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Responding to Insurance Market Oversight

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Help share the future of financial services. This Nuxeo and Digital Insurance webinar features guest speaker Doug Miles, Principal Analyst at Comspec Consulting. Discover how your organization can use a modern two-step approach to connect and consolidate information systems to ensure your organization can efficiently respond to regulatory requests for information.

Published in: Economy & Finance
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Responding to Insurance Market Oversight

  1. 1. Responding to Insurance Market Oversight Shapeyourfuture
  2. 2. YourModeratorToday 2 Jim Ericson is an industry market analyst who develops primary research and writes and speaks about data and information management, analytics and business intelligence. For eight years until 2013, he was the editorial director at Information Management (formerly DM Review), and was the primary contributor of award-winning features, interviews and commentary for the publication. Jim Ericson Consultant, Editor Emeritus Information Management
  3. 3. YourSpeakersToday 3 Doug has extensive experience in surveying and reporting on the ECM/BPM/Content Services market. He was managing director of AIIM in the UK for 10 years, and from 2009 to 2016 was VP of AIIM Market Intelligence. In this capacity he was the project manager and author of the popular AIIM Industry Watch reports covering ECM, Records Management, Capture, SharePoint, Mobile and Cloud, Content Analytics and Case Management. Doug has also worked closely with other enterprise-level IT systems such as ERP, BI and CRM. Frank brings a unique 360-degree perspective to content services. He pioneered work in the fields of document imaging, capture, workflow, and print output management at one of the top 10 P&C insurers in the US. He brought his real-world expertise to the CTO Office and as Director of Global Insurance Strategy & Solutions at one of the top ECM providers. And, he was the North American ECM Lead for one of the world’s largest multinational consulting firms. He then worked as an independent financial services industry consultant before joining Nuxeo. FrankRocha Director of Marketing - Financial Services Nuxeo Doug Miles Principal Analyst Comspec Consulting
  4. 4. “Anexaminationconductedbythe state’sinsurancedepartmentto evaluatethepracticesandoperations ofaninsurer.Thisexaminationaimsto establishtheinsurer’sauthority toconductbusinessinthatstate.” –businessdictionary.com WhatIsaMarket ConductExam?
  5. 5. WhatInitiates anExam? 5 Somecommonreasons: § Significant increase in consumer complaints or a single complaint § Sudden increase or decrease in premium volumes § Rapid expansion into new states § Increased use of third-parties to perform company functions § Significant problems with electronic data
  6. 6. 6 PossibleNegative Outcomes Negative media exposure Brand damage Loss of wallet share Customer retention Financial penalties Loss of market share4 5 6 1 2 3
  7. 7. 7 YearAfterYear Despite decades of time and millions of dollars invested in information management systems improper/incomplete documentation andfailuretorespond to requestsforinformation continue to make the top 10 lists. Clearly something isn’t working…
  8. 8. Clearly,Something Isn’tWorking! 8 Isyourinabilitytomanagethe informationacrossyourorganization contributingtotheproblem? A recent benchmark survey conducted by Nuxeo and Comspec Consulting highlights the challenges of information scattered across the organization in legacy information systems
  9. 9. DifficulttoFind Very Difficult toFind CouldbeEasier Information Access 9 How easy is it to find the right information or documents quickly within your business? 41% 30% 4% 75% finditdifficultto findinformation
  10. 10. 10+Systems SingleSystem 2-4Systems 5-10Systems Information Access 10 How many systems do you regularly work with to find information and documents? 28% 9% 4% Toomany systems 59%
  11. 11. 0 10 20 30 40 50 60 Can Do Single-PointSearching LimitedCapability to Search Multiple Systems No WaytoSearchMultipleSystems InformationAccess 11 18% 33% 48% Abilitytosearchacrosssystems Do you have a way to search several of your information systems from one place?
  12. 12. InformationAccess 12 Are frequently required to cut-and-paste between systems to get their job done Only 16% never or rarely engage in this error-prone process 42% 16% Do you have to copy and paste information between different systems, or even re-enter information from one system into another? Mustcut-and-pasteacross systems
  13. 13. 13 TheChallengeof LegacySystems Nearlyhalfofrespondentshave 2ormorelegacysystemsthat aredifficulttoaccess § 13%have 5ormore inaccessible systems* § * 25%for larger organizations Mostcommonproblems gettingaccesstoinformation inlegacysystems: § 27%—user license restrictions § 19%—IT only reporting capabilities § 16%—permission issues
  14. 14. LegacySystems 14 69% Veryvaluableto have better access to information in legacy systems Consider it essential to have access to information in legacy systems 21%
  15. 15. LegacySystems § Legacy systems are much less likely to support mobile access (20%) and cloud options (23%) § 68% have inflexible workflows § 26% have no connectivity to other systems 15 Access Flexibility 0% 20% 40% 60% 80% 100% Connect to other systems? Provide flexible workflows? Provide web-basedaccess? Provide acloudoption? Provide mobile access? Yes No
  16. 16. Non-LegacySystems § 31% of “non-legacy” systems don’t support mobile access § 25% have inflexible workflows § 28% have no connectivity to other systems 16 Access Flexibility 0% 20% 40% 60% 80% 100% Connect to other systems? Provide flexible workflows? Provide web-basedaccess? Provide acloudoption? Provide mobile access? Yes No
  17. 17. Applications Does your organization have any of these applications builton thelegacysystems? 17 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% No applications Change management Claimsmanagement Accountopening AP/AR HR/recruitment Projectmanagement Casemanagement Industry-specificapplication Recordsmanagement/compliance
  18. 18. Replacement Has your business considered migrating away from these legacy systems? § 21%—Actively seeking replacements § 16%—Have migration projects underway § 41%—Feelstuckwith theirlegacysystems due to the cost and the difficulty of changing— particularly replicating built-on applications 18 0% 5% 10% 15% 20% 25% No Yes—butit'shardtoreplicatethe functions/applications Yes—butit'stoodifficult Yes—butit'stooexpensive Yes—weareintheprocessofmigrating Yes, we are activelylooking for a solution
  19. 19. 19 TheRiskof“Rip&Replace” Risk1 2 3 4 5 6 Cost Disruption Security Migration Time Enterpriseshavelong felt theanswer to legacy systemreplacement isRip& Replace,but thereishugeriskinvolved! “Legacyapplicationsareoneofthemostdifficult issuestofacewithinIT.Arip-n-replaceapproachis expensive,difficulttocost-justifyandtendsto interruptbusiness.” —Computerworld
  20. 20. 20 Top10MarketConductActions Failure to acknowledge, pay, investigate or deny claims within specified timeframes 1 Property & Casualty Insurers Life& HealthInsurers 2 3 4 5 6 7 8 9 10 Use of unapproved/unfiled rates and rules, or misapplication of rating factors Failure to process total loss claims properly Failure to cancel or non-renew policies in accordance with requirements Failure to adhere to producer appointment, termination, records and/or licensing requirements Failure to provide required compliant disclosures in claims processing Improper/incomplete documentationinclaimfiles Failure to provide required compliant disclosures in underwriting processes Improper/incomplete documentationofunderwritingfiles Failure to issue compliant denial notices Failure to acknowledge, pay, investigate or deny claims within specified timeframes 1 2 3 4 5 6 7 8 9 10 Failure to provide required and compliant claims and underwriting disclosures Use of unfiled/unapproved or noncompliant forms Incomplete/improperdocumentationofunderwritingand claimsfiles Failure to adhere to required claims grievance and appeal processes, including timeframes and disclosures Failure torespond toregulatoryrequestsforinformation Failure touse licensed and/orappointed producers,provide propernotificationof producerappointmentsorterminations,and maintainappropriate documentation Noncompliant claim denial notices Failure to adhere to replacement requirements Failure to pay claim properly in accordance with policy provisions and requirements
  21. 21. Connect& Consolidate 21 Connect Allows organizations to connect to existing information sources Consolidate Facilitates the migration of information from legacy systems at your own pace Anintelligent2-step approachtoInformationModernization
  22. 22. CurrentSituation 22 Existing ECM Cloud Storage EFSS Legacy Systems 3rd Party AppsStandard Interface Configured/ Custom Solutions Mobile Apps
  23. 23. Step1:Connect 23 3rd Party AppsStandard Interface Repositories Existing ECM Cloud Storage EFSS Legacy Systems Configured/ Custom Solutions Mobile Apps Content Services PlatformRepository
  24. 24. Step2:Consolidate 24 3rd Party AppsStandard Interface Repositories Existing ECM $$$ Cloud Storage $$ EFSS $ Legacy Systems $$$$ Configured/ Custom Solutions Mobile Apps Content Services PlatformRepository
  25. 25. Step2:Consolidate 25 3rd Party AppsStandard Interface Repositories Existing ECM $$$ Cloud Storage $$ EFSS $ Configured/ Custom Solutions Mobile Apps Content Services PlatformRepository
  26. 26. Step2:Consolidate 26 3rd Party AppsStandard Interface Repositories Cloud Storage $$ EFSS $ Configured/ Custom Solutions Mobile Apps Content Services PlatformRepository
  27. 27. Modernization Benefits 27 Connect Consolidate KeyBenefits § Connect to multiple repos § Get value from existing (legacy) systems § Rapid return on investment (ROI) § Consistent platform for modernization KeyBenefits § Reduce reliance on legacy information systems § Significantly reduced total cost of ownership (TCO) § Single, future-proof platform for Information Management
  28. 28. InSummary 28 § Incomplete documentation and inability to provide information remains a problem § Poorinformationmanagementcan contribute to those findings § Difficulty finding information in a timely manner § Too many systems § Cannot search across systems § Need to cut-n-paste across systems § Legacy systems at the center of the problem § Rip-n-Replace is not the answer § Connect& Consolidateis a more modern approach § Connect to information where it resides for a quick ROI § Consolidate at your own pace to reduceTCO
  29. 29. Questions?
  30. 30. Formoreinformation,pleasevisit: www.nuxeo.com FrankRocha DirectorofMarketing–Financial ServicesNuxeoCorp frocha@nuxeo.com (210)347-2227 Thank you!

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