Web Poll Results: Handling ISO Circulars

In an earlier web poll on handling ISO circulars we asked for your input regarding which part of the process takes the longest to implement.  After compiling the data, the results overwhelmingly favour two time consuming processes: Analyzing & Interpreting the ciruclars, and Modifying & Implementing Rates/Rules.  Here’s a look at the data from the poll:

What part of the ISO Circular process takes the most time?

Analyzing & Interpreting Circulars – 35.3%

Modifying & Implementing Rates/Rules - 31.3%

Testing the Changes - 9.25%

Modifying & Implementing Forms – 5.9%

Handling the Filing – 3.7%

Don’t know – 13.55%

We can see from these results that a major challenge that insurers face today is the ability to adopt ISO circulars quickly and easily, leading to many insurers not adopting circulars on their effective date.  In a recent white paper,  Karen Furtado of SMA highlights the new hybrid approach to implementing interpreted ISO rates and rules directly from the source with a modern policy administration system using an advanced automated process for importing and testing ISO Electronic Rating Content, and building complete functional insurance product definitions that can then be customized to meet the insurer’s specific requirements.

To learn how Camilion, as the first policy administration system vendor to implement ISO Electronic Rating Content, can help you transform the way you do business today, download the SMA Perspective: Capitalizing on ISO Electronic Rating Content-Achieving Growth and Reducing Cost.

'We can see from these results that a major challenge that insurers face today is the ability to leverage ISO Electronic Rating Content easily'