Best Practices for Rating and Policy Administration System Replacement
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Edgewater Technology, AQS and ISO joined forces to share best practices for replacing policy administration and rating systems for P&C insurance companies.
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Best Practices for Rating and Policy Administration System Replacement
- 1. Best Practices for Rating and Policy Administration System Replacement June 18th 2009
- 2. Martin Higgins Director, Edgewater Technology, Inc. Todd Meyer Senior Sales Consultant, ISO Susan Daly Sales Consultant, AQS Today’s Speakers
- 5. The Nature of the Beast (Why best practices are important) Best Practices
- 6. Project Resolution Statistics Source: Standish Group 2006
- 7. The Challenges and Failures Source: WSR Consulting Group, LLC He Said… She Said… System doesn’t work; not what we needed. You changed your minds; You don’t know what you want or need. You delivered limited functionality. You continually changed project scope. The system failed in the field and in production. You didn’t perform the required “business process reengineering” to make it work. Your software, services, and expertise were oversold. You conducted your reference checks and due diligence. What didn’t you know? No one can use system! Poor training. “ Required staff” never came to primary training or refresher training. The system is “fundamentally flawed.” We only need 2 more months to test/fix issues. You never told us that! You gave poor advice! You didn’t follow our recommendations; you changed/delayed making key decisions. The system is full of bugs! Bad data conversion/poor interfaces caused the problems. Systems always have bugs! You baited, then switched! You provided unqualified, unstable, uncommitted staff, project manager(s), steering committee. No, you baited, then switched! You provided unqualified, unstable, uncommitted staff, project manager(s), steering committee.
- 8. Excerpt from Edgewater Whitepaper Best Practices Summary
- 9. 8 Steps to System Implementation Project Inception System Selection Requirement Definition Negotiation Planning System Integration Data Conversion Build or Modify Deploy & Maintain
- 24. How AQS Can Help Best Practices
- 26. AQS Access and ISO Rating Service AQS Access Quote & Policy Access ISO Rating Service Designer Access Policy Management External Integration Browser-based UI that is client centric, insures valid policy data entry Premium calculation engine - ISO based algorithms - Extensible architecture Full policy life cycle management Toolset used to Create ISO & Client Customized Ratebooks ISO Rating Service ISO Rating Service Generates policy xml for each issued transaction. Stages and publishes xml for downstream systems.
- 27. AQS Advantage: Major Functions AQS Advantage Enter Edit Engine Rating Engine Transaction Gateway Document Generation ISO Stat Generation Policy Management Integrator Sophisticated browser-based UI that ensures valid policy data entry Premium calculation engine - Data-driven algorithms - Extensible architecture Document selection, data capture, and pdf generation. Support for document delivery integration options. ISO Statistical record coding and generation Full transactional support. Maintains policy history. Policy storage and retrieval. Generates policy xml for each issued transaction. Stages and publishes xml for downstream systems. Unattended transaction processing initiated by external system. Advantage Toolset Rates / Document Rate & Document Management Toolset
- 34. The ISO Rating Service Best Practices
- 37. How does the ISO Rating Service address this challenge?
- 41. ISO Rating Service: Inheritance Methodology ISO Rating Service Base Company-Specific Base ISO LOB Countrywide Company-Specific LOB Countrywide ISO LOB State Company-Specific LOB State Spans lines of business for company Spans states for company Company, LOB-specific state exceptions
- 42. ISO Rating Service Tools and Information
- 44. Final Thoughts Best Practices
- 46. Any Questions? Martin Higgins Edgewater Technology [email_address] (781) 224 9026 Todd Meyer ISO [email_address] (781) 224 9026 Susan Daly AQS [email_address] (603) 546 2434
Hinweis der Redaktion
- Over 70% troubled Entire Industry devoted to reasons why Vendor implementation are special same challenges, different weighting
- Both sides believe in their position Message: Truth is inevitably somewhere in the middle Relationship is key
- Industry Project based (Edgewater, BearingPoint, IBM), Research based (Gartner, Celent) Custom Build We have done it Large Custom software projects are notoriously difficult – requires different resources, methodology, process and experience Even software houses get it wrong
- RFI Short (4 pages), non exhaustive Due Diligence Not just references, use network
- Negotiation Define Change process Define Acceptance Criteria Delivery Milestones Project Management Use a project plan Regular status meetings Risk management
- Blended Development Share risk Keeps everybody honest Testing - Not an afterthought Use issue tracking, shared if possible
- Limited Agency Rollout Internal agency “ Friendly” agencies
- Consider life after implementation Can you support it? Blended team Can you keep it current?
- Susan
- Welcome and thank you for joining us. Today you’re going to be hearing a lot about change. More specifically how the collateral tools and information that come with the ISO Rating Service help you manage the change inherent in your business. As we have a large group today that may have various levels of knowledge about the ISO Rating Service product, let me start by providing some context to these tools by giving a brief overview of the core of the product. With the ISO Rating Service you get A powerful rating engine -it is Developed on the Microsoft .Net platform -it responds to rating requests in a defined XML format with all of the quote or policy information and returns an XML formatted response providing a premium And other information. -it also allows for integration with external systems A web based toolset that enables you to -maintain and customize content to your requirements ISO Defined Rating Content in packages of data and components called “ratebooks”. The ratebooks are used by the engine to process rating requests based on line of business, state and effective date. And ongoing maintenance of that content in response to changes in the ISO Manuals. This is a key element as it allows you to adopt changes to ISO information in an automated format in the same way that you adopt changes to ISO manual information today. As new ratebooks are released they carry the same ISO established effective date as the newly included content.
- Accessing updated content is easy. You can quickly download ratebooks via ISOnet to import into your ISO Rating Service environment.
- One solution gives you automated rating for all major ISO Commercial Lines. For personal lines we offer Personal Auto and Homeowners and we also offer Workers Compensation for Bureau and Independent states. This means one standardized data format, one set of tools for your content development and maintenance staff and one interface for external systems across all of these lines of business.
- That information includes: ISO’s Advisory lost costs ISO manual rules Forms attachment logic for mandatory and conditional forms And Statistical code assignment tying information from the Commercial Statistical Plan to the rating of your customer’s policies The Rating Service content maintenance team works with ISO’s Line, Actuarial and Statistical plan staff to verify the accuracy of the ratebook content.
- So let’s take look at 5 of these tools and their benefits. Ratebook Reports, Algorithm files, Technical Specifications, a Compare Utility and Release Notes.
- To summarize, The benefits you will see from these tools are: -Faster access to ISO content in formats that let you more effectively bring new lines, states and plans to market. -More easily evaluate you current status in following ISO rules. Better defining this makes it easier to stay in compliance and avoid fines. -Less expensive, more accurate initial customizations to ISO data. -Better impact analysis to manage your ongoing maintenance.