Earnix Launches Filing Accelerator: Revolutionizing Insurance Rate Filings for Maximum Efficiency
Earnix, a leading global technology firm specializing in intelligent decisioning SaaS solutions for regulated industries like insurance and banking, has launched the Filing Accelerator, a revolutionary tool aimed at transforming the regulatory rate filing process for insurers. This innovative solution is designed to optimize the creation of filing documentation required for submitting proposed rate changes to insurance departments in North America.
Streamlining Regulatory Rate Filing
The Filing Accelerator is specifically tailored to assist insurers in managing internal audits and compliance reviews. By utilizing this tool, insurance companies can significantly reduce the time and complexity involved in filing processes, which in turn minimizes the potential for costly errors.
Key Features of the Filing Accelerator
- No-code Interface: The Filing Accelerator offers a user-friendly, no-code interface that enables filing teams, state product managers, and pricing teams to efficiently generate necessary regulatory documentation.
- Faster Speed-to-Market: By streamlining the filing process, insurers can bring rate changes to market quicker while ensuring compliance and reducing risk.
- Integrated System: The platform consolidates pricing models, production rates, and filing documentation into one cohesive system, significantly diminishing discrepancies between filed and live rates.
- Enhanced Traceability: A detailed log of all generated documents is maintained, improving transparency throughout the regulatory filing process.
Impact on Filing Errors
According to Earnix, some clients have already successfully reduced filing error rates to less than 0.5% by using the Filing Accelerator. This development comes in response to findings from the Earnix 2024 Industry Trends Report, which indicated that nearly half of industry respondents had faced regulatory fines or issued refunds due to filing errors.
Cost Implications of Filing Errors
Prior to implementing Earnix solutions, certain insurers reported losses ranging from hundreds of thousands to millions of dollars annually due to filing inaccuracies. Furthermore, companies were expending significant resources on internal documentation efforts.
Insights from Earnix Leadership
Be’eri Mart, the Chief Product Officer at Earnix, emphasized the importance of the Filing Accelerator by stating, “In the Earnix 2024 Industry Trends Report, nearly half of respondents indicated that their companies had to pay regulatory fines or issue refunds due to errors. Before using Earnix, filing errors were costing insurers substantial amounts in fines or refunds each year, along with time spent preparing documentation for internal pricing discussions. The Filing Accelerator improves accuracy and efficiency, allowing our clients to focus on product innovation and expedite rate changes with greater precision.”
For more information on how Earnix can help in enhancing your regulatory filing process, visit the Earnix website.
