Boston — State filing (along with poor technology) is frequently a bottleneck for the entire product development process, according to a Celent report. However, newer Celent research—“State Filing Best Practices: Technology, Process, and Organization”—shows that some insurers are improving their processes, and technology plays a large role.

In recent years, insurers have made greater investments in technology to support many of the steps within the product development process. But one area that has seen relatively less investment is the crucial last step: the state filing. An insurance company’s state filing staff must assemble the right set of forms and supporting documents to meet each state’s frequently different requirements, as well as working with actuarial and legal staff to make the way the product is priced and functions conform to other unique requirements that also often vary state-to-state. An important contribution has been made by the System for Electronic Rate and Form Filing (universally known as SERFF), which enabled electronic filings in nearly all lines and in all states and jurisdictions.

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