Wizleap Inc., the operator of the financial consultation platform 'Money Career,' has introduced a new feature for its operational quality management cloud system for insurance agencies, 'MC Expert Cloud.' This feature supports the preparation of 'Business Reports,' which are statutory documents required under the Insurance Business Act.
While not all insurance agencies are required to submit these reports, they are mandatory for agencies meeting certain criteria, such as 'Large-scale Specified Insurance Solicitors.'
Based on integration with the 'Common Gateway' (Common GW), this feature automatically generates the aggregated data necessary for Form No. 2 of the Business Report using life insurance data imported via the gateway. This reduces the burden of manual aggregation and transcription, which has been the norm, and mitigates compliance risks arising from human error.
### Development Background The 'Business Report' is a statutory document that insurance agencies must submit to supervisory authorities after each fiscal year. It requires reporting sales performance and commission results according to a prescribed format. Agencies have faced challenges with increased workloads and the risk of transcription errors due to the manual collection and integration of data from multiple sources.
### Key Output Categories The feature generates three main types of aggregated data for Form No. 2: 1. Total commissions by insurance company (by fiscal year) 2. Breakdown of insurance contracts (new contract count and total commissions for the last three fiscal years) 3. Sales performance by product (ranked by insurance type)
### Future Outlook Wizleap plans to gradually expand the scope of this feature by integrating data from sources other than the Common Gateway and handling exceptional data patterns. The company remains committed to supporting both accuracy and efficiency in the compliance operations of insurance agencies.
FACT BOX
- Source: PR TIMES
- Category: New Product