Insurity expands compliance automation as SERFF modernization accelerates
SERFF modernization is pushing bureau-content management into the spotlight, and Insurity says its compliance stack now spans 50 states, D.C., Puerto Rico and 20-plus lines.
Insurity built its Regulatory Competency Center around major ISO changes expected over an 18-to-24-month horizon, and the system could save customers hundreds of thousands of hours by speeding adoption of compliance changes. The National Association of Insurance Commissioners is pushing SERFF modernization through its Speed to Market working group.
The NAIC defines a property/casualty rating system as rates, rating relativities, rating rules, minimum premiums, and supplementary rating information. SERFF is more than 22 years old, is accepted by 53 jurisdictions, and is used by more than 6,500 industry users. In 2022, modernization was a $20 million, three-year project, and SERFF had last been redesigned in 2006.
ISO forms, rules, and loss costs span 31 commercial and personal lines and have supported insurers for more than 50 years. Its State Filing Handbook covers property/casualty rates, rules, and forms in all 50 states, plus the District of Columbia, Guam, and Puerto Rico, while ISO releases 75 or more circulars each week.
Its policy administration software is trusted by 500-plus insurers to stay current with changes from every bureau circular. Its Circ regulatory product monitors, analyzes, interprets, and implements regulatory changes, and more than 125 commercial lines insurers, representing over $30 billion, already use it. The company’s RCC extends across ISO, NCCI, and independent bureaus in 50 states, the District of Columbia, and Puerto Rico, and it covers more than 20 lines of business.
Origami Risk’s Bureau Central Repository centralizes ISO, NCCI, and independent state bureau content across general liability, commercial property, commercial auto, inland marine, crime, commercial umbrella, and workers’ compensation. The process uses expert interpretation, subscription-based updates, scheduled migrations, and controls that preserve business-specific deviations. Cherokee Insurance Company, which has been in business for more than 25 years and is licensed by 47 states and the U.S. Department of Treasury, uses full-service ISO and NCCI bureau content management.
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