Insurance Operations

How to Uncover Hidden Value in Everyday Operations

by Rob Berg

Insurance companies are complex organizations managing multiple levels of service and product offerings, so there is always a risk of varying degrees of costly inefficiency. As experts in operations consulting for insurance companies of every size in every industry, we have developed tools to help carriers streamline their processes and start achieving greater value from their operations. Even small bumps in profitability can have a major impact, both long- and short-term.
In our experience providing insurance support services, we have discovered that there is plenty of low-hanging fruit that insurance companies can begin to capitalize on, beginning immediately. Here’s how.

Where to Start

You might be familiar with the Pareto Principle, also known as the “80/20 Rule”. This is the idea that 80% of your organization’s problems stem from the same 20% of root causes. Address these causes and experience exponentially improved results. This is especially true in the insurance industry since so many aspects of an organization are so deeply interconnected. Many insurance companies recognize that they have an efficiency problem but have no idea where to begin. We say: find the quick win and start there.
Take an inventory of your operational processes and separate your core processes from your supporting services. Your core processes are those that directly contribute to your customers’ experience with your company. Supporting processes are all the ancillary functions that surround your core processes.
Once you separate your core and supporting processes, create a ranking scale of core processes from least to most dysfunctional (i.e. those that cost too much, take too long, or receive the most customer complaints). Then rank the same items based on the amount of resistance you expect to receive when making change. Finally, evaluate your core processes based on the amount of investment (time or money) required to improve the process.
Find the processes that rank highest in dysfunction and lowest in resistance, time, and cost. These are your first priorities. By evaluating based on these criteria, you can reduce a list of potentially hundreds of areas for improvement to two or three that you can address right away. Once you have tackled the issues that are easiest to fix, you should move on to those that require deeper investments of time and resources.

The Power of People

As insurance providers, your business is necessarily financially-focused. However, keep in mind that at its core your operation revolves around people–your customers and your staff. During many of our insurance operations consulting projects, we see companies fall short of their process improvement goals because they forget to address the strong psychological component that surrounds change. The most successful companies carefully build staff buy-in before and during change implementation.

This can be done in a number of ways:

  • Solicit input from staff about what they think needs improving and why
  • Demonstrate the direct connection between their feedback and process updates
  • Discuss proposed solutions before implementing to uncover potential resistance
  • Provide sufficient training for new processes
  • Establish clear goals and offer incentives for process adoption

Finally, remember that change takes place from the top down. Leadership must clearly communicate the vision and context for change, and must consistently reiterate this message until the change becomes institutionalized.

An Outside Perspective

Many companies contract an outside party to evaluate their processes and find ways to achieve greater value. This can reveal areas for operational improvement that have become so entrenched in an organization as to become nearly invisible. We recommend that you work specifically with insurance support services specialists, instead of a general business process management partner, due to nuances specific to the insurance industry. General consultants can only provide general advice.
Outside insurance operations consulting partners also bring discipline to the process. They facilitate communication between departments, gather and interpret organization-wide input and can act as a conduit to ensure that important information makes its way up the chain.
Whether you hire an insurance operations consulting firm to evaluate your hypotheses about whether a particular change is a smart investment, or you turn over the entire project for soup to nuts implementation, a third party can often be more effective in evaluating ways to uncover hidden value in your operations and helping you achieve it.
When it comes to process improvement, there’s an old saying, “Don’t try to boil the ocean.” That is, if you attempt to tackle everything at once, you’ll likely become overwhelmed and shelve the whole project. Instead, take a holistic look at your desired changes and how they impact your customers, staff and operations and start where you can make measurable gains right away. Remember that progress is all about incremental improvements.
Ready to find value in your everyday operations? Contact us today for a consultation.

How to Use Predictive Modeling to Increase Profitability

by Denise Farnan

Predictive analytics is the practice of extracting information from existing data sets in order to determine patterns and predict future outcomes and trends. Insurance companies can use these sophisticated tools to increase accuracy in risk selection, pricing, and claims handling. With proven models and expert interpretation, carriers are more equipped than ever to make intelligent business strategy decisions that raise revenue and lower costs.
Here are some of the ways the use of predictive models has been proven to help insurance companies enhance their profitability.

To write or not to write

Deciding which risks to write and which to avoid was once an art. With predictive analytics, it’s now a science. The use of predictive models eliminates the guess-work that arises when a company must decide whether to write a particular demographic or whether it makes sense to try to offer a competitive product that is trending in the marketplace. Predictive models can compare data from various demographics, locations, weather, crime statistics, previous claims and other touch points that reveal an accurate picture as to whether each risk is worth writing. Understanding this before binding policies can generate significant savings by not heading down the path of unsuccessful products.

Provide the best match of dollars into risk

Pricing models help insurance providers segment the market on an astonishingly detailed level, accounting for hundreds of variables that were not able to be measured with such a high degree of accuracy in the past. Equipped with this information, insurance companies can develop pricing strategies for their products that reflect the true value of the risk they are covering.

Monitor dollars out

Insurance carriers can also enhance their profitability by improving the claims handling process. Predictive models help identify and reduce fraud and slow down claims leakage. By relying on predictive modeling, companies can be sure that they’re paying claims at the right cost. These tools provide additional accuracy that improves claim assignment to claims adjusters to get the right experience needed for the type of claim, thereby helping with the company’s bottom line.

Available to all

Many insurance companies lack the capital to support an entire predictive analytics department and therefore feel that this resource is beyond their reach. However, actuarial services companies like Perr&Knight understand the tremendous value offered by these models and provide these services for companies who want to increase profitability and compete on a scale with larger insurance providers.
For companies that have never undertaken any type of predictive analytics, we recommend reaching out to third-party support services to discover previously unseen opportunities available through the use of predictive modeling. Actuarial services companies with predictive analytics departments have extensive experience running insurance models on relevant data, integrating outside data and providing the results of the analytics in a usable format that clarifies decision making.

An ongoing strategy

For best results, it’s very important to note that predictive modeling should be applied on an ongoing basis. It’s not a “one-and-done” process. Companies should look for early indicators of marketplace change and be proactive about adjusting pricing and claims handling strategies. By staying on top of these fluctuations with regular monitoring, insurance companies can not only increase profitability but can maintain their edge over time.
Predictive analytics reduces the risk in the risky business of insurance. With the vast amount of data pouring in today, many companies realize the advantage of letting high-powered computers synthesize information with lightning speed. Once the computers have run their algorithms, actuarial services staff can apply their valuable expertise to interpreting the results. This is not only a more efficient use of manpower, but it frees up staff to focus decision making on additional profit-enhancing strategies.
If you would like to learn more about how predictive analytics can help your company, contact Perr&Knight at (888)201-5123 x3 and we’ll outline all the ways that predictive modeling can enhance your organizations’ profitability.

Insurance Company Licensing: What to Expect

by Diane Karis

Whether you are submitting a primary application to license a new insurance company, seeking to expand coverage to additional states or adding a line of business so your company can write a new product, every insurance company’s goal is to obtain a speedy approval to begin binding policies as soon as possible.
All types of insurance company licensing share common characteristics. However, many companies proceed full-steam ahead without thoroughly understanding the challenges with licensing that can delay approvals and drain resources in the process.
Based on our extensive experience providing insurance company licensing support in all lines of business in every state, here are some of the top considerations to keep in mind as you submit your insurance license applications.

Expect slightly different requirements from each state.

About 80% of your licensing application information will be standard across the board. But the difference contained in the remaining 20% may jeopardize your approval. If you receive the same question from more than one state, it’s probably something you should address in all of your applications. All states grant the ability to withdraw your application without prejudice, so be proactive about amending your applications and re-submitting. If your company does not have the resources to review each individual application for state-specific requirements, consider working with a specialized consultant whose experience managing each state’s insurance company licensing process can limit unnecessary delays.

Details are critical.

Incomplete applications are a primary cause for delays, rejections or resubmission requests. Keep in mind that departments of insurance will not refund your filing fee once your check has been cashed.
Therefore, it’s smart to take the time to make sure that every question on your application is answered completely. If you don’t understand a question or a specific requirement, contact the state’s Department of Insurance directly and ask. Failure to submit complete, accurate information can cause your application to get kicked back, stalling your approval before the review process has even begun.

Consider your license’s capital requirements.

Your license approval may require your company to outlay a significant amount of additional capital. Your approval might stipulate that you meet certain capital requirements, such as increasing your capital and surplus or your statutory deposit. Consider your company’s process for informing your Board of Directors and the steps your financial department will need to take to ensure that you can access the requisite amount of funds.

Expedite approval of application fees with your finance department.

Your application is not considered complete unless it includes your full submission fees. Take your company’s accounting process into consideration, including the time between payment requisition and obtaining a check in hand. We’ve seen this process sidetrack our clients’ submissions, so our policy is to advance most fees when submitting applications on our clients’ behalf. This enables our clients to generate a single payment to us that covers every portion of their filing, including payment for our service.

Follow up with State Departments of Insurance.

Don’t just submit your application and wait. Though you might submit to multiple states at once, one of the challenges with licensing is that each state reviews applications on their own timetable. Follow up directly with each State Department of Insurance to make sure your application has been received and is getting the attention it deserves. If you lack the manpower for this level of involvement, partner with an insurance consulting services company that is experienced in following up with DOIs and has a tracking system in place.

Expect a mountain of paperwork and many, many man-hours.

Even with paperless submissions and electronic tools, licensing still requires copious amount of paperwork. California alone issues an 80 lb. box of paper.  Therefore, create efficiencies wherever possible. Submit forms via the UCAA electronic application, use digital tracking tools like StateFilings.com, or work with an insurance consulting services company who can manage your applications for you.

The Departments of Insurance make the rules. It pays to follow them.

Though there might be a rule or requirement that seems illogical to you, DOIs are not likely to change their processes anytime soon. Therefore, it’s in your best interest to supply the information they request on their timetable. Prepare to lose a few battles in the interest of winning the war.
Insurance company licensing is a lengthy and detail-intensive process that can take anywhere from six months to a few years. This is not an extensive list of challenges but by keeping the above in mind during your submissions, you can set achievable expectations and timetables.
If you have questions about insurance company licensing, call Perr&Knight at (888) 201-5123 x3 and we will discuss ways we can help streamline your licensing approvals.

Eight Tips to Maintain Adequate Carrier Rates

by Dee Dee Mays

As featured in Carrier Management:
Adequate rate maintenance is the cornerstone of an insurance carrier’s profitability, solvency, and overall business health. Since there is a clear and traceable relationship between policy premiums and claims payments, the end result goes straight to a carrier’s bottom line. Maintaining appropriate rates is about more than just being able to pay out on claims. It’s about structuring an insurance business to meet future growth goals. The danger is that, without careful monitoring, indications of inadequate rate might not show up immediately, but can have disastrous consequences in the future when the damage has been done and it is already too late.
Read the full article on Carrier Management.

How to Avoid Common Mistakes Carriers Make When Implementing New Systems

by Rob Berg

Carriers who have not been through complete development and implementation of a new system tend to underestimate the time, attention, and project management expertise it takes to smoothly roll out a system that works seamlessly with the other systems already in place. During our decades of providing project management and insurance technology consulting, we find that there are no universal “best practices.” However, there are good practices that everyone should try to follow.
Here are some of the most common mistakes we see and our suggestions for better alternatives.

MISTAKE: Thinking that your in-house staff has the bandwidth to properly oversee your new system rollout.

WHY IT’S A PROBLEM: In-house teams already have full slates and might overlook crucial details that can compromise the project.
BETTER ALTERNATIVE: Partner with insurance experts who can bring a fresh perspective. They will evaluate the details of your system roll-out to spot hiccups before you begin. They can also create achievable timelines and budgets, helping all parties stay on track to meet these expectations.
– – – – –

MISTAKE: Relying on an inexperienced project manager.

WHY IT’S A PROBLEM: Project management is about more than just watching the schedule and staying organized. Successful project management requires scope management, HR management, and experience in risk, quality and procurement management.
BETTER ALTERNATIVE: Since there are many moving pieces and many specialized disciplines to take into consideration, it’s wise to trust an experienced project manager who has the insurance technology consulting expertise required to successfully implement new systems specifically for insurance companies.
– – – – –

MISTAKE: Drafting an ambiguous or incomplete scope of work before beginning the project.

WHY IT’S A PROBLEM: Poor planning reveals surprises that must ultimately be sorted out down the line. These can delay deployments and cause budgets to balloon.
BETTER ALTERNATIVE: Carefully define your scope of work before engaging vendors. Make sure that all stakeholders understand what’s in and what’s out of scope before awarding a contract, and encourage them to draw to your attention any gaps or points of confusion.
– – – – –

MISTAKE: Adopting an ad hoc or informal approach to planning.

WHY IT’S A PROBLEM: Scattered planning results in reacting to problems as they arise, not charting a proactive course of action.
BETTER ALTERNATIVE: Ask your insurance technology consulting expert to give you a realistic picture of what to expect while you draft your scope of work. Make sure you account for all aspects of your current systems that need to be updated before integrating with your new systems.
– – – – –

MISTAKE: Doing things the way they’ve always been done.

WHY IT’S A PROBLEM: A “business as usual” approach can cause you to overlook important details or blind you to new practices, which can result in the marketplace leaving you behind.
BETTER ALTERNATIVE: To remain both efficient and competitive, insurance companies must maintain the flexibility to adapt to new situations. Simply relying on project management practices that have worked in the past can cause you to miss out on opportunities for greater efficiency or profitability.
– – – – –

MISTAKE: Jumping to a solution before properly assessing the issue.

WHY IT’S A PROBLEM: Rushed decision making leads to costly oversights that can stall a project or force a complete re-evaluation down the line.
BETTER ALTERNATIVE: Undertake a proper discovery period to correctly assess your project needs and evaluate the costs and benefits associated with project decisions.  Create a game plan that makes sense and make sure everyone is on the same page before you start the project.
– – – – –

MISTAKE: Hastily selecting a vendor.

WHY IT’S A PROBLEM: Partnering with the wrong vendor can cost you time and money. You might end up deep in a project and be forced to throw good money after a bad vendor experience in an effort to get your project back on track.
BETTER ALTERNATIVE: Take the time to properly vet your vendors. Ask them specific questions about their experience in the particular lines of business you are planning to write. Look for areas where they push back. You don’t need a team of yes-men. You need experienced professionals who tell you the truth, no matter what.
– – – – –

MISTAKE: Remaining with the same vendor.

WHY IT’S A PROBLEM: Legacy partners can also get mired in their own systems and might not stay current with technology changes or industry advancements, causing you to lose out on important opportunities.
BETTER ALTERNATIVE: Ask your current vendor to bid alongside new vendors. If you have a personal relationship with your current vendor, request an unbiased third party from your team to handle the interviews and compare proposals. Take their assessment into strong consideration when deciding if your current vendor measures up or if you should partner with someone new.
There are as many ways to implement a new system as there are individual insurance companies. Use these guiding principles to help you make more thoughtful decisions as you develop new ways of serving your clients.
Need more guidance? Call Perr&Knight at (888)201-5123 Ext. 3 to discuss how we can help your implementation proceed more smoothly.

Why Partner with an Insurance Product Design Specialist?

by Terri Hitchcock

In today’s insurance marketplace, coverage enhancements and creative new lines of insurance are essential to maintaining a competitive edge. When developing or updating insurance products, many carriers take action without considering important details. They do not develop their products with market evolution and regulatory hurdles specific to each state or line of insurance in mind.
Many insurance companies also try to go it alone, relying on their in-house departments to design insurance products that fit the bill. But this method is fraught with risk and can result in rejection by the State Departments of Insurance that require additional time and resources to correct.
As an insurance carrier, you understand what your clientele wants but are you prepared to design the most appropriate insurance product to achieve it? This is where insurance product design specialists come in.

Insurance product design specialists understand the nuances of specialized lines of business.

They have years of experience in unique lines such as gap products in the accident and health arena and uncommon coverages like emerging inland marine lines for technology products, insurance for pets, and animal mortality. Specialists can provide advice and guidance on any aspect required by a particular line. Most in-house teams are simply not set up to provide such extensive insight.

They bring a fresh perspective.

Insurance product consultants think outside the box and develop innovative solutions to get you from idea to an approved product that satisfies regulators in a timely period. Many product design consultants have decades of experience and can handle all aspects of your development, or fill in for a gap in your staff. You can utilize their services to whatever degree you are comfortable. They can handle your entire project or simply slot into your existing team and lend their expertise.

Product design specialists understand the market and work with you TO ensure that your product will match marketplace needs.

With today’s rapid technology advancements, what worked in the past might not be the best solution.  For example, millennials are buying insurance today in a completely different way than their parents or grandparents. They want instant quotes and payment submissions with a single touch on their smartphone. A specialist can help ensure that your product­–and how it is delivered–keeps pace with the times.

Insurance product design specialists understand how to approach regulators.

They understand the distinct operating nuances specific to state Departments of Insurance and the submission requirements for each department. Some have personal relationships with individuals at the departments and can obtain answers quickly. As independent contractors, insurance product specialists can also make anonymous inquiries about new products or product enhancements without spotlighting exactly who is asking. This can save a tremendous amount of time during filing, enabling you to meet all regulatory requirements ahead of time.

Some do’s and don’ts for working with an insurance product design specialist:

  • Do…take advantage of their expertise. Ask pointed questions. Consultants are there to help educate you.
  • Don’t…be afraid of confidentiality breaches. Non-disclosure agreements are standard and reputable product design specialists will have no problem signing.
  • Do…ask about marketplace trends. Insurance product design consultants watch the entire insurance marketplace and can offer insight into shifts in the industry that can impact your business. Many advise clients on worldwide issues, including European clients who want to do business in the United States and American businesses who want to expand their coverage overseas. This insight can be invaluable to your company.
  • Do…interview your prospective product design consultant thoughtfully. Time frame generalities and “Which states will be most difficult?” are softball questions. Ask specific questions about the challenges your product will face. Answering in-depth questions with detailed specifics is the sure sign of a true expert.
  • Do…hire a consultant to peer review your product proposal before you file. This is an excellent way to evaluate their quality of work and can save you a tremendous amount of resources by avoiding a rejection.
  • Don’t…be afraid to work with someone new. Insurance companies tend to get mired in “business as usual” thinking and can miss out on valuable opportunities in the meantime.

We always recommend that you bring your product design consultant onboard as close to your project’s inception as possible. While specialists can handle your project at any stage–before, during, or after filing–you get the true value of their expertise when you enable them to contribute to your product’s development early on.
If you would like to know more about how an insurance product design specialist can help your business, call us at (888)201-5123 Ext. 3 and we will gladly discuss your product needs.
 

Predictive Analytics: Why You Should Care

by Denise Farnan

Insurance companies have long based their estimates and decisions on analyzing data to help predict future events. However, with increasingly available data and faster processing power, more sophisticated algorithms designed expressly for the insurance industry can be used to augment their data analytics. By applying machine learning and modeling algorithms to historical data patterns, insurance companies now have a more powerful tool set to anticipate future outcomes with greater accuracy than ever before.
The results of predictive analytics for insurance can yield immediate improvements across your entire operation. Whether you are just starting to apply predictive analytics or you are already using it for multiple areas of your business, predictive analytics can help you:

Remain competitive in the marketplace.

More and more insurance companies are adopting predictive analytics to increase profitability and gain an advantage over competitors. Smart companies are already harnessing predictive analytics tools to select risks and price accurately. Therefore, the gap continues to widen between companies who are maximizing their data usage and those who are being left behind.

Make data-driven decisions more quickly.

By advancing your analytic capabilities through the use of sophisticated algorithms, you are using current technology to its fullest capability. This enables your team to base conclusions on accurate and reliable analytics and accelerate data-driven decision making.

Become more proactive.

Traditional data monitoring methods require a tremendous amount of time to uncover patterns and take necessary corrective steps. Even while working at maximum speed, your teams are still reacting to issues as they arise. Once in place, predictive analytics enables your team to anticipate issues and make decisions before they become full-blown problems. Monitoring of predictive models allows for proactive action as your business changes.

Create more accurate pricing and underwriting structures.

This is where most companies are already using predictive analytics: to better segment their business and develop more accurate pricing. Rely on predictive analytics to a greater degree, and ensure that your company is charging the correct price relative to risk.  By running quality data run through a reliable predictive analytic model, you are giving underwriters a tool to better select desired risks and achieve greater precision in discretionary pricing.

Detect fraud faster.

Appropriately developed algorithms can highlight anomalies in data, increasing the speed in which your claims department can reveal fraud incidents. This reduces the number of fraudulent payouts and immediately improves your bottom line.

How to get the most from your analytics model

Models can never replace the expertise of an experienced underwriter but they make the job more efficient and improve results.  However, the biggest mistake we see insurance companies make is not soliciting upfront input and feedback from the end users – the underwriters and agents who will be expected to use these models. If developed correctly, predictive analytic models can become invaluable tools that enable teams to do their jobs faster and more accurately. Involve your end users in meetings with your predictive analytics development team to ensure that the model captures and interprets the data which will be most helpful to your organization.

The importance of maintaining data quality

Analytics are only as reliable as the quality of data they capture. Because effective predictive analytics models use very detailed policy and claim information, be sure to work with a company who has expertise in the insurance field and understands the significance of certain anomalies. When you evaluate your data capture in detail, you can improve your data quality moving forward.
The power of predictive analytics for insurance is not limited to the pricing and handling of the insurance product. Once the correct tools are in place, predictive analytics can improve many other internal and ancillary aspects of your insurance company’s business. Finance departments can apply predictive analytics to collection strategies. Human resources departments use analytics to narrow down a range of potential candidates, selecting those with desirable characteristics that will best support the company. Marketing departments can use predictive analytics to gauge the effectiveness of communications, increasing marketing ROI. The applications of predictive analytics for insurance can extend as far as the questions you ask about how to advance your business.
If you would like to enhance your insurance business and develop more powerful models for pricing, reserving, underwriting and/or internal operations, contact us at (888) 201-5123 Ext 3. Our predictive modeling experts can help you develop solutions that apply analytics to boost your company’s performance.

5 Strategies to Improve Your State Filings Process

by Perr&Knight

As every insurance professional knows, an inefficient state filings process can have a major negative impact on day-to-day operations and the timely filing of submissions. Problems related to organizing, sorting and tracking state filings consume time and resources and can create frustration and friction between departments. During our decades of providing insurance support services, we hear regular mentions of these challenges. As a result, we have identified five useful strategies to improve your company’s state filing process starting immediately.

Strategy 1: Stop relying on local storage and MS Excel.

Files stored on network drives, personal computers or on individual hard drives that are organized by MS Excel spreadsheets can lead to significant problems due to accidental erasure, data overwrites and inaccessibility by others. Local storage failures can stop your state filings in its tracks and render your team powerless to obtain vital information. Under audit, digging through old drives for information can waste days or weeks of manpower. Centralize your files in a cloud-based system and ensure your information is always safe and available.

Strategy 2: Say goodbye to your internally developed insurance software systems.

While it seemed like a good idea to develop an in-house state filings management system a decade ago, you might now realize that sustaining the software and hardware required for a secure and reliable system eats up more resources than your company can handle. These outdated systems can slow down the very processes they were developed to enhance. Maintenance and upgrades on legacy systems can get expensive and pose scalability challenges. Often only a few people on staff understand the system’s complexities and must personally resolve hiccups, thus stealing their attention from other duties. Switching to reliable hosted state filings software can ensure that your technology keeps pace with your business needs.

Strategy 3: Enable secure access by more individuals.

An insurance company’s state filings are often handled by a single department comprised of a few employees who manage all filings and issue all status reports. This employee involvement can slow the process down due to the time it takes to request information and generate reports. By storing your state filings in a web-based central location, you can issue log-in credentials to various stakeholders who have the ability check the status of filings at any time. Accessible and transparent data empowers users to get the information they need without running the risk of missed communications or slow-downs caused by human oversight.

Strategy 4: Maintain updated forms libraries and filing status information.

Old or outdated state filings status information can result in time-wasting confusion and policy issuance of incorrect forms. Rather than risk this unnecessary runaround, invest in insurance software that displays status and other forms data in real time and can be searched easily using relevant text. This enables all interested parties to monitor filing progress and obtain accurate, time-critical data at any time. 

Strategy 5: Take immediate action to enact change.

“Business as usual” operations avoid rocking the boat today at the expense of tomorrow. While it is easier to continue relying on a broken system and delay necessary improvements to your state filings protocol, you do so at your own risk. Chasing missing paperwork, sifting through email chains and calling emergency IT support to extract data after hardware failures takes time, attention and energy away from your staff–and only gets you as far as the next process failure. Generate a realistic timeline to improve your state filings process then stick to your benchmarks and watch your process improve.
Letting go of old systems and processes that no longer serve your business can be a daunting task. At Perr&Knight, we have seen these challenges affect scores of clients who watch their state filings systems become more and more fractured but lack a viable alternative. We enhanced our own state filings services by developing StateFilings.com, a cloud-based insurance software that streamlines filings process by directly addressing many of the pitfalls described above. In addition to using this software internally for our insurance support services, we offer StateFilings.com for license to insurance companies who seek a single, reliable solution to address their state filings challenges.
No matter which of the above strategies your company decides to employ, the first step to improvement is recognizing the limitations of your current processes and resolving to make a change. For questions about how to streamline your state filings process, call Perr&Knight at (310) 230-9339 or contact us today.