Andesa Services, a leader in providing SaaS Policy and Plan Administration solutions to life insurance and annuity carriers, announced today the successful completion of its annual Service Organization Control (SOC) examinations as prepared in compliance with American Institute of Certified Public Accountants (AICPA) guidelines. The AICPA has established three, distinct, SOC examination engagements; SOC-1, SOC-2 and SOC-3. Andesa has made the following reports available to its clients:
- SOC-1/Type II reports – restricted distribution reports that examine the design and operating effectiveness of Andesa’s internal controls over financial reporting as they relate to both Andesa Policy and Plan Administration solutions.
- SOC-2/Type II reports – restricted distribution reports that examine the design and operating effectiveness of Andesa’s internal controls over Information Security as they relate to both Andesa Policy and Plan Administration solutions.
- SOC-3 reports – unrestricted distribution summary reports issued upon successful completion of SOC-2/Type II as they relate to both Andesa Policy and Plan Administration solutions.
A Significant Enhancement in Control Reporting for Andesa Services
The SOC reports highlight Andesa Services’ commitment to design, operate, and report upon their Financial and Information Security control environments. “By undergoing these detailed audits and achieving SOC 1, 2 and 3 Type II compliance, Andesa provides a great level of confidence to existing and potential customers that we conduct our business to exacting standards and consistently maintain the highest levels of operational, financial and information systems integrity,” says Mark Wilkin, Andesa Services Chief Financial Officer. “These reports provide our clients with a greater understanding and confidence regarding the design and operating effectiveness of our many internal control processes and procedures.”
Andesa began as a pioneer in the field of COLI/BOLI policy administration. Today more than 30 years later, Andesa provides comprehensive, integrated policy administration, plan administration and support solutions for life insurance and annuity carriers and producers. Partnered with numerous insurance companies (including 7 of the top 13 life and annuity carriers) along with several top distributors and producers, Andesa’s integrated approach to insurance and plan administration results in efficiency gains, reduced hardware costs, mitigated compliance risk and improved market response. This comprehensive suite of services is offered in a secure, private cloud environment. The Company’s highly-experienced team of U.S.-based professionals offers a true extension to a client’s business, providing insurers and producers—large and small—with administrative support for complex product and plan offerings.