In the insurance industry, circulars have gained paramount importance as they disseminate crucial information from rating agencies. These circulars encompass the most recent rule filings, forms, actuarial analyses, and developments within the property and casualty (P&C) sector.
A significant majority of P&C organisations routinely scrutinise these industry updates, especially those affecting commercial lines insurance products, to enhance their grasp of the market landscape. Rating agencies, through their circulars, also furnish insurance firms with updates on rates, content, and forms, aiding them in addressing emerging risks stemming from societal shifts, evolving legal precedents, and recent legislative changes.
Insurity’s Circ is positioned to enable P&C insurance organisations to remain abreast of the latest regulatory shifts. This solution seamlessly integrates these alterations directly into an insurer’s policy administration system, ultimately saving insurers substantial time and resources, totalling hundreds of hours annually, that would otherwise be expended on the manual implementation of these changes.
Speaking about the launch, Sylvester Mathis, Chief Insurance Officer at Insurity, said: “The increasing complexity and scope of regulatory changes is one of the biggest disruptors in our industry, and insurance organisations and carriers need to prioritise partnering with a vendor who has the experience and capability to support the avalanche of change coming down the pike.”
He added: “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.”