(Image source: Insurity Circ web page.)
Insurity (Hartford), a provider of cloud-based software and analytics for insurance carriers, brokers, and MGAs, has announced the launch of Circ, an offering designed to monitor, analyze, interpret, and implement regulatory changes. Insurity notes that its regulatory solution is already used by over 125 commercial lines insurers, representing over $30 billion in gross written premium.
Circ, as its name suggests, addresses the increasing complexity of bureau changes manifested in circulars. Circulars are a critical source of information distributed by rating bureaus that detail the latest filings of rules, forms, actuarial analysis, and property/casualty industry developments. Many P&C organizations regularly review industry developments impacting commercial lines insurance products to inform their understanding of the market. Bureaus provide rate, content, and form updates via their circulars to help insurance organizations address emerging risks related to societal changes, evolving case law, and recent legislation. These changes are necessary to ensure commercial insurance products remain competitive in a rapidly changing marketplace.
Insurity notes that, over the past five years, the pace and complexity of bureau changes has increased significantly. With Circ, the vendor says that property/casualty insurance organizations can stay current on the latest regulatory changes. Circ is designed to deliver changes directly into an insurer’s policy administration system, saving them hundreds of hours annually without spending valuable time or staff resources implementing these changes. Circ enables insurers to gain a unified understanding of upcoming changes in collaboration with the bureaus and empowers them to set informed filing dates while receiving high-quality service from Insurity’s regulatory experts, the vendor says.
Insurity reports that it processes more than 3,000 bureau circulars annually and works with each property/casualty carrier and MGA to understand their unique approach to implementing regulatory changes. This results in more than 12,000 changes made annually. With Circ, Insurity says it empowers insurers to make the most out of bureau content from both major and independent state bureaus across 20 lines of business, 50 states, Washington D.C., and Puerto Rico.
Streamlining the Incorporation of Regulatory Changes into PAS
“The increasing complexity and scope of regulatory changes is one of the biggest disruptors in our industry, and insurance organizations and carriers need to prioritize partnering with a vendor who has the experience and capability to support the avalanche of change coming down the pike,” comments Sylvester Mathis, Chief Insurance Officer, Insurity. “It’s natural that each insurer has a different philosophy for adopting future regulatory content. Insurity works with each carrier to understand their unique approach to implementing regulatory changes and streamlines all aspects of incorporating regulatory changes into their policy administration software.”