SAP unveiled on Tuesday a cloud-based offering for tracking and analyzing Insurance Service Office regulatory content. The product, SAP Circular Authority for Insurance, was developed by Camilion, a provider of insurance life-cycle and underwriting products that SAP acquired for an undisclosed sum in March.
Maintaining the millions of ISO rules, rates and forms is a significant task for most insurers. And ISO could make up to 75 changes a week, according to Ross Orrett, CEO of Camilion. Those changes are released in ISO circulars. And, he notes, insurers that delay putting the changes into their systems could be at a competitive disadvantage.
“The challenge for carriers is to keep up with all that change,” said Orrett.
SAP Circular Authority for Insurance is designed to let carriers track circular changes, plan for their implementation, analyze the potential impact on company products and record adoption decisions.
The service, announced at the IASA Education Conference and Business Show being held just outside of Washington, can reduce the complexity of regulatory compliance, according to SAP.
SAP Circular Authority for Insurance is available now on a limited basis to companies that agree to provide feedback on the product.
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