Transform Insurance Rating Documentation with Filing Accelerator

We’re thrilled to announce the launch of Filing Accelerator, a new add-on module in Earnix Price-It designed to make the insurance rate filing and internal rate documentation processes a breeze for insurers in North America and beyond.  

The Filing Accelerator is our new codeless interface that simplifies the creation of filing documentation for proposed rate changes with departments of insurance in North America and can also be used to generate rate documentation needed by any insurer across the globe for internal audits, reviews, or approvals. Whether you’re a filing team member, a state product manager, or a pricing analyst, this tool is here to help you minimize the risk of costly errors and fines, speed up the time it takes to get new rates to market, and ultimately allow your organization to focus on adding more sophistication and precision to your pricing with confidence. 

The Costs of Filing Errors  

In our 2024 Industry Trends Report of insurers worldwide, we found that nearly half of the respondents had to pay regulatory fines or issue refunds due to errors.  

Anecdotally, we’ve also heard from insurers that, before using Earnix, filing errors were costing them anywhere from hundreds of thousands to millions of dollars in fines or refunds each year.  

Additionally, these same teams were often spending weeks on end preparing documentation to support internal pricing change discussions. Oftentimes, these discussions were oriented around reconciling whether pricing modeled output matched in production rates, and fixing errors caused by manual re-coding of rates across multiple, disconnected systems. Even in circumstances where fines were not incurred, insurers have been faced with tremendous operational costs that are a drain on resources. 

Filing Accelerator – A Single Source of Truth for Rate Documentation  

To address these challenges, Filing Accelerator brings together the output from pricing models, in-production rates and regulatory filing documentation into one easy-to-use platform. This single source of truth significantly increases the likelihood that both your documentation and the rates you file with departments of insurance are accurate and directly reflect the rates in your production rating engine. Filing Accelerator also keeps a detailed log of all generated documents, giving you a clear record of any filing changes for high traceability. 

So how does it work? 

Users create a template representing the formatting for each document they need to produce. This template contains references to both the underlying rating tables and formulas in the premium calculation, as well as customized formatting as required by regulatory bodies, including state departments of insurance. Once set up, users can then generate filing documents in just a few clicks whenever they make a pricing change.  

The Impact 

Earnix customers in North America have experienced dramatic improvement in reducing regulatory filing process error rates, including a reduction to less than 0.5% for many. With the introduction of Filing Accelerator, you can now use a simple point-and-click UI to further minimize errors, enhance compliance, and boost business performance. As a result, insurers can focus on product innovation and bring rate changes to market faster and with greater precision. 

If you’re interested in finding out how Filing Accelerator can transform your rate filing and documentation processes, head over to our webpage for more details.