Insurity Inc., a ChoicePoint® company, announced that its policy administration platform now provides broad support for the Terrorism Risk Insurance Act of 2002 mandates. Insurity has taken a multi-phase approach for delivering this functionality, providing an easy-to-use and efficient way for all Commercial Intellisys users to manage their unique premium calculation processes and reporting requirements.
First-phase implementations included support for Premium Entry, Forms and Statistical Coding. Second-phase implementations will reflect changing ISO rating methodologies to be filed for all lines of business, pursuant to the latest information to be published by AIR Worldwide Corporation, which will include changes based on the addition to the data model of nuclear, biological and/or chemical exposures.
“This enhanced functionality for all applicable lines of business was developed by our product development team to help insurers comply with a range of applicable provisions of the Terrorism Risk Insurance Act,” Jeffrey Glazer, Insurity’s vice president, commented. “Our system recognizes that insurers may choose to use rating bureau quotes and apply their own adjustment factors, whereas others may opt to develop pricing based on the costs of reinsurance, scenario testing or a combination of the two approaches. Our objective is to provide the flexibility they need to fulfill their obligations and stay competitive.”
The Commercial Intellisys platform provides commercial Property & Casualty policy rating, issuance and statistical coding for all lines of business in all 50 states, and supports the billing, claims and reinsurance functions for those same lines. The system supports a wide array of compliance and management reporting needs, including ISO, NAII, USR, WCPOLS/PICS, ICR and DMV.
From a management reporting perspective, the system provides a myriad of preformatted reports, complete query capability, access to a data warehouse for internal report creation and unique distribution options. The system also provides MVRs, credit scores, telephone verification and/or on-site surveys; logical information-ordering that allows underwriters to review initial information before requesting additional verification; and reference materials that provide information such as city-file features, NCCI manuals, NAIC codes, address verifications and SICs.