Compliance Governance and Risk Management in Insurance Bookmark has been added
Compliance Governance and Risk Management in Insurance
Transform rating compliance with our State Rate Accuracy Assessment
Deloitte’s State Rate Accuracy Assessment can help you transform your rating compliance—from reactive to proactive—through compliance automation and analytics. It can also help remediate rating issues, moving beyond sampling just a few policies to a full-book review.
- Managing rate accuracy
- An increase in examinations
- A tool to help you transform
- Get started
- Get ahead of what’s ahead
Managing rate accuracy
Many insurers are searching for a way to transform their approach to managing rate accuracy in their book of business. This is in response to trend in the insurance marketplace that has seen a steady increase in market conduct exams focused on rating as regulators are trying to ensure that premiums charged to consumers are in conformance with filed and approved rates.
An increase in examinations
The regulatory focus on non-compliance of filed rates is driving an increase in examinations. During these examinations, insurers must show fair treatment to policyholders, prompt data readiness, and effective operational processes. Insurers unable to satisfactorily meet regulatory expectations may spur further regulatory scrutiny and associated costs. The risks associated with misrated policies are:
A tool to help you transform
Deloitte’s State Rate Accuracy Assessment (SRAA) is a proactive, compliance analytics tool that can help clients find charged rates that are inconsistent with their state filed and approved rates. Deloitte helps organizations validate data governance and rating compliance to create a view that will help the organization succeed.
Deloitte can tailor its systemic and accelerated process of re-rating a book of business to the period and product(s) selected by the company. Deloitte performs a data-readiness assessment and looks for inconsistencies between the insurer’s charged rates and state-filed and approved rates. We provide observations and recommendations to correct found discrepancies and mischarges.
The State Rate Accuracy Assessment is more than an analysis of an insurer’s rating process; it is an opportunity to detect exposures to significant risks and mitigate those risks prior to regulatory scrutiny—completed under attorney-client privilege.
- Test market conduct readiness while analyzing rating integrity
- Capture lost premiums
- Proactively remediate overcharges
Deloitte’s State Rate Accuracy Assessment can meet your unique needs. We can help you start small, scale fast, and then apply our analytics-driven solution across your book of business.
Apply across your book of business
Get ahead of what’s ahead
Overcome typical rating challenges with a cloud-based and machine learning-driven solution.
Deloitte’s deep insurance industry insight and technical compliance knowledge can help you. Finding the most impactful areas for transformation, applying the right solution, and overcoming other factors that hinder effective adoption of technology are critical steps for insurers to solve their compliance challenges. With our experience across the regulatory and compliance ecosystem, Deloitte is well- positioned to help you address rating integrity and accuracy.