Industry Event Sponsored by the NAIC, PCI and InSystems Calls for State Filing
Markham, ON, January 20, 2005 � Insurers and regulators must act with a sense of urgency in modernizing state filing processes, according to regulatory thought leaders who addressed more than 100 insurance carrier registrants attending a Speed to Market seminar in Chicago on January 19, 2005. The seminar focused on the electronic filing imperative, speed to market, operational efficiency and increasing collaboration between the states and insurance organizations in their quest to make state filing more efficient and effective. The National Association of Insurance Commissioners (NAIC), the Property Casualty Insurers Association of America (PCI) and InSystems sponsored the event.
The program included presentations by an NAIC Commissioners panel comprised of Jim Poolman, Insurance Commissioner, North Dakota Insurance Department; Mike Pickens, former Insurance Commissioner and former NAIC President, Arkansas Insurance Department; and, Charlie Rapacciuolo, Assistant Deputy Commissioner and Bureau Chief, New York Insurance Department.
“Speed to Market is a top priority for the NAIC as it brings tremendous benefits to both state insurance regulators and insurers,” stated Jim Poolman, North Dakota Insurance Commissioner, one of the seminar presenters. “In 2004, over 151,000 filings were sent electronically to the states using SERFF and NAIC uniformity tools such as the Product Coding Matrix. It was exciting to see over 100 insurer representatives attend this special event. I know insurers can reap the rewards of participating in Speed to Market initiatives and look forward to seeing more and more companies leverage what the NAIC has to offer.”
�The product development process at most insurance companies takes four to twelve months,� according to Donald Light, Senior Analyst, Celent, who delivered the luncheon keynote. �The speed of implementation depends primarily on an insurer�s ability to satisfy the requirements of each Department of Insurance (DOI) having jurisdiction over the new product and the flexibility of the insurer�s technology environment. There are impressive benefits to be gained from accelerating the product development cycle and improving speed to market.�
Bonnie Wittman, Associate Director, State Property/Casualty Filings, Allstate Insurance Company, a seminar attendee and participant in a roundtable discussion on electronic filing said, �Our goal is to make state filing paperless. Using InSystems Tracker with the SERFF SPI will enable electronic end-to-end state filing, substantially eliminating the huge costs associated with paper. Because we can now speed up processes previously associated with paper filing, we can contribute to speeding product time market.�
�Clearly, speed to market and operational efficiency are high on the agenda of regulators and insurance carriers,� according to Neil Betteridge, Director of Marketing, InSystems. �We are delighted that such an influential group is championing the benefits of state filing automation. InSystems, using an SPI created by the NAIC has integrated InSystems Tracker with SERFF, facilitating speed to market by enabling end-to-end state filing automation. The first direct solution of its kind, InSystems Tracker with SERFF increases the efficiency and flexibility of SERFF for insurance company users, ensuring that staff only need one electronic system to prepare, and submit filings.�
PCI is composed of more than 1,000 member companies, representing the broadest crosssection 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. For information about how InSystems can automate state filing contact email@example.com or call 1.888.Insystems (1.888.467.9783).