A process improvement to IDP's bureau reporting services now makes it possible for property/casualty carriers 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 tasks and costs associated with establishing bureau-prescribed coding and formatting.
The improved process meets the needs of small/midsize carriers that may be reporting for the first time or have to make system modifications to adhere to changing reporting requirements. It also has advantages for carriers that are converting or upgrading their policy administration system. Larger carriers can benefit when utilizing a data warehouse to standardize data for the entire enterprise.
"For smaller insurance companies where technically expert staff may be at a premium, bureau reporting can absorb an excessive amount of energy," says Gary Gilbert, IDP president and CEO. "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 usually can be better spent in other areas of the business."
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.