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FactSet Regulatory Solutions for Insurance from FactSet
Statutory reporting automation, global regulatory compliance tools, data integration capabilities, NAIC reporting templates, financial analysis tools, and reporting workflow management.
Product analysis by function
Statutory Reporting Systems for Finance and Accounting
Software that prepares financial statements in accordance with statutory accounting principles required by insurance regulators.
More Statutory Reporting Systems
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Data Integration & Import
(7 Yes /7 Known /11 Possible features)
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Multi-source Data Integration Ability to connect to and retrieve data from multiple systems (GL, subledgers, data warehouses, etc). |
Product documentation and marketing state support for integration with multiple systems including data warehouses, subledgers, and GL for statutory reporting. | |
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Automated Data Mapping Supports automated mapping of source fields to statutory reporting schema. |
No information available | |
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Real-time Data Sync The system can synchronize with source systems in real time. |
No information available | |
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Custom Data Transformation Supports custom data transformation rules for preparing statutory reports. |
FactSet documentation highlights configurable data transformation options for preparing regulatory/statutory reports. | |
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Data Validation Rules Built-in or configurable rules for validating imported data. |
No information available | |
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Bulk Data Upload Supports upload of high volume data sets efficiently. |
FactSet regulatory solutions emphasize efficient bulk upload of complex large statutory datasets as a standard feature. | |
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Data Import Speed The speed at which the system imports data. |
No information available | |
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Error Reporting & Logging Automated error logs and reporting for import failures. |
Error logging and failure notifications mentioned under reporting workflow management and import procedures in platform documentation. | |
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Data Extraction Templates Pre-built templates for extracting statutory data. |
Pre-built regulatory extraction templates (e.g., NAIC) specifically advertised for insurance statutory use cases. | |
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Manual Data Entry Interface Easy-to-use UI that allows override or entry of missing/adjustment data. |
Manual data adjustment interfaces are described under workflow management processes in FactSet user guides. | |
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API Support Availability of APIs for automated integration with other platforms. |
APIs for data integration are referenced both in technical overviews and support documentation for FactSet platform. |
Statutory Compliance & Regulatory Updates
(6 Yes /6 Known /10 Possible features)
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Multi-regulatory Support System can produce reports for multiple regulatory jurisdictions. |
FactSet states support for multiple regulatory templates and compliance rules across regions (e.g., NAIC, Solvency II, IFRS 17). | |
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Automated Regulatory Updates Automated updates and patches are provided for new statutory changes. |
Product is advertised to include automated regulatory content updates and rule patches. | |
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Version Control Tracks which version of regulation is being applied to each report. |
No information available | |
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Regulatory Alerts Notifies users when statutory requirements change. |
Regulatory alerts/notifications of compliance changes are stated as a feature in product overviews. | |
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Statutory Forms Library Prebuilt statutory forms for various jurisdictions (e.g., NAIC, Solvency II, IFRS 17). |
FactSet advertises libraries for NAIC, Solvency II, and other statutory forms specifically for insurance clients. | |
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Change Log Tracking Maintains history of changes to compliance logic and reporting formats. |
No information available | |
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Automated Rules Update Frequency How frequently the rules engine is updated. |
No information available | |
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Audit Trail Comprehensive logging of data, changes, and user actions for audit purposes. |
Audit trail and comprehensive change logging is described in compliance and workflow reporting within the FactSet solution. | |
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Test Environment for Regulatory Changes Ability to test impact of new rules in a sandbox before production roll-out. |
No information available | |
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Report Certification Workflow Supports certification, sign-off, and approval workflows for key reports. |
Report workflow management, including sign-off and certification, is outlined as a feature. |
Report Generation & Customization
(5 Yes /5 Known /11 Possible features)
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Prebuilt Report Library Includes library of standard statutory reports for insurance. |
FactSet includes libraries of standard statutory report outputs for insurance industries. | |
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Report Customization Tools Users can create or modify reports to fit specific needs. |
FactSet portal enables users to customize statutory report layouts and fields. | |
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Ad-hoc Query Reporting Allows users to build custom reports on demand. |
Product enables creation of custom, ad-hoc reporting for statutory, compliance, and analytics purposes. | |
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Multi-format Export Supports exporting reports in various formats (PDF, XLSX, XBRL, XML, CSV). |
Exports supported to PDF, XLSX, XBRL, XML, and CSV formats, per FactSet feature list. | |
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Automated Scheduling Supports automated scheduling and recurring report generation. |
No information available | |
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Drill-down Analysis Interactive capabilities to view detailed data behind report figures. |
No information available | |
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Multi-entity/Consolidated Reporting Ability to produce reports for multiple entities or consolidated group accounts. |
System supports consolidated reporting/group reporting and multi-entity output. | |
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Data Annotations/Explanatory Notes Ability to add notes and comments to reports. |
No information available | |
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Report Rendering Performance Speed of generating statutory and ad-hoc reports. |
No information available | |
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Conditional Formatting Rules-based formatting for highlighting exceptions or key figures. |
No information available | |
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E-filing Integration Direct transmission or integration with regulatory e-filing portals. |
No information available |
Workflow & Process Automation
(0 Yes /0 Known /10 Possible features)
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Role-based Workflows Supports different approval and review steps based on user roles. |
No information available | |
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Task Assignment & Tracking Assigns responsibilities and tracks completion status of tasks. |
No information available | |
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Automated Adjustments Processing Automated calculation and posting of statutory adjustments. |
No information available | |
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Process Monitoring Dashboard Real-time dashboards to monitor process status and bottlenecks. |
No information available | |
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Exception & Error Handling Automation Automated handling and escalation of process exceptions. |
No information available | |
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Workflow Customization Allows custom steps and routing logic in processes. |
No information available | |
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Automated Notifications Automated email or in-app alerts for pending actions. |
No information available | |
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Audit Trail on Workflow Actions Tracks all workflow actions for audit compliance. |
No information available | |
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Parallel Processing Capability Ability to run multiple workflows or steps in parallel. |
No information available | |
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Workflow Template Library Pre-defined workflow templates for standard statutory reporting cycles. |
No information available |
Security & Access Control
(3 Yes /3 Known /10 Possible features)
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Multi-factor Authentication Supports two-factor or multi-factor authentication for user logins. |
No information available | |
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Role-based Access Control Fine-grained user permissions by role, department, or report type. |
User permissions and controls described for FactSet's insurance platform, with different access by report and user role. | |
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Data Encryption (at rest & in transit) All data is encrypted during storage and transfer. |
FactSet lists data encryption both in transit (TLS) and at rest as foundational in their security documentation. | |
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Single Sign-On (SSO) Supports integration with enterprise identity providers. |
No information available | |
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Audit Logging Logs all user actions for traceability. |
FactSet insurances solution documents audit logging and tracking of user actions. | |
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Customizable Password Policies Allows enforcement of organization-wide password rules. |
No information available | |
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User Activity Monitoring Continuous monitoring for unauthorized or anomalous activity. |
No information available | |
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Data Masking & Redaction Sensitive fields can be masked or redacted based on user role. |
No information available | |
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Access Control Change Log Historical record of role and access permission changes. |
No information available | |
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Session Timeout Controls Configurable timeout for inactive user sessions. |
No information available |
User Experience & Interface
(1 Yes /1 Known /10 Possible features)
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Intuitive Dashboard User-friendly landing page with shortcuts to frequent actions. |
FactSet advertises a customizable, user-friendly dashboard for statutory/financial users. | |
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Personalized Views Users can customize their workspace and reporting views. |
No information available | |
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Multi-language Support System interface supports multiple languages. |
No information available | |
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Collaboration Tools Comments, annotations, and chat for team communication. |
No information available | |
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Mobile Accessibility Access system and reports via mobile web/app. |
No information available | |
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Accessibility Compliance Meets accessibility standards (e.g., WCAG 2.1). |
No information available | |
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Contextual Help On-screen guides and knowledge base links. |
No information available | |
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Recent Activity Log Visual display of recent user and team actions. |
No information available | |
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Template Saving Save report or workflow templates for reuse. |
No information available | |
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Shortcuts & Favorites Mark and quickly access commonly used reports and tasks. |
No information available |
Audit, Controls, and Reconciliation
(2 Yes /2 Known /10 Possible features)
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Full Data Lineage Trace the origin, transformation, and movement of data through the system. |
Audit and controls section describes end-to-end data lineage and traceability as central for compliance. | |
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Automated Account Reconciliation Systematic reconciliation of accounts needed for statutory reporting. |
No information available | |
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Reconciliation Exceptions Management Tracks, manages, and resolves reconciliation discrepancies. |
No information available | |
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Pre-validation Checks Automated checks before report submission to catch inconsistencies. |
Pre-validation and automated error checks are discussed in the process for statutory filing preparation. | |
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Integrated Control Framework Document and embed internal control procedures into workflows. |
No information available | |
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Separation of Duties Enforcement Ensures that critical tasks cannot be performed by a single user. |
No information available | |
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Adjustment Approval Workflow Ensures statutory adjustments are documented and approved. |
No information available | |
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Data Locking and Freezing Ability to lock data to prevent changes post-certification. |
No information available | |
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Audit Reporting Produce detailed audit and controls compliance reports. |
No information available | |
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Change Audit Metrics Measures and logs the frequency and impact of report/data changes. |
No information available |
Performance & Scalability
(2 Yes /2 Known /10 Possible features)
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Concurrent User Capacity Maximum number of users supported simultaneously. |
No information available | |
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Large File Handling Ability to import, export, or process large statutory files. |
Handles large-file uploads/downloads for statutory and analytics reporting; mentioned as suitable for enterprise insurance reporting. | |
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Peak Processing Speed Maximum processing speed under heavy load. |
No information available | |
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Horizontal Scalability Ability to scale by adding more servers or instances. |
Insurance solutions by FactSet are described as horizontally scalable for large or global carriers. | |
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Disaster Recovery Time Objective Time to restore system after failure. |
No information available | |
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Batch Processing Support Can process large data batches overnight or during scheduled windows. |
No information available | |
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Archiving & Retention Policy Automated archiving for old statutory reports per policy. |
No information available | |
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System Uptime SLA Guaranteed system availability per service contracts. |
No information available | |
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Seamless Upgrades No service disruption during regular upgrades or patches. |
No information available | |
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Load Balancing Built-in mechanisms to distribute processing load. |
No information available |
Interoperability & Extensibility
(3 Yes /3 Known /10 Possible features)
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Open API Availability Provides open APIs for custom integrations. |
FactSet exposes data integration APIs and references open API availability for custom client integrations. | |
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Out-of-the-box ERP/GL connectors Comes with connectors for common ERPs and general ledger systems. |
FactSet provides out-of-the-box connectors for ERP/GL systems that are used by insurance companies for statutory reporting. | |
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Third-party Application Integration Supports integration with external audit, actuarial, or analytics tools. |
No information available | |
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Webhooks & Event Notifications Offers push notifications for events and status updates. |
No information available | |
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Add-on Marketplace Ecosystem for certified add-ons or extensions. |
No information available | |
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Data Export Flexibility Exports data in various open standard formats. |
Statutory and analytical reports exportable into open standard formats are referenced in product features. | |
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Plugin/Module Support Can add new modules, plugins, or functions. |
No information available | |
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Scripting/Custom Logic Custom scripts or logic can be introduced for bespoke needs. |
No information available | |
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Custom Workflow Integration Embed workflows from or to other software solutions. |
No information available | |
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Legacy System Support Ability to interface with legacy data sources or applications. |
No information available |
Vendor Support & Service
(1 Yes /1 Known /10 Possible features)
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24/7 Support Availability Global support offered around the clock. |
No information available | |
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Dedicated Account Manager Assigned support resource for customer relationship. |
No information available | |
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Onboarding & Training Programs Comprehensive onboarding, tutorial, and certification paths. |
No information available | |
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Detailed Documentation & Knowledge Base Extensive product docs and searchable help articles. |
No information available | |
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Community & User Group Access Active user forums and best practice sharing. |
No information available | |
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Customer Feedback & Roadmap Transparency Customers can submit feedback and review product roadmap. |
No information available | |
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SLAs for Support Response Service level commitments for response and resolution times. |
No information available | |
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Compliance Certifications (SOC, ISO, etc.) Proof of security, reliability, and privacy standards compliance. |
FactSet states compliance with SOC and ISO standards for cloud and data security, conforming with finance industry requirements. | |
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Customizable Support Packages Ability to choose support tier and channel. |
No information available | |
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Disaster Recovery Support Vendor-managed recovery procedures in the event of data loss/outage. |
No information available |
Cost Management & Licensing
(1 Yes /1 Known /10 Possible features)
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Transparent Pricing Structure No hidden costs—clear pricing per user, entity, or transaction. |
No information available | |
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Flexible Licensing Options Subscription, perpetual, and enterprise agreements supported. |
FactSet offers a range of licensing and contract types including recurring subscription, matching common insurance industry practices. | |
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Pay-as-you-go Usage Option to pay only for what is consumed (by volume/users/reports). |
No information available | |
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Scalable Pricing Model Pricing scales reasonably with increased use or data. |
No information available | |
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Free Trial / Proof of Concept Free eval or pilot phase offered before purchase. |
No information available | |
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Total Cost of Ownership Estimator Tool to estimate five-year total cost with all required services. |
No information available | |
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Unlimited User Option Flat-fee plan available for unlimited users. |
No information available | |
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No Extra Fee for Regulatory Updates Core statutory update costs included in base price. |
No information available | |
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Cost Predictability Ability to forecast yearly costs accurately. |
No information available | |
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Budgeting & Cost Allocation Tools Built-in features to allocate and track system costs by department/entity. |
No information available |
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