Madison, Wis. — Today, Insurance Commissioner Nathan Houdek announced that the Division of Financial Regulation has successfully processed over 10,000 financial filings as a result of the Office of the Commissioner of Insurance’s (OCI) Continuous Process Improvement Initiative.
The Continuous Process Improvement Initiative began in 2019 to move OCI away from paper submissions by the insurance industry to instead accept digital documents. After extensive design, development, and testing, OCI made the new Financial Filing Portal fully operational in the fall of 2020.
“It used to take two OCI employees at least two full weeks to get the filings to technical staff for review during peak filing times,” said Amy Malm, Administrator for the Division of Financial Regulation. “This project automated that process saving staff time and making popular filings available to the public much sooner.”
OCI used to receive almost all required filings in paper format with a typical annual filing containing several reports. The stack of paper making up each of these filings sometimes reached over one inch thick.
“Over the past three years, we have worked to modernize OCI and improve our efficiency,” said Commissioner Houdek. “The 10,000 financial filings processed through our new digital system represent filings from Wisconsin’s more than 230 domestic insurers who submit over 20 different files electronically. This project has made these filings easier for the industry to submit and more efficient for us to review.”
More information about our Financial Filing Portal is available here.