Stat Reporting: Snap Poll for the Celent Executive Panel

Snap polls reflect questions posed by members of the Celent Executive Panel, a group of C level executives in the insurance industry. This question came about from a member who was looking for insights and advice around stat reporting. This deck provides a summary of the responses to a Snap Poll conducted in August 2022 . 15 insurers responded to this survey.

If you are an insurer and are interested in participating and receiving these snap polls, please email kcarnahan@celent.com to verify eligibility.

The question that was posed was:

Background:

This insurer is taking another look at their stat reporting process. They primarily do ISO reporting, although there is some reporting to additional bureaus. Today stat reporting is handled in a legacy system that has grown organically with a bunch of code that has been bolted on. They feel they’re at high risk with this system as they have a limited number of individuals that actually understand it all – and they are at risk of retiring soon. They’re trying to put together a strategy for how they might handle the process in the future in a way that will reduce their risk, and potentially reduce errors and create efficiencies over their current processes.

•On what basis does your organization participate in data submissions to ISO:

–Full plan basis

–Intermediate basis

–We don’t participate in this

–Not sure

•Does your organization submit for:

–Personal Lines (PASP)

–Commercial Lines (CSP)

–Both

–Not sure

•Does your organization execute an ISO edit package prior to formal submission?

–Yes

–No

– Not sure

•If yes, is the ISO edit package executed

–On premises

–Hosted by ISO

–Not sure

•What format does your organization submit via electronic submission:

–Text / fixed data formats

–XML

–JSON

–Not sure

•How do your ISO transmissions occur?

–FTP

–API processing

–Other

–Not sure

•What is the frequency of your ISO transmissions?

–Daily

–Monthly

–Quarterly

•Is your organization’s ISO submission technology process:

–Predominately homegrown

–Vendor provided software solutions

–Completely hosted in cloud

–Other

–Not sure

•How do you handle the ISO submission management process:

–In-house

–Via an external services organization

–Hybrid (combination in-house and external services)

–Not sure

•If your organization’s management process is in-house via a statistical reporting function, what department does that function reside?

–Underwriting

–Actuarial

–IT

–Accounting

–Other

–Not sure

•What is the size of your staff in FTEs that supports statistical reporting (include those that also support other statistical bureau reporting requirements)?

–1-5

–6-10

–11-20

–>20

–Other

–Not sure

•Any other thoughts that might help this carrier as they put together their strategy?