How to solve your IBC, GAA and RSP filing problems

IBC reporting, and for that matter all submissions to regulatory bodies including the GAA and the Facility Risk Sharing pools, is most often seen as an administrative headache, with little business benefit. It requires an investment of your time, and the development of technology, to submit information to regulators that has no direct value in terms of growing your business or improving your profitability.

It requires resources with specialized knowledge and expertise, that thoroughly understand your business, and that of the regulatory agencies. While these folks are struggling to correct an IBC error code, you need their help in implementing new core systems, or to introduce a new product or specialty line. And, for those doing the work, it is often tedious and repetitive.

It’s a problem that costs money, takes time, and uses resources you’d prefer were redeployed.

But what if there was technology that could help automate the process, check for and correct errors before they were submitted, and help extract the data from your core system to match IBC requirements? Yep, that’s regul8. I guess you knew I was going there, but if you’ve got regulatory challenges, then we have a solution.

  1. I can’t identify and correct errors before submission

Given that the IBC imposes penalties for errors, this can get costly. Plus, there’s also the problem that high error rates trigger notifications to your senior executive, and nobody wants that. Life would be easier if you had a chance to review and edit before submission.

regul8 offers a user interface so this can be done. And, it gets better. regul8 remembers the edits, so on things like a long-tailed claim, once you correct the error once, it covers you in future submissions. regul8 remembers. This comes in handy lots of times.

  1. Corrections to legacy reporting programs, cost too much, are outside of your control, and are a distraction to your core business

When everyone is busy, and who isn’t, making corrections to your core systems source data can take months. Getting IT staff to make and test program changes can take even longer. That can result in repeat errors, time to manage the process, and increased penalty fees.

Did I say that can be frustrating? Well it is. Seeing errors repeated month to month, that you wish you could fix and be done with, is frustrating.

  1. You’re incurring penalty fees, that are just too high

It’s not enough to have errors flagged and rejected, but to be fined for these mistakes is just too much. Receiving fines month after month can be demoralizing, and it’s your Company and CEO’s reputation on the line.

Data quality is a problem. Often core insurance systems don’t store the necessary information or if they do, not in a format compatible to the regulator. Sometimes the information is just not available, but in some cases, algorithms can be applied to calculate or derive what is needed.

regul8 can integrate with your core systems, to extract, reformat, validate and help users edit the regulatory submission data. It de-mystifies reporting, improves accuracy, and reduces penalty fees. It makes responsible staff more productive…. and it can reduce penalty fees, generating a positive ROI.

  1. You are changing your core system, and you realize you need to build a new reporting solution from scratch

You’ve spent years fine-tuning your existing legacy system. But to compete in the market, your company is moving to newer core systems. And guess what, these new systems don’t natively support Canadian Regulatory reporting.  So, you have to do it all again with a new system. It’s enough to make you cry.

That’s where regul8 and the regul8 Accelerators come in.

They are built, proven, been used by many other insurers, and are available for you.

regul8 Accelerators are applicable to all Guidewire users. They are built to operate in tandem within PolicyCenter and ClaimCenter, to extract native information, exactly to IBC, GAA and FA RSP specifications. Getting quality data directly from the source systems greatly improves the regulatory process.

It’s a wrap

Meeting the needs of the IBC, GAA and RSP is complex and time-consuming. We’ve identified 4 common problems, and there are others.

To learn more about regul8, contact us. Or let Cam Loeppky of Wawanesa Insurance tell you about their experience.

How can Hubio help Guidewire Customers?

As a new Guidewire Solutions partner, we recently attended the Guidewire Connections 2016 conference in San Francisco, California. Everyone we met wanted us to explain what it meant to be a Guidewire partner, and how it could help them.

So what does it mean to be an insurance solution partner?

Alongside our core insurance solutions, we also have award-winning modular solutions that can surround core platforms and work to enhance their capabilities, making life easier and smooth for insurers. Our solutions empower insurers to drive their business growth and work effectively with third-party core solutions like Guidewire’s Insurance suite.

As a result, Hubio sought partnerships, so that these products and services could be used with other vendors. We recently partnered with Guidewire to develop pre-built accelerator solutions for two products – Regulatory Statistical Reporting and Usage Based Insurance (UBI) solutions.

1. Regulatory Statistical Reporting:

Hubio has developed the number one solution for the Canadian market that works with core Policy and Claims systems, and transforms and manages the data to meet regulatory statistical reporting obligations. As market leader, the Hubio solution is proven, reduces risk, and allows insurers to focus on other core activities. Collaborating with Guidewire, Hubio is developing an accelerator that works with native Guidewire code to ensure accurate, timely, fast reporting. With the integration to Guidewire’s platform complete, customers need only worry about the data transfer to the third party system, something Hubio understands completely.

2. Usage Based Insurance:

Having been recognised by PTOLEMUS as a top global telematics provider, we are working with Guidewire to develop an accelerator that enables insurers with Guidewire PolicyCenter to take advantage of Hubio’s award-winning telematics platform.

Telematics is transforming the insurance industry

During his keynote speech at Guidewire Connections, David Stevens, Chief Executive Officer at Admiral hailed telematics as a game changer. He has already seen the impact of telematics data on pricing models and claims experience with Admiral’s UBI program and said: “Never have I come across anything as fundamentally transformative as this.” At Hubio, we understand that this technology has the ability to change every aspect of the insurance value chain as we know it – read our analysis here: Usage based insurance (UBI): a game-changer for insurers

Partnerships help us grow

At the conference, Marcus Ryu, CEO at Guidewire highlighted the importance of partnerships for Guidewire and Hubio is very excited to be working with them to develop solutions that help insurers better meet their needs. The partnership currently applies for North America customers but we have already gained interest from global insurers for broader coverage so watch this space!

If you want to learn more, why not get in touch? We’ll explain how the Hubio – Guidewire accelerators can provide enormous value to almost every insurance carrier. Contact us today.