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Insurance

Learn how organizations like BlueCross BlueShield and Kaiser Permanente improve efficiency, accuracy, and compliance in data processing with intelligent automation

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Major Insurance firms use DataSnipper

Navigating key challenges

Manual tasks

Manual data entry and reconciliation are time-consuming and error-prone

Compliance requirements

Keeping up with ever-evolving regulations is complex and time-consuming

Complex data

Varied regional tax rates requires the need to simplify complex data sets

Insights from DataSnipper customers
+94%
up to 94% efficiency gain when using Document Matching in testing procedures
Visser & Visser
570
hours saved when processing 36,000 datapoints with Form Extraction
Grant Thornton
3,000
hours saved over a 10-month period for financial statement procedures
RSM Cayman
One platform to drive collaboration across audit and finance teams
Internal Audit
Ensure operations such as policy underwriting and claims processing adhere to necessary regulations
Tax
Automate data extraction and calculation of tax provisions to facilitate compliance with tax laws
Financial Control
Ensure claims expenses are  accurately reported to facilitate budgeted vs actual cost analyses
USE CASES

Easily meet compliance, regulations, and policy standards

Insurance Premium Tax Compliance

Extract and analyze data from insurance policies and its payment receipts. Verify application of tax rates and compliance with local tax regulations.

Reconciliation of Premiums Received

Automatically extract payment amounts and dates from bank statements, and reconcile with policy records. Flag any discrepancies for further investigation.

Tax Provision Calculation

Extract data from financial statements and expense reports. Automatically calculate tax provisions to ensure accuracy and compliance with tax laws.

Policy Adherence Checks

Extract details from insurance applications and claim forms. Compare against policy standards to comply with internal policies and external regulations.

Teams leveraging DataSnipper's Intelligent Automation

“Since we’ve implemented DataSnipper it has greatly reduced the time spent documenting and reviewing workpapers. We are constantly evaluating ways to leverage DataSnipper for SOX testing and Operational Audits. Looking forward to the increased time savings as we continue to integrate the use of the tool.”
Victoria Sporn
Audit Manager – SOX & Financial, MarketAxess
“DataSnipper helps us ensure that every attribute is captured in our testing. The ability to create templates has played a huge role in time savings as preparers. It enhances efficiency in controls testing, potentially cutting time in half with pre-built templates for future tests.”
Ariana Balda
Auditor, The ODP Corporation
“Using DataSnipper introduced an agile approach in our auditing and helped our team of auditors transform their previously traditional mindset and embrace innovation.”
Ziad Frangie
Lead Auditor EMEA, Air Products & Chemical Incorporated
“DataSnipper offers me a great solution to automate and simplify audit work related to annual accounts, data analytics, and interim work that seamlessly ties in with our vision to transform the audit.”
Ivo Mengelers
IT Auditor, Diggle
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