Underwriting
IISI
collects a complete set of data from prospective
insureds. Particular attention is paid to loss
information, which is organized and then stratified.
All prospective insureds are rated using ISO manual
loss cost rates as a base. From that point, the
underwriter can modify the rate as warranted by
the length and quality of the loss history, as
well as other relevant factors. This underwriting
approach, which focuses on the fundamentals, is
used by IISI in both hard and soft markets.
To provide meaningful underwriting analysis, it
is necessary to collect quality data. To that end,
IISI has developed proprietary supplemental application
forms that go beyond the standard ACORD forms.
Additionally, when appropriate to the program and
allowed by the insurer, IISI has developed proprietary
policy wording and endorsements.
Risk Management
An initial analysis is performed as part of the
underwriting process, prior to binding a new risk.
Thereafter, various forms of additional oversight
can be implemented as warranted by the magnitude
and type of risk. Options include telephone interviews,
reviewing source documents and on-site visits.
In addition to the above, IISI has attempted to
take a proactive stance by holding regional seminars
that instruct insureds about how they can better
manage loss control and loss prevention.
Claims Management
With regards to claims management,
the primary service that IISI performs is acting
as a liaison
between the insurer and the Third Party Administrator
(TPA). IISI’s involvement protects the interest
of the insurer by ensuring that settlements are
fair and the proper releases are obtained. IISI’s
involvement meets the needs of the TPA by ensuring
that settled claims are paid in a timely manner.
For some programs, IISI maintains loss fund accounts
for the insureds. In those cases, IISI not only
performs the above mentioned functions, but also
has check writing authority for the insureds within
their respective retentions.
Policy Management
IISI
utilizes a modern agency management system called
Vision, which is a product of Applied Systems.
This software provides IISI with complete control
over all aspects of a policy lifecycle: initial
application, quotation, binding, policy issuance,
endorsement issuance, invoice issuance, premium
collection, market payments and commission payments.
Additionally, we have implemented custom applications
developed in-house and with the assistance of
a programmer. |
