Xceedance empowered an E&S insurance carrier to expand the scope of its operations while adhering to a relatively challenging timeline and resulting in substantial cost savings for the client.
An E&S insurance carrier aimed to write Commercial General Liability, Commercial Auto, Commercial Property, Crime, and Inland Marine business. The project encompassed thirty products to be sold across fifty states in the US. It included attendant filings and approvals and the necessary ISO rating updates. The client’s objectives required optimizing technological resources, managing the implications of varying time zones and geographies, earning buy-in from the insurer’s actuarial team, facilitating a successful transition, and generating significant ROI post project implementation.
Xceedance created an interdisciplinary team of technologists and actuarial analysts. The team started by developing an in-depth understanding of the client’s coverages, the regulatory framework prevailing in different states, preparing rate filings, and assisting with rate-impact studies. Further, the team deployed a four-month-long training period, where the training sessions were recorded. There was a significant reduction in the learning curve. Additionally, the training period enabled seamless integration of the Xceedance team with the insurer’s actuarial teams. We leveraged our extensive experience with Excel macros to automate and simplify tasks associated with rate filing. Our services enabled the client to quickly offer thirty products across fifty states, with the added benefit of 50 percent cost savings compared to the costs of in-house implementation.