introducing circular authority: enabling easy tracking and analysis of iso circulars in the cloud
DESCRIPTION
Insurers are drowning in Information. This presentation looks at the challenges insurers face when writing ISO lines and the benefits of CircularAuthority (TM).TRANSCRIPT
Insurance in the Cloud Hugh Anderson, SAP
Drew Birtwistle, Camilion (an SAP Company)
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Introducing Circular Authority Enabling Easy Tracking and Analysis of ISO Circulars in the Cloud
Financial Services Forum – Sep 19th
Drowning in Information The challenges insurers face when writing ISO lines
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The 50 State Compliance Problem
Maintaining rates, rules and forms across 50 jurisdictions is a complex and labor
intensive process.
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The Need that ISO Fills
Many property and casualty carriers use ISO as a resource to help them stay
current with loss cost trends, new product forms and regulatory changes.
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Drowning in Information
ISO releases hundreds of changes each year, described in thousands of circulars
across all lines of business
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Why an Insurer’s Products Fall Behind
Many carriers do not take ISO revisions on the effective date and the primary
reason is that their internal processes do not allow them to make changes rapidly
enough to complete their analysis, filing and system update in the typical six-month
lead time ISO provides.
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Helping Insurers to be more profitable
Carriers who are behind may experience premium leakage on policies written with
out-of-date rate information. They may also be behind on form changes that reflect
emerging trends or legal positions.
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Solutions for ISO Product Development
Track & Analyze 33%
Update System 27%
Modify Rates & Forms 40%
SAP Underwriting,
SAP Policy Management
•Full Policy Administration
•Rate, Quote, Bind, Post-Bind
•Producer Portal
+ Other PAS Systems
SAP Product Lifecycle Management Configurator
•Import ready-to-run ISO circular updates
•Separation of ISO and company information
•Full control over company deviations
SAP Circular Authority
•Receive, track and analyze ISO
circulars
•Record adoption decisions and
specify deviations
•Produce system specifications
Demonstration
‣ Receive, track and analyze ISO circulars
‣ Record adoption decisions and company requirements
‣ Produce system specifications
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Agenda
• The challenges insurers face when writing ISO
lines
• Circular Authority – a Demo
• The business benefits for insurers
• Q&A
Keeping up with ISO The Business Benefits
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CircularAuthority™ Benefits
Improve speed to market and reduce
the effort required to analyze and
interpret ISO circulars, which
represents 32% of the overall circular
adoption effort
‣ High-value workers freed up from
interpretation task
‣ Increased capacity for product
change
‣ Cloud-based: low acquisition and
operating cost
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CircularAuthority™ Benefits
Improve quality and compliance of an
insurer’s ISO-based products.
Content is interpreted by ISO,
delivered electronically, and
presented in a business-friendly way.
‣ Improved compliance
‣ Reduced state fines
‣ Better legal protection
‣ More accurate pricing
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CircularAuthority™ Benefits
Increase the consistency, visibility,
traceability and auditability of ISO
adoption decisions
‣ Single system of record for
adoption decisions and
requirements
‣ Audit trail
‣ Consistent, repeatable, automated
process for new staff (replacing
aging workforce)
‣ Detailed specifications for IT, filing
and other stakeholders
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CircularAuthority™ Benefits
Keep up with ISO.
‣ Latest ISO Product = Solid
Foundation for Competitive
Company Products
‣ Pricing Accuracy = Greater
Profitability
‣ Latest Policy Language = Reduced
Legal Exposure
‣ Formal Specifications =
Business/IT Alignment
Q&A
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