IDP's Natural Value Process Improvement for Bureau Reporting Saves P-C Carriers and MGAs Valuable Resource Time
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Insurers can now supply bureau statistical data
using values and formats native to their systems
April 25, 2007 -- WYNCOTE, Pa.-A process improvement to IDP's bureau reporting services now makes it possible for p-c carriers and MGAs to supply their systems' native values in any format to meet the reporting requirements of any bureau. The process improvement, called Natural Value Reporting, frees carriers from a variety of challenging tasks and costs associated with establishing bureau-prescribed coding and formatting. It also delivers efficiencies associated with the ongoing maintenance of these formats, which are subject to both new data and new formatting changes.
The improved Natural Value Reporting process most directly meets the needs of small/mid-size p-c carriers who may be reporting for the first time or need to make system modifications to meet changing reporting requirements. It also has advantages for carriers who are converting or upgrading their policy administration system. Larger carriers can benefit from Natural Value Reporting, as well, when utilizing a data warehouse to standardize data for the entire enterprise.
The Natural Value Reporting process saves carriers resources necessary to program and maintain bureau compliant codes and formats that are subject to frequent changes. In operation, data is collected and forwarded to IDP in its existing configuration. By employing its proprietary Universal Bureau Engine (UBE), IDP then formats the data according to affiliated bureau specifications.
These benefits would have even greater value for an MGA organization that may, for the first time, be required to do the bureau reporting as a condition of an agreement with a carrier. Typically, MGA systems are not designed with bureau reporting in mind. This may result in one of two conditions: a needed, but expensive, upgrade to the MGA system or a very frustrated IT staff (or both!).
Carriers enjoy added benefits during the course of subsequent reporting, which may entail bureau-mandated changes in the ways that data is formatted. Here, IDP eliminates the need for carriers to monitor and comprehend bulletins that bureaus issue when changes-in-format or new data elements are required, and to then make programming changes to meet those new requirements.
According to President & CEO Gary Gilbert, IDP's bureau reporting services appeal to small/mid-size p-c carriers who wish to deploy their staff in areas where they can be more productive by focusing on the insurer's core business than they could by reporting statistics.
"For smaller insurance companies where technically expert staff may be at a premium, bureau reporting can absorb an excessive amount of energy," Gilbert reports. "Most often, the task requires a technology professional who has a solid foundation in the business of insurance. The time and attention necessary to keep abreast of and then program changes to bureau formatting requirements can usually be better spent in other areas of the business."
Gilbert cites a policy's "Deductible" data entry position to illustrate how Natural Value Reporting solves the complexity and cost of delivering bureau reporting data formats.
"When a carrier collects statistical data, it needs to present that record with specific codes," Gilbert says. "Sometimes the codes do not have a direct correlation to data value. For example, a $500 deductible for one bureau might require an alpha code; another bureau might require a numeric code, such as 5; yet another bureau might want it reported as 500. With Natural Value Reporting, the carrier does not need to invest resources in changing its system or fund expertise on staff to ensure that the proper code is used. A carrier can simply report $500 as any value native to the carrier's system, and IDP will convert it to the proper coding. When bureaus mandate coding and format changes, IDP will automatically reformat and update the codes. Natural Value Reporting is nearly invisible to the insurance carrier."
About IDP
Founded in 1949, IDP is among the most experienced property and casualty management system companies in the U.S. IDP launched its first electronics-based insurance products and services in 1963, accounting for over 40 years experience with high-tech insurance management. The company is headquartered in Wyncote, Pa., with a branch office in Solon, Ohio. Mission priorities include timely responsiveness to customer needs and creative problem solving. Software products range from policy rating and issuance, claims administration and accounting, to regulatory compliance and bureau reporting and submission. IDP lays claim to an extraordinary skill level for consulting on both insurance business and technical matters. The organization's management team combines depth of experience with multi-discipline expertise.
Visit IDP at: www.idpnet.com.
IDP
One Washington Square
Wyncote, PA 19095
Attention: Garry Rivell
Phone: 800-523-6745 x2368
Fax: 215-887-4621
E-mail: grivell@idpnet.com
Bob Giuliano
610-328-1051
BobPubRel@aol.com
