Insurance Product Management Gets Easier Thanks to Verisk’s Mozart Form Composer® Integration with FilingRamp

Rhea-AI Summary

New integration enhances efficiency for insurers

Verisk has integrated FilingRamp software with its Mozart Form Composer, allowing insurers to streamline form filings with regulators. This integration enables an end-to-end solution for creating, managing, and submitting policy forms, improving efficiency and reducing compliance risks. Insurers can file forms through the NAIC's SERFF system, significantly reducing processing time. As a result, insurers can focus on strategic initiatives, accelerating product launches while ensuring quality control.

Positive

• Integration with FilingRamp provides an end-to-end forms solution.
• Streamlined filing process leads to faster approvals and improved operational efficiency.
• Enhanced compliance risk mitigation through advanced workflow tools.

Negative

• None.

New integration enables Mozart® users to make form filings to regulators in one seamless workflow

JERSEY CITY, N.J., Dec. 08, 2022 (GLOBE NEWSWIRE) -- From composition to submission, insurers seeking to expedite form filings to regulators can now enjoy a seamless process with the integration of FilingRamp software with Mozart Form Composer®, Verisk’s platform for forms creation and management. The integration with FilingRamp gives Mozart users an end-to-end forms solution, where they can easily analyze, develop and submit updated forms to regulators in a single workflow.

How it works
Mozart can help insurers create and manage policy forms and endorsements across the entire product life cycle, helping to create significant workflow efficiencies and cost savings. Its advanced machine learning algorithms analyze an insurer’s forms for words and even concepts to help ensure their coverage language remains consistent across their portfolio. With a complete audit trail and workflow tools, insurers can work smarter while mitigating compliance risks.

Streamlining the filing process
Thanks to a new integration with FilingRamp, Mozart users can now file new and revised forms to state regulators through the System for Electronic Rates & Forms Filing (SERFF), the filing system managed by the National Association of Insurance Commissioners (NAIC). The integration enables Mozart users to centralize their forms management workflow and streamline what’s typically a multi-step process of manually interacting with SERFF to track filings and respond to regulator questions. FilingRamp features full two-way API integration with SERFF, helping to automate form submissions.

“We believe that the forms submission process needed to be modernized,” said Jeremy Battles, FilingRamp CEO. “FilingRamp and Mozart together allow insurers to submit filings with improved speed, shaving valuable time from the process. Faster submissions can lead to faster approvals, which helps insurers reduce paperwork and sell products more quickly.”

“By leveraging the advanced workflow, forms management and authoring tools within Mozart, insurers have been able to launch products faster while maintaining high levels of quality control and policy language consistency across their forms portfolio,” said Ron Beiderman, Senior Vice President of Commercial Lines Underwriting at Verisk. “The integration of Mozart and FilingRamp builds on this success by making it even easier for insurers to submit forms to regulators, creating powerful efficiencies that free them to focus on more strategic initiatives.”

To learn more about Mozart, visit verisk.com/mozart/. To learn more about FilingRamp, visit filingramp.com.

About Verisk
Verisk (Nasdaq: VRSK) provides data-driven analytic insights and solutions for the insurance and energy industries. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk empowers customers to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global issues, including climate change and extreme events as well as political and ESG topics. With offices in more than 30 countries, Verisk consistently earns certification by Great Place to Work and fosters an inclusive culture where all team members feel they belong. For more, visit Verisk.com and the Verisk Newsroom.

About FilingRamp
FilingRamp is modern, cloud-based software that is fully integrated with SERFF (2-way API) and allows companies to submit filings and respond to objections faster. It acts as a company’s single filings repository and lets them unlock their data with its search, reporting and library features. Companies can also enter custom data related to the filings, forms, and rates. FilingRamp has its own RESTful API, which means it can integrate with other software a company uses. It’s also configurable with Microsoft Teams and Slack. A rapidly growing software company, FilingRamp is the industry’s top filings software solution and provides its customers with an objective competitive advantage in getting filings approved faster.

FAQ

What is the new integration announced by Verisk on December 8, 2022?

Verisk announced an integration of FilingRamp software with its Mozart Form Composer, enabling insurers to streamline form filings to regulators.

How does the FilingRamp integration benefit insurers using Mozart?

The integration allows for a seamless, end-to-end solution for creating and submitting forms, enhancing efficiency and reducing compliance risks.

What system do insurers use to file forms after the integration?

Insurers can file new and revised forms to state regulators through the System for Electronic Rates & Forms Filing (SERFF) managed by NAIC.

What are the expected outcomes of using the integrated Mozart and FilingRamp software?

The integration is expected to expedite form submissions, leading to faster approvals and the ability for insurers to launch products more quickly.

What technology underpins the Mozart platform?

Mozart leverages advanced machine learning algorithms to ensure coverage language consistency across insurers' forms.