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Complete Replacement of the Pool Administration System
The management of a Property & Casualty pool for school districts having over 450 members and covering nearly 3,000 separate building locations worth $17 billion determined that continued success of the pool required investing in information technology systems that would increase efficiency and give them the ability to analyze data on a more frequent basis at a greater level of detail.
The pool lacked all of the data desired by management and the data that existed was scattered and difficult to cross reference. The exposure and premium data was stored in a combination of paper files and Microsoft Excel spreadsheets, making analysis of exposure and premiums practically impossible. The claims data was stored in a simplistic home-grown claims system. All invoicing and claim payment processing was done with the Platinum financial accounting software package.
Management concluded that it required an integrated system that provided policy administration, claims administration, accounts receivable, and the ability to analyze and report on a consolidated and integrated set of data, including external TPA claim systems.
SST deployed its entire Risk360° product suite to provide an enterprise-wide integrated risk pool administration system. Tens years of historical exposure and premium data was manually entered and cross referenced to ten years of historical claim data, most of which was programmatically converted. All of this historical data was cross referenced. Significantly more detailed data was gathered during the first annual renewal process. Risk360°/Member Portal was used during the second annual renewal so that members could update their exposures directly over the web.
The pool has been able to complete its renewals in record time and is now able to quickly meet requests for data from management and outside stakeholders. Pool members are excited about the time and labor saving benefits of interacting with the pool over the Internet.