Insurance companies face significant challenges in keeping up with changes in statutory requirements amid intensifying workforce pressures. In this episode of Bank on Wipfli, we explore how insurers are adapting to major shifts in statutory financial reporting and annual statement filings.
Wipfli Partner Robert Zondag talks with Burch LaPrade, CEO of Gain Compliance, about evolving issues with insurance filings, including:
- The growing talent gap in statutory accounting, driven by retirements and limited new entrants to the field.
- The constant evolution of NAIC regulations, including seismic changes like the principle-based bond definition and expanded Schedule P history.
- How insurers are being asked to do more with less, including off-cycle reporting and modeling what-if scenarios.
- The role of technology in streamlining workflows, improving collaboration and delivering contextual guidance for complex filings.
- Why successful filings require more than software — how support and education are critical to reducing stress and improving outcomes.
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