So Much To Do and So Little Time

Time is one of those elusive things in life where everyone wants more of it to accomplish all their tasks but no one ever really seems to find it. Has anyone ever examined how to do even more than before with less time though? Is it even possible?

It is time the insurance industry finds a new way of managing rates and rules – one that will align to the flexibility, scalability and timely responsiveness of a contemporary insurance company. The complex and cumbersome process of managing thousands of regulatory changes issued each year is enormous and growing daily. Fortunately with the new ISO Electronic Rating Content product, those able to capitalize on the new offering will be able to make giant strides forward to becoming masters of their own time and have the capability to rapidly respond to today’s marketplace.

Strategy Meets Action (SMA), a new breed of strategic advisory firm that provides analyst and consulting services to both insurers and vendors, has written a perspective based on their ongoing research of Policy Administration Systems.  This perspective highlights the new hybrid approach to implementing interpreted ISO rates and rules with a modern policy administration system using an advanced automated process for importing and testing interpreted ISO Electronic Rating Content, and building complete functional insurance product definitions that can then be easily customized to meet the insurer’s specific requirements. With this approach, gone are the human interpreted circulars, gone are the time-consuming and tedious processes – now replaced with the speed and flexibility needed to decrease the time and costs of bringing to market new lines of business predicated on ISO rates/rules/forms.

For those insurers that have been hesitant to take the step forward and implement a new policy administration system, this might be a good time to take a look at the advantages beyond traditional system of record administration.

To explore how you can transform the way you are developing and updating products today, download SMA Perspective: Capitalizing on New ISO Electronic Rating Content.

'The complex and cumbersome process of managing thousands of regulatory changes issued each year is enormous and growing daily.'