edgewater technology and iso webinar - increasing agent policy submissions
TRANSCRIPT
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The Agent Experience“Reaching The Summit”
Tuesday, January 17, 2012
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Presenting today…
Todd Meyer
Senior ConsultantISO Rating Solutions
Philip Monahan
Principal Consultant
Edgewater Technology, Inc.
Jeff Lopata
CIO
Preferred Mutual Insurance
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Agenda
• Insurance Business Environment
• ISO Rating Solutions
• Integration Options And Challenges
• Case Study
• Preferred Mutual Insurance Company
• Q&A
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• 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
Edgewater
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Insurance Services Office• Formed in 1971 as a not-for-profit
advisory and rating organizationfor 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 needso 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
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Insurance Business Environment
• Soft Market
• Compliance Requirements
• Flexibility
• IT Cost Reduction
• Web Enablement/Self Service
• IT Key Differentiator
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• 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
Remaining Competitive
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ISO Rating Solutions
► ISO Electronic Rating Content – your jumpstart
► ISO Rating Service – your fully-automated solution
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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
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How does the ISO Rating Service address this challenge?
Powerful
Rating EngineToolset
ISO-Defined Rating Content
Ongoing Maintenance
ISO Rating Service
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ISO-Interpreted Content
Advisory loss costs
Rules
Forms attachment logic
Statistical code assignment
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Single Rating Solution
ISO Rating ServiceCommercial Lines
• Commercial Auto
• General Liability
• Commercial Inland Marine
• Nonfiled Inland Marine
• Commercial Umbrella
• Commercial Property
• Crime and Fidelity
• Commercial Package Policy
• Businessowners
Personal Lines
• Personal Auto
• Homeowners
Workers Compensation
• Bureau States
• Independent States where permitted)
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Development Process
Deviation
Analysis
Countrywide Mapping
State Mapping Services Rating Assemblies
Establish Database
Install EngineCreate
Ratebooks
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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
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Preferred Mutual Project
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► In Business > 100 years
► Mid-Size Carrier
► $230M DWP
► Commercial Lines
► Personal Lines
► 4 states
Preferred Mutual
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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
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► Custom Agent User Interface with 400 Agents
► Mainframe
► QuickFill
► Credit Score
► MVR
► Claims History
► Middleware Tools/Technology
– BizTalk
Integration Points
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► 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)
Realized Benefits
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► Agent Comments
– Easy to use
– Great workflow
► Increase In Submitted Applications
► Policies More To Appetite
– Use of underwriting rules engine controls submissions
Realized Benefits
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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 aboutyour weaknesses
► Minimize risk in all areas
– Requirements, Development, Conversion and Rollout
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Q & A
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► Philip MonahanPrincipal Consultant
Edgewater [email protected]
(781) 213-9827
► Todd MeyerSenior ConsultantISO Rating Service
(513) 886-0636
► Jeff LopataCIOPreferred Mutual Insurance
(607) 847-6161
Contact Information