As content-rich rating and policy administration software, quicksolver 3 is central to enabling an insurance company to meet regulatory and other policyholder reporting requirements.  The flow of data to a reporting agent or regulator starts with quicksolver 3, which captures and automatically generates the pertinent policy premium / exposure data and codes needed for reporting. This data is then exported to an intermediary data repository – which is often a customer’s data warehouse, reporting system or third party software – combined with loss data if required and prepared for submission. Although quicksolver is not directly used in the transmission of this data to the regulatory agent, Instec clients have either handled transmission themselves or used a 3rd party data consultancy. Lastly, each regulatory reporting agent has the authority to accept or reject records it receives from insurance carriers.  Most publish a series of edits and criteria used for review of records for quality, and when records fail, a reporting agent may accept individual records which pass the edits, reject the ones that don’t, or reject the entire batch as a whole. One of the methods for improving a carrier’s acceptance ratio is to impose tight edits at the user data entry process, which quicksolver supports. 

Statistical Plans

Insurance regulators are entrusted with monitoring and regulating the insurance business in areas such as financial solvency, market conduct, and rate regulation.  To empower regulators in rate regulation, most state rating laws require companies to report statistical information on premiums and losses. Companies must file statistics (at least annually) with the state insurance departments either through a state-licensed statistical agent or, where permitted, directly with the regulator. Statistical agents such as ISO, AAIS, ISS and NISS, in turn, administer Statistical Data Plans that define the data elements to be collected (e.g., coverage, class, amount of insurance), the time frames for reporting (e.g., monthly, quarterly, or annually), and the standard format for record layouts. Insurance companies also use this policyholder data for the business management requirements of pricing, accounting and policyholder servicing purposes.

Instec's quicksolver 3 generates the ISO Full Plan statistical data for the following insurance products:  BusinessOwners Policy (BOP), Commercial Automobile, Commercial Property, Commercial General Liability, Commercial Inland Marine, and Commercial Crime. This data is gathered at the line of business level for reporting purposes and also for lines of business combined under various (multi-line) Commercial Package policies.  

WCPOLS and Unit Stat

Carriers are required to send Workers Compensation policy notifications (policy issue, endorsement, cancellation, reinstatement, etc.) to state-sanctioned Data Collection Organizations (DCOs). DCOs include the National Council on Compensation Insurance (NCCI) and the ten Independent Bureaus, or ISO.  Each notification submission to a DCO is required within 30 days of policy inception, and again with changes in coverage, excluding audits.  Policy data is submitted electronically and accepted after a series of edits are applied to the data.

Unit Statistical reports are provided by carriers to report policy-related premium and claims information beginning at 18 months from policy inception, and continue until all of the claims related to the policy have closed.

Quicksolver Workers Comp is a multistate rating, forms, and statistical data software. Its screens, rating errors, edits, policy forms entry, and forms generation have been designed to also support workers’ compensation coverage reporting requirements. Quicksolver can provide the WCPOLS premium data in either a generic format or in the WCIO format standard of which the most commonly used records types are supported.

DMV

Auto Liability Insurance Reporting (ALIR) requires insurance companies to report vehicle insurance information to a designated regulatory entity such as their Department of Motor Vehicles (DMV), Department of Transportation, or Department of Insurance.   Simply put, insurance companies are required to provide states with policyholder and driver information in an approved format and at the appropriate times, else risk being fined. Some states currently require reporting via electronic file, while others require use of a website entry process, and while still others require a CD to be sent.  For each state the data elements, frequency of submissions, and methods of electronic delivery vary by coverage.

The quicksolver 3 Commercial Auto is multistate rating, forms, and stats software that supports business auto, garage dealers, and truckers’ policies for the full life cycle of a policy. Quicksolver also captures the vehicle and registrant information needed for DMV reporting for all states.

Other

The data within quicksolver 3 has been used to meet other various coverage notification requirements including Reinsurance, Boiler/Equipment Breakdown, Certificates of Insurance, Insurance Posting Notice (Workers Compensation), Automobile ID cards, OFAC, and Lien holder Notices.

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