• Share
  • Email
  • Embed
  • Like
  • Save
  • Private Content
Introducing Circular Authority: Enabling Easy Tracking and Analysis of ISO Circulars in the Cloud
 

Introducing Circular Authority: Enabling Easy Tracking and Analysis of ISO Circulars in the Cloud

on

  • 663 views

Insurers are drowning in Information. This presentation looks at the challenges insurers face when writing ISO lines and the benefits of CircularAuthority (TM).

Insurers are drowning in Information. This presentation looks at the challenges insurers face when writing ISO lines and the benefits of CircularAuthority (TM).

Statistics

Views

Total Views
663
Views on SlideShare
662
Embed Views
1

Actions

Likes
0
Downloads
11
Comments
0

1 Embed 1

http://www.linkedin.com 1

Accessibility

Categories

Upload Details

Uploaded via as Adobe PDF

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

    Introducing Circular Authority: Enabling Easy Tracking and Analysis of ISO Circulars in the Cloud Introducing Circular Authority: Enabling Easy Tracking and Analysis of ISO Circulars in the Cloud Presentation Transcript

    • Insurance in the Cloud Hugh Anderson, SAP Drew Birtwistle, Camilion (an SAP Company)
    • Knowledge on Demand The Knowledge You Need to Succeed RUN BETTER
    • SAP in the Cloud One common cloud architecture for all SAP solutions … SOCIAL PEOPLE TO PEOPLE COLLABORATION MANAGED CLOUD Business Suite NetWeaver BW LINE OF BUSINESS CLOUD APPLICATIONS CLOUD MARKETPLACE PEOPLE CUSTOMER MONEY SUPPLIER Powered by SAP HANA CUSTOMER APPS PARTNER/ ISV APPS BUSINESS NETWORK BUSINESS TO BUSINESS COLLABORATION SAP HANA CLOUD PLATFORM Application Development | Integration | Database and Analytics | Foundation © 2013 SAP AG. All rights reserved. 3
    • A Single Vendor Strategy for your Transformation to the Cloud: Providing Leverage for Existing Customers and Flexibility for New Customers virtualization ON-PREMISE © 2013 SAP AG. All rights reserved. HYBRID IN THE CLOUD Partner 4
    • Introducing Circular Authority Enabling Easy Tracking and Analysis of ISO Circulars in the Cloud Financial Services Forum – Sep 19th
    • Drowning in Information The challenges insurers face when writing ISO lines
    • The 50 State Compliance Problem Maintaining rates, rules and forms across 50 jurisdictions is a complex and labor intensive process. © 2013 SAP AG. All rights reserved. Partner 7
    • The Need that ISO Fills Many property and casualty carriers use ISO as a resource to help them stay current with loss cost trends, new product forms and regulatory changes. © 2013 SAP AG. All rights reserved. Partner 8
    • Drowning in Information ISO releases hundreds of changes each year, described in thousands of circulars across all lines of business © 2013 SAP AG. All rights reserved. Partner 9
    • Why an Insurer’s Products Fall Behind Many carriers do not take ISO revisions on the effective date and the primary reason is that their internal processes do not allow them to make changes rapidly enough to complete their analysis, filing and system update in the typical six-month lead time ISO provides. © 2013 SAP AG. All rights reserved. Partner 10
    • Helping Insurers to be more profitable Carriers who are behind may experience premium leakage on policies written with out-of-date rate information. They may also be behind on form changes that reflect emerging trends or legal positions. © 2013 SAP AG. All rights reserved. Partner 11
    • Solutions for ISO Product Development SAP Circular Authority SAP Underwriting, SAP Policy Management • Full Policy Administration • Rate, Quote, Bind, Post-Bind • Producer Portal + Other PAS Systems • Receive, track and analyze ISO circulars • Record adoption decisions and specify deviations Update System Track & Analyze 27% • Produce system specifications 33% Modify Rates & Forms 40% SAP Product Lifecycle Management Configurator • Import ready-to-run ISO circular updates • Separation of ISO and company information • Full control over company deviations © 2013 SAP AG. All rights reserved. Partner 12
    • Demonstration ‣ Receive, track and analyze ISO circulars ‣ Record adoption decisions and company requirements ‣ Produce system specifications
    • Agenda • The challenges insurers face when writing ISO lines • Circular Authority – a Demo • The business benefits for insurers • Q&A © 2013 SAP AG. All rights reserved. Partner 14
    • Keeping up with ISO The Business Benefits
    • CircularAuthority™ Benefits Improve speed to market and reduce the effort required to analyze and interpret ISO circulars, which represents 32% of the overall circular adoption effort ‣ High-value workers freed up from interpretation task ‣ Increased capacity for product change ‣ Cloud-based: low acquisition and operating cost © 2013 SAP AG. All rights reserved. Partner 16
    • CircularAuthority™ Benefits Improve quality and compliance of an insurer’s ISO-based products. Content is interpreted by ISO, delivered electronically, and presented in a business-friendly way. ‣ Improved compliance ‣ Reduced state fines ‣ Better legal protection ‣ More accurate pricing © 2013 SAP AG. All rights reserved. Partner 17
    • CircularAuthority™ Benefits Increase the consistency, visibility, traceability and auditability of ISO adoption decisions ‣ Single system of record for adoption decisions and requirements ‣ Audit trail ‣ Consistent, repeatable, automated process for new staff (replacing aging workforce) ‣ Detailed specifications for IT, filing and other stakeholders © 2013 SAP AG. All rights reserved. Partner 18
    • CircularAuthority™ Benefits Keep up with ISO. ‣ Latest ISO Product = Solid Foundation for Competitive Company Products ‣ Pricing Accuracy = Greater Profitability ‣ Latest Policy Language = Reduced Legal Exposure ‣ Formal Specifications = Business/IT Alignment © 2013 SAP AG. All rights reserved. Partner 19
    • Q&A
    • Thank You! Knowledge on Demand THE KNOWLEDGE YOU NEED TO SUCCEED Internal Resources – Access limited to SAP employees only Quick link: /go/kod Communities Home: Knowledge on Demand @All SAP employees, please contact the Business Support Network (BSN) helpdesk Quick link: /go/bsn Email: bsq@sap.com Phone: EMEA: +49 6227 7 67000 Americas: +1 888 727 7274 APJ: +65 6664 6768 JP: +81 3 3273 5440 @All SAP partners, please contact your SAP representative and/or leverage all partner accessible channels to request additional information.
    • © 2013 SAP AG. All rights reserved. No part of this publication may be reproduced or transmitted in any form or for any purpose without the express permission of SAP AG. The information contained herein may be changed without prior notice. Some software products marketed by SAP AG and its distributors contain proprietary software components of other software vendors. National product specifications may vary. These materials are provided by SAP AG and its affiliated companies ("SAP Group") for informational purposes only, without representation or warranty of any kind, and SAP Group shall not be liable for errors or omissions with respect to the materials. The only warranties for SAP Group products and services are those that are set forth in the express warranty statements accompanying such products and services, if any. Nothing herein should be construed as constituting an additional warranty. SAP and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP AG in Germany and other countries. Please see http://www.sap.com/corporate-en/legal/copyright/index.epx#trademark for additional trademark information and notices. © 2013 SAP AG. All rights reserved. Partner 22