Insurity, a provider of cloud-based software and analytics for insurance carriers, brokers, and MGAs, has launched Circ, its industry-leading regulatory offering to monitor, analyse, interpret, and implement regulatory changes.
Circulars have become a critical source of information distributed by rating agencies that detail the latest filings of rules, forms, actuarial analysis, and P&C industry developments.
A majority of P&C organizations regularly review industry developments impacting commercial lines insurance products to inform their overall understanding of the market. Agencies also provide rate, content, and form updates via their circulars to help insurance firms address emerging risks related to societal changes, evolving case law, and recent legislation.
According to Insurity, with Circ, P&C insurance organizations will be able to stay current on the latest regulatory changes.
The offering delivers changes directly into an insurers policy administration system, ultimately saving insurers hundreds of hours annually without spending valuable time or staff resources implementing these changes.
“The increasing complexity and scope of regulatory changes is one of the biggest disruptors in our industry, and insurance organizations and carriers need to prioritize partnering with a vendor who has the experience and capability to support the avalanche of change coming down the pike,” said Sylvester Mathis, Chief Insurance Officer at Insurity.
“It’s natural that each insurer has a different philosophy for adopting future regulatory content. Insurity works with each carrier to understand their unique approach to implementing regulatory changes and streamlines all aspects of incorporating regulatory changes into their policy administration software.”
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