Connecticut Insurance Department Participating in Tech-Based Pilot to Improve Product Reviews
Overland Park, KS and Hartford, CT – December 14, 2018 – RiskGenius and Connecticut Insurance Commissioner Katharine L. Wade are pleased to announce that the Department is participating in a pilot program to test a web-based platform that applies machine learning to determine if it improves the regulatory reviews of insurance company filings and ultimately moves approved products more quickly to the market for greater consumer choice.
“The idea of this pilot program fits perfectly into our commitment of regulatory efficiency and encouraging innovation to enhance our mission of consumer protection,” said Commissioner Wade. “We want to be able to provide consumers with more access to insurance products that have all appropriate safeguards. Our own in-house improvements have already significantly improved turnaround times for reviews, and this program could add to that efficiency.”
Department examiners review thousands of filings each year to make certain that health, property and casualty (P&C), and life insurance products comply with all state laws and regulations. From 2015 to October 2018, turnaround times for health product reviews was reduced from an average of 93.32 days to 16.19 days; for P&C the turnaround time went from 71.27 days to 9.64 days. Turnaround time for life and annuity products went from 80.65 days to 4.07 days.
“My administration has continually worked to improve the efficiency of government and has sought to find better ways to deliver services to residents at a lower cost to taxpayers,” said Connecticut Governor Dannel Malloy. “The decision to participate in this pilot program will further those goals and improve our ability to provide critical protections in an accelerated timeline. This is a win for both businesses and consumers.”
The Department is one of nine state insurance regulators partnering with RiskGenius, a Kansas-based tech company that has developed software to streamline the form filing process. The pilot states will be able to test and experiment with a web-based platform to determine if it improves workflow and form filings.
State insurance regulators currently review insurance company product filings through the System for Electronic Rates & Form Filing (SERFF), a program of the National Association of Insurance Commissioners (NAIC).
“The purpose of these pilots is to show state insurance departments how RiskGenius can improve the filing process by further speeding up turnaround times and driving consistency in rulings,” said Chris Cheatham, CEO of RiskGenius. “We have been impressed with the engagement from the state insurance departments and their desire to move the industry forward.”
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RiskGenius utilizes artificial intelligence (AI) to interpret and organize the world’s insurance policy information. Designed for carriers, brokers and commissioner offices, the RiskGenius Platform helps insurance professionals better understand policy language, create efficient underwriting workflows, streamline processing using customized business rules, and benefit from true policy automation. For more information, please visit www.riskgenius.com.
About the Connecticut Insurance Department
The mission of the Connecticut Insurance Department is to protect consumers through regulation of the industry, outreach, education and advocacy. The Department recovers an average of $4 million yearly on behalf of consumers and regulates the industry by ensuring carriers adhere to state insurance laws and regulations and are financially solvent to pay claims. The Department’s annual budget is funded through assessments from the insurance industry. Each year, the Department returns an average of $100 million a year to the state General Fund in license fees, premium taxes, fines and other revenue sources to support various state programs, including childhood immunization.