FREE P&C Industry Event Sponsored by PCI, the NAIC and InSystems
Markham, Ontario, November 19, 2004 — Speed-to-market and operational efficiency are top priorities for insurers, however only a small percentage of them have harnessed automated solutions to improve speed-to-market and automate the state filing process.
According to Donald Light, Senior Analyst, Celent in his report Improving P&C Insurers� Speed- to-Market, �There are impressive benefits to be gained from accelerating the product development cycle and improving speed-to-market. The financial rewards include higher revenue and profitability.�
�Speed-to-market is a priority issue for PCI members in the competitive insurance marketplace. While the PCI is looking to change the laws and regulatory structure for rate and form filing, we also see that technology and administrative efficiencies in state processes can play a valuable role in getting products to market more efficiently,� commented Lenore Marema, Vice President, Industry and Regulatory Affairs, Property Casualty Insurers Association of America (PCI).
To assist P&C insurers on their journey to improved speed-to-market, the Property Casualty Insurers Association of America (PCI), the National Association of Insurance Commissioners (NAIC) and InSystems are sponsoring a FREE seminar for Property and Casualty insurers to build awareness of the Regulators� initiatives, current P&C industry practices and technology solutions addressing product development and state filing processes. The FREE seminar will take place:
Wednesday, January 19, 2005 at the Westin O�Hare Chicago
9:30 a.m. � 3:30 p.m. CT
Continental breakfast and lunch included
Pre-Registration is required
The program will include:
- Keynote Address: �Speed-to-Market and the Electronic Filing Imperative� by NAIC Commissioners
- State Rate and Form Filing: There�s Room for Improvement; insights from the PCI State Survey
- NAIC SERFF demo and presentation
- InSystems Tracker/SERFF demo and presentation
- Industry Roundtable on Electronic Filing
The seminar will be of particular interest to:
- Industry staff involved with property and casualty product development, rate and form filing
- Individuals interested in NAIC speed-to-market initiatives
- Current and potential SERFF and InSystems Tracker users who would like to leverage product development, filing preparation and electronic filing.
“The SERFF Board of Directors, with joint regulatory and industry representation, is focused on guiding the technology solution that supports speed-to-market�, said North Dakota Insurance Commissioner Jim Poolman. �Ultimately, SERFF is designed to improve the efficiency of the rate and form filing and approval processes and to reduce the time involved in making regulatory filings. That�s speed-to-market.”
“An SPI created by the NAIC enables InSystems Tracker to integrate with SERFF, giving insurance companies more flexibility by allowing them to use a third-party system when compiling a filing, yet still submit it electronically through the SERFF system,� said Neil Betteridge, Director of Marketing, InSystems. �This increases the efficiency and flexibility of SERFF for insurance company users, yet ensures that the state insurance department staff only needs one electronic system to review and approve filings.”
For more information about the seminar visit: http://www.insystems.com/Standard.asp?PageID=1806
To register, Click Here
Registration deadline: January 12, 2005.
PCI is composed of more than 1,000 member companies, representing the broadest cross-section of insurers of any national trade association. PCI members write $173.6 billion in annual premium, 39.1 percent of the nation�s property/casualty insurance. Member companies write 49.1 percent of the U.S. automobile insurance market, 37.8 percent of the homeowners market, 31.8 percent of the commercial property and liability market, and 38.5 percent of the private workers compensation market.
About the NAIC
Headquartered in Kansas City, Missouri, the National Association of Insurance Commissioners (NAIC) is a voluntary organization of the chief insurance regulatory officials of the 50 states, the District of Columbia and U.S. territories. The association�s overriding objective is to protect consumers and help maintain the financial stability of the insurance industry by offering financial, actuarial, legal, computer, research, market conduct and economic expertise. Formed in 1871, it is the oldest association of state officials. For more information, visit the NAIC on the Web at www.naic.com.
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.