Implementing Complex Insurance Roadmap For Success

Overview

Myridius' client is a well-respected major insurance core cloud-based policy, billing, claims, and data analytics platform provider for tier 1-4 carriers, managing general agents (MGA), and brokers. Building upon the strength of the platform, Myridius' client provides industry-leading compliance maintenance with ISO, NCCI, AAIS, and independent bureaus updates. Its unrivaled industry experience, thought leadership, and compliance capabilities enables Myridius' client to focus on business optimization through a superior policyholder experience. 

The Challenge: Delivering Seamless Integration of Regulatory Changes While Ensuring Quality and Timeliness

Given its standing in the market, the client has a strong reputation for integrating regulatory changes quickly and accurately, helping to ensure that its customers remain compliant with rapidly changing regulations and standards.

When ISO announced a large-scale overhaul of rules, rates, and forms for multiple products affecting multiple states over three years, Myridius' client understood the scale of the change would overwhelm the existing team.

Some of the upcoming fundamental changes included:

  • Product modernization rewrites of several lines of business
  • Updating coverages
  • Updating countless forms
  • Updates to the UI to support modified rating algorithms
  • Updates to client customization

The client also knew it needed to find the most cost-effective method to temporarily double the current team to integrate the required changes without sacrificing quality or the level of service its customers expect.

This led the client to look for a partner with a deep bench of technical and insurance industry expertise to collaboratively define the program implementation plan, and deliver the analysis, implementation, and testing of the base and client customizations before the change's effective date.

Strategy and Goals: Leveraging Myridius' Insurance and Delivery Expertise for a Successful Implementation

When the client engaged Myridius to assist with implementing the ISO bureau roadmap, the Myridius team leaned on their expertise in automation, application management, and the insurance industry to ensure the project's success. For Myridius, it was a natural fit, as we operate with a proven brand promise that emphasizes building long-term relationships based on collaboration and trust.

This led to a project approach focused on the following:

  • Defining a methodology to quickly scale the team without compromising quality or timeliness
  • Defining an approach to simultaneously implement ISO roadmap scope and resolve simple to moderate issues impacting customer satisfaction
  • A delivery order based on client need, impact on the system, and effective date with a goal to drive high levels of development reusability
  • Leveraging Myridius expertise in application development, testing, maintenance, and support methodologies to drive predictable results
  • Alignment of the development, forms, analytics, and back end to deliver the final product as a single combined unit of high-quality work

 

Throughout the development and implementation support phases, Myridius was also able to tap into its extensive relationships with industry subject matter experts. These experts provided valuable insights into:

  • The intent of the changes.
  • How to implement the changes.
  • Planning the changes to the solution architecture that would be needed for it to accommodate the new ISO requirements.
  • Building customer communications describing the changes.

The Final Results: Exceeding Expectations and Ensuring Customer Satisfaction

Because of all of its prior coordination, preparation, and planning, Myridius' client successfully integrated the ISO roadmap rules, rates, and regulatory and forms updates into its product. The client and Myridius team have also exceeded internal SLAs for deliverable quality and timeliness.

Since implementation, Myridius' insurance industry expertise—paired with its proven application maintenance and support methodologies—has allowed the client's competency center to provide the responsive, personalized support its customers need to stay compliant. This allows the client to maintain its competitive edge through comprehensive and enhanced bureau support in combination with platform enhancements.

Want to experience the same results as this client with the support of Myridius' deep bench of industry and technical expertise? Then take a moment to set up a personalized meeting now!

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