Automates product development and state filing processes; integrates with NAIC’s SERFF for electronic distribution
May 24, 2004, ACORD LOMA Insurance Systems Forum, Las Vegas – InSystems, a specialist in complex document and compliance automation for insurance and financial services organizations, announces InSystems Tracker 6.1, the only compliance automation software solution that automates and accelerates the product development and regulatory compliance filing processes. Now featuring the first and only integration with the SPI to the National Association of Insurance Commissioner’s (NAIC) System for Electronic Rate and Form Filings (SERFF), InSystems Tracker 6.1 enables end-to-end automated electronic regulatory compliance filing processing — from creation to delivery, accelerating product development and speeding time to market.
“The integrated electronic compliance filing solution from SERFF and InSystems, utilizing the SERFF programming interface, brings a new level of agility to insurance companies when completing their filings, offering tremendous flexibility and functionality,” said Catherine J. Weatherford, Executive Vice President and CEO of the National Association of Insurance Commissioners. “Insurers will benefit from seamless and transparent filing transmission from InSystems Tracker to the appropriate state insurance department. We are pleased that inSystems has become the first to take advantage of this option within SERFF.”
In addition to connectivity with SERFF, InSystems Tracker 6.1 offers:
Online collaboration in the product development process. Authorized users have access to current filing status information and can track rates, rules and forms status updates accelerating time to market by enabling multiple departments to collaborate online in the product development process.
Lower operating costs through reduced preparation time for market conduct audits and decreased costs associated with paper-based processes.
Reduced market conduct exposure, possible fines and organizational risk by ensuring integrity between what is filed, approved, issued and printed.
InSystems Tracker 6.1 provides access to a comprehensive regulatory filing knowledgebase and filing forms covering all 55 States and jurisdictions. It also enables ‘search and view’ of all forms status updates via a web browser, online tracking and customized workflows. Coupled with direct integration with SERFF, InSystems Tracker 6.1 helps insurance organizations realize increased speed to market.
“There are impressive benefits to be gained from accelerating the product development cycle and improving speed to market,” according to Donald Light, Senior Analyst, Celent Communications. “The financial rewards include higher revenue and profitability. Establishing a role of market leadership is important – especially for insurance companies selling through independent channels. And all channels, prospects and policyholders will value a relationship with a responsive, innovative insurer.”
“The integration of InSystems Tracker 6.1 with SERFF enables insurers to eliminate product development bottlenecks, reduce market conduct exposure, and improve relationships with regulators,” says Debbi Marquette, InSystems Director, Compliance Solutions. “InSystems Tracker is a unique, highly value-added solution validated by more than 100 customers in L&H and P&C environments. These customers have streamlined and improved product development and state filing processes realizing significant ROI through increased productivity and lower operating costs. In partnering with the NAIC, we are able to provide a complete compliance automation solution for our customers, addressing every phase in the compliance lifecycle.”
InSystems specializes in complex document and compliance automation for insurance and financial services. Its software solutions allow organizations to achieve operational excellence by automating the creation, management and multi-channel distribution of customized documents, and streamlining the product development and regulatory filing processes. InSystems’ solutions give business users more control, with less dependence on IT resources. These solutions are developed, delivered and supported by a team with specialized knowledge and experience. InSystems www.insystems.com has more than 350 insurance customers, including over 50 of the 100 largest insurance groups in North America. InSystems, founded in 1989, is a subsidiary of Standard Register www.standardregister.com a $1 billion provider of information solutions.