How to streamline and automate the regulatory reporting process, making it easier for members to file, and for the regulator to risk-classify its members.
As an innovative leader in the Bermuda market, the Bermuda Regulatory Authority (BMA) is the gold standard for safeguarding the local economy with insurance supervision, guidelines, and financial and statutory requirements. Despite these credentials, there are inefficiencies in the regulatory process for satisfying timely reporting by member companies that helps to efficiently manage risk across financial obligations, capital reserve requirements, and other ancillary economic and business factors.
The regulatory process is manual and built on long established practices that have not modernized with the changing times. For mandatory reporting which require monthly, quarterly, and annual filings, the use of spreadsheets for the complexities of data management is inefficient. Through this sprint project, the BMA and Cookhouse Lab believe that digitizing the process will significantly improve efficiency through standardization, reducing efforts by member companies and avoiding risk of erroneous data. Further, through automation the BMA can establish stronger benchmarking for risk-classifying member companies in the local jurisdiction.
Under the program facilitation of Cookhouse, member companies in Bermuda will work with the BMA to explore solutions for the transfer, verification, and storage of statutory filings of member companies.
The project team will engage in a 1 week design sprint to better understand the challenge on a deeper level and explore concepts for improving such a process in conjunction with the BMA. The project team will then apply these learnings into a Minimum Viable Product (MVP) to be shared with industry participants, for further evaluation or even as part of a road map towards full implementation.