Rates, Filings and Forms – System Updates
A P&C Insurance BPO Case Study
For an Insurance Carrier writing multiple commercial lines across multiple states, keeping ISO/NCCI and AAIS Rates, Filings and Forms up-to-date is not only costly, but it is also a regulatory requirement.
Overview
Traditionally, with the high complexity in the process, each could take around 6 weeks and cost $60,000, more if hard coding on legacy systems is required.
The Challenge
The desired outcome is twofold
- Clients “base software package” is up to date with all rates, filings, and forms for all States all lines and Bureaus. Client releases a new version of its software with any new changes every 2 weeks
- Carrier clients are provided with updates that they can easily adopt/ not adopt and make changes via Configuration and not hard coding.
Strategy and Goals
A Property and Casualty Software Core Suite provider, worked with Myridius to find a way to create greater operational efficiencies reducing time and cost for implementing these changes across their customer base.
The Final Results
90% Cost Savings and Reduction in time from 6 weeks to 1 week.The Conclusion
Due to working with Myridius, Client and their clients can meet bureau and state requirement in a much speedier manner, and avoid costly fines.In addition, the use of Myridius' Philippines ODC provides a cost-effective solution to manage the often back and forth that takes place during proposed systems updates. This aids Myridius' primary client and also our client’s Carrier clients
Industry
Insurance
Myridius Service Offering
Digital Sustainment
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