Vendor Developments

SAP Releases Solvency II Software

December 4, 2012

SAP has announced a new solution designed for insurers faced with meeting the stringent reporting requirements of the Solvency II Directive and its approaching deadlines.

SAP’s Solvency II Regulatory Reporting software provides a cost-effective fast track for insurance companies to make public disclosures through regulatory reporting as required under the mandates of Solvency II, according to the provider. In turn, the improved transparency will also help European officials better determine compliance and enforcement of the new regulation.

Solvency II regulation will require insurance companies located or doing business in the EU to calculate and document solvency through detailed public reports and audits. A number of businesses will likely have difficulty meeting the requirements, according to an SAP release. Business analysts say that the changes required will be monumental, with the potential to cost insurance companies billions to redesign their infrastructure and policies and train their workforce. The SAP Solvency II Regulatory Reporting rapid-deployment solution attempts to simplify this process.

Preconfigured quantitative templates and reliable data sets pooled from multiple source systems help produce faster, more detailed reports with fewer errors. According to SAP, this enables a rapid-deployment, as the software is designed to go live within 12 weeks.

ISO Equips Fleet With Telematics

September 24, 2010

ISO, a subsidiary of Verisk Analytics, will equip more than 600 company vehicles with telematics devices to monitor and record data about driving behavior. ISO says the information will include Global Positioning System (GPS) and On-Board Diagnostic (OBD-II) data for vehicle information and three-axis accelerometer data for driving maneuvers.

The project is designed to help ISO, through its Applied Informatix unit, to assess the methods needed to leverage this new source of data for analytics to predict loss and streamline rating, underwriting and claims workflows.

“ISO is undertaking this effort as part of its pioneering study to assess the predictability of telematics data for rating, underwriting and claims purposes,” says Steven Craig, GM of Applied Informatix and A-PLUS. “Using the ISO fleet as a source of telematics data will provide our analytics staff an invaluable test bed for product development and telematics data troubleshooting.”

ISO says it created the Applied Informatix business unit to gather and analyze telematics data from devices installed in private passenger and commercial vehicles, as well as to mitigate obstacles currently experienced by insurers who wish to collect and use driving behavior data to create differentiated auto insurance products.

“By equipping the ISO fleet, we will gain firsthand knowledge of all aspects of such a program from installation, activation, data collection, and processing to linkage of claims and policy data,” says Craig.

Geotab Inc. is equipping the ISO fleet with Geotab’s plug-and-play GO5 telematics device, which offers state-of-the-art technology and a tracking algorithm, says ISO.

In addition to contributing to the ongoing Applied Informatix telematics study, ISO expects to reap other benefits, according to Craig. “We want to use the technology to help our risk management program increase fleet safety and efficiency, thereby reducing costs while supporting ISO’s green initiatives,” he says.

ISO says the company joined the Connected Vehicle Trade Association, a nonprofit business league established to facilitate the interaction and advance the interests of the entities involved in the vehicle communication environment, as a board member to support the telematics initiative in the insurance industry.

DocuSign Expands eSignature Options

October 9, 2012

DocuSign, an eSignature company, has introduced digital signatures on the DocuSign Global Network in support for E.U. Directive n.93/1999. DocuSign is working with local jurisdictions and certificate authorities to launch cloud-enabled digital certificates in the first half of 2013, to enable digital signatures on the DocuSign network.

DocuSign says customers will have a variety of digital signature options, including an import of digital certificates they already own, as well as the ability to purchase digital certificates from DocuSign’s growing base of certificate partners.

ISO Launches Wind Rating Program

October 3, 2012

ISO, a member of the Verisk Insurance Solutions group at Verisk Analytics, has launched an Enhanced Wind Rating Program, a commercial property rating program designed to address wind peril.

ISO says the program provides a detailed review of building characteristics and geographic and environmental factors that may improve (or worsen) a building's wind resistance or damageability. The company has filed the program with state regulatory authorities, and it becomes effective in 26 states during Q1 2013. A total of 36 states are eligible for the program.

Field representatives began collecting enhanced wind rating data in April 2011, ISO said. The data collected provides information on about 40 characteristics related to the wind exposure for each eligible building, encompassing such areas as location and surrounding environment, roof and wall envelope integrity, framework, and building codes.

Corporate Insight Launches Retirement Plan Monitor

October 2, 2012

Corporate Insight, a provider of competitive intelligence to the financial services industry, announced Retirement Plan Monitor, a new subscription research service that will track the web capabilities and marketing materials from retirement plan sponsors for plan participants. The service is designed to offer an unbiased view of the user experience and will monitor live accounts held by actual plan participants.

“Retirement plan participants are increasingly turning to the web to manage their plan investments. Unfortunately, the resources available to them are sometimes sub-par compared to what many brokerages and banks provide to their customers,” said Drew Maresca, senior analyst for Retirement Plan Monitor. “Retirement Plan Monitor will provide firms with an informed look at the online capabilities and participant communications that their competitors provide, along with Corporate Insight’s analysis of industry trends and best practices. We are confident this will make it easier for our subscribers to create a best-in-class online user experience for plan participants.”

Retirement Plan Monitor will track defined contribution plan providers, including:

• ADP

• MassMutual

• AON Hewitt

• Mercer

• Bank of America/Merrill Lynch

• New York Life

• Charles Schwab

• Principal

• Diversified

• TIAA-CREF

• Fidelity

• T. Rowe Price

• Great West

• Vanguard

• ING

• Wells Fargo

Retirement Plan Monitor’s inaugural run will analyze three essential elements of the plan participant website experience:

1. Account maintenance resources

2. Investment information

3. Navigation

In the coming months, Corporate Insight will review the key aspects of each website, report on site changes, and identify trends and best practices. Future reports will focus on retirement planning tools and calculators, transaction capabilities, account statements, marketing materials and other online features and services.

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