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  5. Property Casualty Statistical Reporting Practices: A Snap Poll for the Celent Executive Panel

Property Casualty Statistical Reporting Practices: A Snap Poll for the Celent Executive Panel

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1 February 2023
Karlyn Carnahan
Andrew Schwartz

Available Only for Members of the NA Celent Insurance Executive Panel

Abstract

Snap polls reflect questions posed by members of the Celent Executive Panel, a group of C level executives in the insurance industry. This comes from an insurer that is looking at ISO stat reporting and trying to decide if they should outsource it or keep it in house. This deck provides a summary of the responses to a Snap Poll conducted January 24– January 30, 2023. 29 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 looking at their stat reporting process.They currently do their own stat reporting but are wondering if outsourcing it would be more efficient or more effective.They’d like to understand how others think about this process.They’re also interested in the vendors or service providers that are being used – and we at Celent don’t cover this space very extensively.Your help will be greatly appreciated.

Is your organization’s ISO reporting requirement handled in total or in part by a vendor service?

  • In total
  • In part
  • No – We do it all in house
  • - using a third party software solution
  • - using a homegrown solution
  • Not Sure
  • Not Applicable

Why did you select the option you’re using? E.g. why did you decide to outsource – or why did you decide to keep it in house?

If you’re keeping it in house and using a vendor product, who are you using? Is it performing as expected?

If you’ve outsourced ISO reporting, which service are you using? Are they performing as expected?

For those organizations utilizing a vendor product/service for ISO Reporting, how long have you been partnered with this vendor?

  • Less than 2 years
  • 2-5 years
  • Greater than 5 years

For those organizations utilizing a vendor product/service for ISO Reporting, would you describe your experience as:

  • Highly Satisfied
  • Satisfied
  • Less than satisfied
  • Not sure
  • Prefer not to say

How do you handle the ISO submission management business process (ex. ISO Circular Reviews, Applicability of Requirement changes to systems ?:

  • Inhouse
  • Via an external services organization
  • Hybrid (combination inhouse and external services)
  • Not sure
  • Not Applicable

Are you using the same vendor that you use for stat reporting?

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