CRO | SUSEP SRO

Reconciliation of Operational Records

CRO Module, developed in partnership with B3

One of the main challenges faced by insurance companies under the SUSEP SRO framework is reconciling the information registered in the SRO with the data from their internal operational systems. In order to support these companies, ITG and B3 joined forces to develop a solution that automates this entire process.

“In discussions with insurance companies, we identified that data reconciliation is a challenge faced by many organizations and that we could help them address this issue. For this reason, we sought a partner with extensive expertise in the sector to jointly build this solution, with the goal of delivering a comprehensive product to the market that enables the automation of all file reconciliation in a single environment, including SRO data, FIP, statistical reports, and official records.”

Superintendent of Insurance Products at B3.

 

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Main Benefits and Features

Automation
Automates the reconciliation of values submitted to SUSEP (FIP, Statistical Reports, Circular 627, and SRO) with accounting records.
SUSEP Layouts
Works with the layouts defined by SUSEP and with return files from the main registrars, without requiring the development of specific interfaces to receive the values from these layouts.
Visualization
Allows users to view the definition used in each cross-check, including the creation of versions to track compliance with requirements in each reporting period.

Other validations performed by the CRO

  • Comparison of values between the FIP and the Statistical Reports files defined in the SUSEP FIP Completion Manual.
  • Other non-blocking validations in the completion of Statistical Report fields defined in the SUSEP FIP Completion Manual.
  • Comparison of PPNG and DAC values between the FIP and Statistical Reports, as defined in the SUSEP COPRA Analysis Calculation Memo document.
  • Comparison of the PSL flow using values from the Statistical Reports of claims movement and position, including breakdowns by notification date or occurrence date, as defined in the SUSEP COPRA Analysis Calculation Memo document.
  • Validation of values across FIP SUSEP report fields, as defined in the SUSEP FIP Completion Manual.

The VSI Module is incorporated into the CRO

The VSI module is designed to cross-check values existing in accounting records with data submitted to SUSEP (SUSEP Circulars 627 and 360/522, SUSEP FIP, and Statistical Reports). Through the concept of metrics, the module standardizes the names of information, enabling easy and clear comparison. In this way, it is possible to reconcile values from SUSEP files against accounting data and, in a more managerial view, compare the values presented across the four data sources loaded into the system (Accounting, SUSEP Circular 627/360/522, SUSEP FIP, and Statistical Reports). It also enables the validation of several additional rules, aiming to address and reduce queries from regulatory bodies. To facilitate implementation, the system is designed to support file import and automatically identify file types. The VSI module is available in the VSI Seg and VSI Re versions, and now also includes VSI Prev.

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