 |
 | |  | Kemper Compliance Filing & Tracking System |
ITM assisted Kemper Insurance Companies to implement a state filing and tracking system for new insurance and modified insurance products, called ProTrac. Although Kemper already had an electronic state filing and tracking system, changing e-business requirements were demanding integration with internal and external systems, collaboration between team members, and accelerated time-to-market for products.
Business Challenge
- Currently available product offering did not meet e-business requirements, e.g. no integration with internal systems and no collaboration capabilities between analysts and technicians.
Goals/Objectives
- Deliver and maintain quality products in a manner that reduces the time of product to market while maintaining compliance with state and company guidelines.
- Reduction/avoidance of state imposed monetary penalties for non-compliance
Approach
- Modify existing workflow and process for better collaboration
- Use current infrastructure and standards, e.g. DB2, JSP, and C++
Tangible Results
- $750,000 per year in hard dollars, plus additional savings in soft dollars
Collaborative Submission
As insurance policy forms are regulated on a state-by-state basis, the collection, submission, preparation, and management of the state filing process can be very expensive and time consuming.
ITM assisted Kemper to automate the state filing process by replacing an existing system. The existing system required duplication of effort, multiple hand-offs of within a single department, and manual effort. This level of manual labor hindered Kemper's ability to not only to maintain compliance with state regulations, but also with company guidelines.
Using open standards, ProTrac extends the state filing and tracking system to integrate with web-based reporting, NAIC's SERFF system, form review/approval, and to facilitate collaboration between analyst, technician, and state department of insurance (DOIs) personnel.
By connecting analysts, technicians, and state departments of insurance across traditional submission boundaries, Kemper was able to enhance its e-business offerings and accelerate the insurance application process.
"Our compliance team saw a year to year increase in productivity of 300% by using ProTrac. In July 2000 we processed 150 filings. In July 2001 we processed 550 filings. And next month we have 7 countrywide filings, and no one is worried," said Katherine Slonina, Compliance Officer, Kemper Insurance Companies.
For additional information on insurance solutions and regulatory compliance services, please contact us at 301.984.6060 or info@itmassociates.com.
|
 |