Edgewater Technology and ISO Webinar - Increasing Agent Policy Submissions
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Learn how carriers use ISO’s automated rating and validation tools to quickly and easlity provide agents with the quotes they need. Jeff Lopata, CIO of Preferred Mutual Insurance Company (PMIC), will discuss the business benefits realized by implementing an ISO Rating solution with a new custom agent portal. Edgewater Technology's Phil Monahan and ISO’s Todd Meyer will join Jeff to explore the challenges many organizations face, and potential solutions.
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Edgewater Technology and ISO Webinar - Increasing Agent Policy Submissions
- 1. The Agent Experience “Reaching The Summit” Tuesday, January 17, 2012
- 2. Presenting today… Philip Monahan Todd Meyer Principal Consultant Senior Consultant Edgewater Technology, Inc. ISO Rating Solutions Jeff Lopata CIO Preferred Mutual Insurance
- 3. Agenda • Insurance Business Environment • ISO Rating Solutions • Integration Options And Challenges • Case Study • Preferred Mutual Insurance Company • Q&A
- 4. Edgewater • Founded in 1992 • Publicly traded (NASDAQ: EDGW) • 400+ employees • Over 3100 Projects Delivered in 19 Years • Large North American footprint • New UK presence • Focus on upper-middle and global 2000 markets
- 5. Insurance Services Office • Formed in 1971 as a not-for-profit advisory and rating organization for the U.S. property/casualty industry • Headquartered in Jersey City, New Jersey, U.S.A., with offices throughout the world • 4,000+ employees • Trading under parent “VRSK” on NASDAQ • Industry expertise to guide development of analytic solutions for specific customer needs o Insurance pricing, underwriting, and insurance claims analysis o Financial services risk mitigation and fraud detection o Healthcare claims analysis and fraud detection o Climate and environmental impacts and risk assessment
- 6. Insurance Business Environment • Soft Market • Compliance Requirements • Flexibility • IT Cost Reduction • Web Enablement/Self Service • IT Key Differentiator
- 7. Remaining Competitive • Carriers Must: o Achieve agility and cost effective integration with internal systems o Provide flexible, secure, easy access for agents and consumers o Increase automation to improve discipline and efficiency, reduce error rates and minimize manual review o Improve Agency Integration o Speed the time to market for new insurance products and coverages o Reduce cost of change
- 8. ISO Rating Solutions ► ISO Electronic Rating Content – your jumpstart ► ISO Rating Service – your fully-automated solution
- 9. ISO Rating Service •Enables a single rating solution for multiple ISO and non-ISO programs •Incorporates ISO-interpreted content •Utilizes a powerful content inheritance model that allows company-customized rating deviations and state exceptions •Streamlines delivery of ISO content updates via ISOnet •Open platform – works with any Policy Administration System •Works with web services and queues to fit in Service Oriented Architecture
- 10. How does the ISO Rating Service address this challenge? Powerful Toolset Rating Engine ISO Rating Service ISO-Defined Rating Ongoing Maintenance Content
- 11. ISO-Interpreted Content Advisory loss costs Rules Forms attachment logic Statistical code assignment
- 12. Single Rating Solution ISO Rating Service Commercial Lines Personal Lines Workers Compensation • Commercial Auto • Personal Auto • Bureau States • General Liability • Homeowners • Independent States where • Commercial Inland Marine permitted) • Nonfiled Inland Marine • Commercial Umbrella • Commercial Property • Crime and Fidelity • Commercial Package Policy • Businessowners
- 13. Development Process Deviation Countrywide State Mapping Services Rating Assemblies Analysis Mapping Establish Create Install Engine Database Ratebooks
- 14. Integration Challenges ► Legacy Modernization – Mainframe, Client Server – Compatibility – Flexibility ► Custom User Interface – Internal vs. External facing – System Response – Multi-system integration ► Existing Back Office Systems – Document Generation – Data Dependence – Accounting
- 16. Preferred Mutual ► In Business > 100 years ► Mid-Size Carrier ► $230M DWP ► Commercial Lines ► Personal Lines ► 4 states
- 17. Project Stats ► LOB’s: BOP and Commercial Auto ► States: 4 - NY, NJ, NH, MA (BOP only) ► DWP: – BOP - $17.5m – Auto - $8.5m ► Duration: 9 months ► Project Team: Joint Preferred Mutual/Edgewater resources
- 18. Integration Points ► Custom Agent User Interface with 400 Agents ► Mainframe ► QuickFill ► Credit Score ► MVR ► Claims History ► Middleware Tools/Technology – BizTalk
- 19. Realized Benefits ► Results – Growth • Prior to implementation, Preferred lost nearly 15% of commercial automobile book (2007-2009) • In the last 18 months (through 2011) recovered all of the 15 % lost in prior years • Prior to implementation, Preferred lost nearly 4% of BOP book (2007-2010) • In the last 12 months (through 2011) has grown nearly 13% (not including our largest state that went into production in October of 2011)
- 20. Realized Benefits ► Agent Comments – Easy to use – Great workflow ► Increase In Submitted Applications ► Policies More To Appetite – Use of underwriting rules engine controls submissions
- 21. Best Practices ► Manage expectations – Be ready to address the challenges ► Build the right Team – Project Management, Partners / Vendors – Business Knowledge ► Play to your strengths & be realistic about your weaknesses ► Minimize risk in all areas – Requirements, Development, Conversion and Rollout
- 22. Q&A
- 23. Contact Information ► Philip Monahan Principal Consultant Edgewater Technology PMonahan@edgewater.com (781) 213-9827 ► Todd Meyer Senior Consultant ISO Rating Service Todd.Meyer@iso.com (513) 886-0636 ► Jeff Lopata CIO Preferred Mutual Insurance Jeffrey.Lopata@preferredmutual.com (607) 847-6161
Editor's Notes
- Good afternoon, good morning, or good evening depending upon where you are in the world. Thank you for joining us today for our webinar presentation The Agent Experience – Reaching the Summit. Today we will be discussing how carriers are increasing market share and reducing Underwriting costs, while increasing flexibility and setting the foundation for expansion, utilizing the ISO Rating Service and Edgewater’s proven methodology of integrating with back office administration systems and easy to use agent portals.
- In order to stay competitive, P&C carrier IT organizations are focused on operational effectiveness and innovation to drive profitable growth. They concentrate not only on their outward appearance and ease in doing business, but also on their own internal systems and improving efficiencies and flexibility. Their back office support systems cannot require constant care and feeding monopolizing IT resources. Once implemented, the organization must be able to set it and forget it.Their front end consumer facing interfaces must be secure and easy for agents and insureds to access, understand and use, without requiring any training. They must be as intuitive and self-explanatory to quote coverage, as users find to purchase and download music or books. With this ease of use in automation, carriers can also leverage the ability to introduce better discipline, both internally and externally, to reduce error rates, filter unwanted risks and minimize manual review of submissions by Underwriting.Improving integration with a carrier’s life-blood, the agents, is also very important. The quicker and easier it is for agents to submit new business to carriers, the more often they will come to the carrier to quote business resulting not only in a higher volume of submissions, but in more palatable submissions. Whether those quotes are provided via an externally facing portal, a comparative rater, or integrated with their agency management systems, the more the merrier, and the easier the better. Carriers also need to be able to take quick action for change, whether it’s to react to market conditions with updates to rates or limits, to introduce new products in response to customer demand, or lead the market with new coverages designed for niche markets or specific lines.All of these changes must be quick and inexpensive. The more these types of changes can be done directly by the business with little involvement by IT resources, the better.One technology product that helps carriers achieve this is the ISO Rating Service. I’ll turn it over to Todd Meyer from ISO to discuss the rating service.
- Todd – How often are the ISO ratebooks updated and how much effort is involved for the carrier to update them during maintenance?Jeff – With the jump in business on the new agent portal, how has the need for manual Underwriting review and Underwriting expenses been effected?