Recent developments in automation capability have opened the door to improvements in the way that companies are able to monitor compliance with Internal Revenue Code (IRC) Section 7702. Further automation of Section 7702 testing allows for less input, more policy testing, and significant reductions in manual processes and risks associated with them. As technology has improved, and computing power become virtually limitless, the insurance industry can take advantage of these new technologies to improve and enhance 7702 capabilities. The result can be an easier, faster and more comprehensive process that will be more scalable across products.
By attending the session, you will:
- Understand the basics IRC 7702 calculations and computational limitations on traditional solutions.
- Identify the features that make low-code/no-code solutions unique and their uses in an actuarial context.
- Apply the pros and cons of low-code/no-code (LCNC) solutions in a 7702 context.