Rates, Filings and Forms – System Updates
A P&C Insurance BPO Case Study
For an Insurance Carrier writing multiple commercial lines across multiple states, keeping ISO/NCCI and AAIS Rates, Filings and Forms up-to-date is not only costly, but it is also a regulatory requirement.
Traditionally, with the high complexity in the process, each could take around 6 weeks and cost $60,000, more if hard coding on legacy systems is required.
The desired outcome is twofold
- Clients “base software package” is up to date with all rates, filings, and forms for all States all lines and Bureaus. Client releases a new version of its software with any new changes every 2 weeks
- Carrier clients are provided with updates that they can easily adopt/ not adopt and make changes via Configuration and not hard coding.
Strategy and Goals
A Property and Casualty Software Core Suite provider, worked with RCG Global Services to find a way to create greater operational efficiencies reducing time and cost for implementing these changes across their customer base.
The Final Results90% Cost Savings and Reduction in time from 6 weeks to 1 week.
The ConclusionDue to working with RCG, Client and their clients can meet bureau and state requirement in a much speedier manner, and avoid costly fines.
In addition, the use of RCG’s Philippines ODC provides a cost-effective solution to manage the often back and forth that takes place during proposed systems updates. This aids RCGs primary client and also our client’s Carrier clients
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