Introducing Circular Authority: Enabling Easy Tracking and Analysis of ISO Circulars in the Cloud

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


The 50 State Compliance Problem

Maintaining rates, rules and forms across 50 jurisdictions is a complex and labor

intensive process.


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.


Drowning in Information

ISO releases hundreds of changes each year, described in thousands of circulars

across all lines of business


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.


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out-of-date rate information.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.


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


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


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



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



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



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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Introducing Circular Authority: Enabling Easy Tracking and Analysis of ISO Circulars in the Cloud