WASHINGTON — To enable insurers to quickly offer the right insurance offerings to clients while helping reduce complexity of regulatory compliance, SAP today announced the market’s first cloud-based solution for tracking and analyzing Insurance Service Office (ISO) Circulars. The SAP Circular Authority for Insurance solution aims to help insurers track circular changes, plan for their implementation, analyze the potential impact on company products and record adoption decisions. The announcement was made at the IASA Annual Conference, being held June 2-4 in Washington, D.C., where SAP is exhibiting at booth 715 and 913.
Maintaining rates, rules and forms across multiple jurisdictions is a complex and labor-intensive process for most insurers. With hundreds of changes impacting each line of business every year, it is difficult to stay on top of the latest loss cost trends, policy forms and regulatory rules.
“SAP has designed SAP Circular Authority to be a cloud-based business tool for business users,” said Karen Furtado, partner, Strategy Meets Action. “It is a solution offering that empowers insurers — giving them the capability to make more timely and frequent product updates, while reducing overall regulatory management effort and costs. Insurers that use ISO content should take note of the SAP Circular Authority announcement — there is significant value in the capabilities.”
SAP Circular Authority for Insurance is planned to include the following features and benefits:
- Deep insight into ISO Circulars for following the progression of a change as circulars are published
- Streamlining and standardizing the process for analyzing and adopting ISO changes
- Improved speed to market for new and refreshed insurance products
- Less time needed to receive, track and interpret ISO circulars, enabling staff to focus more on higher-value product work
- Improved regulatory compliance by leveraging the latest ISO rates, rules and forms
- Enhanced price precision by leveraging the latest ISO loss costs
- Historical information to support future decision-making
- Improved IT-business alignment for a single, centralized view of company decisions and requirements
“SAP Circular Authority for Insurance is powered by the groundbreaking combination of ISO Electronic Rating Content, forms, circular tracking and SAP Product Lifecycle Management,” said Ross Orrett, president and CEO, Camilion Solutions, an SAP company. “It will offer an intuitive, business-focused solution for finding, tracking and understanding the impact of these trends and regulations, recording company adoption decisions and producing business specifications.”