Logging
- Automated error logs and reporting for import failures.
- Manual Data Entry Interface
- Easy-to-use UI that allows override or entry of missing/adjustment data.
- Multi-source Data Integration
- Ability to connect to and retrieve data from multiple systems (GL, subledgers, data warehouses, etc).
- Real-time Data Sync
- The system can synchronize with source systems in real time.
Interoperability & Extensibility
How well the system connects with other apps, platforms, and integrates with digital ecosystems.
- Add-on Marketplace
- Ecosystem for certified add-ons or extensions.
- Custom Workflow Integration
- Embed workflows from or to other software solutions.
- Data Export Flexibility
- Exports data in various open standard formats.
- Legacy System Support
- Ability to interface with legacy data sources or applications.
- Open API Availability
- Provides open APIs for custom integrations.
- Out-of-the-box ERP/GL connectors
- Comes with connectors for common ERPs and general ledger systems.
- Plugin/Module Support
- Can add new modules, plugins, or functions.
- Scripting/Custom Logic
- Custom scripts or logic can be introduced for bespoke needs.
- Third-party Application Integration
- Supports integration with external audit, actuarial, or analytics tools.
- Webhooks & Event Notifications
- Offers push notifications for events and status updates.
Performance & Scalability
System capabilities to manage large volumes of data, users, and reports efficiently.
- Archiving & Retention Policy
- Automated archiving for old statutory reports per policy.
- Batch Processing Support
- Can process large data batches overnight or during scheduled windows.
- Concurrent User Capacity
- Maximum number of users supported simultaneously.
- Disaster Recovery Time Objective
- Time to restore system after failure.
- Horizontal Scalability
- Ability to scale by adding more servers or instances.
- Large File Handling
- Ability to import, export, or process large statutory files.
- Load Balancing
- Built-in mechanisms to distribute processing load.
- Peak Processing Speed
- Maximum processing speed under heavy load.
- Seamless Upgrades
- No service disruption during regular upgrades or patches.
- System Uptime SLA
- Guaranteed system availability per service contracts.
Report Generation & Customization
Capabilities related to preparing, designing, and distributing statutory reports.
- Ad-hoc Query Reporting
- Allows users to build custom reports on demand.
- Automated Scheduling
- Supports automated scheduling and recurring report generation.
- Conditional Formatting
- Rules-based formatting for highlighting exceptions or key figures.
- Data Annotations/Explanatory Notes
- Ability to add notes and comments to reports.
- Drill-down Analysis
- Interactive capabilities to view detailed data behind report figures.
- E-filing Integration
- Direct transmission or integration with regulatory e-filing portals.
- Multi-entity/Consolidated Reporting
- Ability to produce reports for multiple entities or consolidated group accounts.
- Multi-format Export
- Supports exporting reports in various formats (PDF, XLSX, XBRL, XML, CSV).
- Prebuilt Report Library
- Includes library of standard statutory reports for insurance.
- Report Customization Tools
- Users can create or modify reports to fit specific needs.
- Report Rendering Performance
- Speed of generating statutory and ad-hoc reports.
Security & Access Control
Ensuring data security, user authentication, authorization, and privacy.
- Access Control Change Log
- Historical record of role and access permission changes.
- Audit Logging
- Logs all user actions for traceability.
- Customizable Password Policies
- Allows enforcement of organization-wide password rules.
- Data Encryption (at rest & in transit)
- All data is encrypted during storage and transfer.
- Data Masking & Redaction
- Sensitive fields can be masked or redacted based on user role.
- Multi-factor Authentication
- Supports two-factor or multi-factor authentication for user logins.
- Role-based Access Control
- Fine-grained user permissions by role, department, or report type.
- Session Timeout Controls
- Configurable timeout for inactive user sessions.
- Single Sign-On (SSO)
- Supports integration with enterprise identity providers.
- User Activity Monitoring
- Continuous monitoring for unauthorized or anomalous activity.
Statutory Compliance & Regulatory Updates
Features to ensure the system remains aligned with changing insurance statutory accounting requirements.
- Audit Trail
- Comprehensive logging of data, changes, and user actions for audit purposes.
- Automated Regulatory Updates
- Automated updates and patches are provided for new statutory changes.
- Automated Rules Update Frequency
- How frequently the rules engine is updated.
- Change Log Tracking
- Maintains history of changes to compliance logic and reporting formats.
- Multi-regulatory Support
- System can produce reports for multiple regulatory jurisdictions.
- Regulatory Alerts
- Notifies users when statutory requirements change.
- Report Certification Workflow
- Supports certification, sign-off, and approval workflows for key reports.
- Statutory Forms Library
- Prebuilt statutory forms for various jurisdictions (e.g., NAIC, Solvency II, IFRS 17).
- Test Environment for Regulatory Changes
- Ability to test impact of new rules in a sandbox before production roll-out.
- Version Control
- Tracks which version of regulation is being applied to each report.
User Experience & Interface
Features related to end-user interface, usability, accessibility, and collaboration.
- Accessibility Compliance
- Meets accessibility standards (e.g., WCAG 2.1).
- Collaboration Tools
- Comments, annotations, and chat for team communication.
- Contextual Help
- On-screen guides and knowledge base links.
- Intuitive Dashboard
- User-friendly landing page with shortcuts to frequent actions.
- Mobile Accessibility
- Access system and reports via mobile web/app.
- Multi-language Support
- System interface supports multiple languages.
- Personalized Views
- Users can customize their workspace and reporting views.
- Recent Activity Log
- Visual display of recent user and team actions.
- Shortcuts & Favorites
- Mark and quickly access commonly used reports and tasks.
- Template Saving
- Save report or workflow templates for reuse.
Vendor Support & Service
Quality of service, support, compliance, and documentation delivered by the provider.
- 24/7 Support Availability
- Global support offered around the clock.
- Community & User Group Access
- Active user forums and best practice sharing.
- Compliance Certifications (SOC, ISO, etc.)
- Proof of security, reliability, and privacy standards compliance.
- Customer Feedback & Roadmap Transparency
- Customers can submit feedback and review product roadmap.
- Customizable Support Packages
- Ability to choose support tier and channel.
- Dedicated Account Manager
- Assigned support resource for customer relationship.
- Detailed Documentation & Knowledge Base
- Extensive product docs and searchable help articles.
- Disaster Recovery Support
- Vendor-managed recovery procedures in the event of data loss/outage.
- Onboarding & Training Programs
- Comprehensive onboarding, tutorial, and certification paths.
- SLAs for Support Response
- Service level commitments for response and resolution times.
Workflow & Process Automation
Automates processes from data collection, adjustments, approvals, to report submission.
- Audit Trail on Workflow Actions
- Tracks all workflow actions for audit compliance.
- Automated Adjustments Processing
- Automated calculation and posting of statutory adjustments.
- Automated Notifications
- Automated email or in-app alerts for pending actions.
- Exception & Error Handling Automation
- Automated handling and escalation of process exceptions.
- Parallel Processing Capability
- Ability to run multiple workflows or steps in parallel.
- Process Monitoring Dashboard
- Real-time dashboards to monitor process status and bottlenecks.
- Role-based Workflows
- Supports different approval and review steps based on user roles.
- Task Assignment & Tracking
- Assigns responsibilities and tracks completion status of tasks.
- Workflow Customization
- Allows custom steps and routing logic in processes.
- Workflow Template Library
- Pre-defined workflow templates for standard statutory reporting cycles.