Property Insurance Clearinghouse Actuarial & Underwriting Committee Update November 18, 2013

Transcription

1 Property Insurance Clearinghouse Actuarial & Underwriting Committee Update November 18, 2013

2 Participating Carrier Update Participating Carriers Distributed the Insurer Readiness Questionnaire and the Participation Agreement on Bolt developed evaluation criteria for determining the order in which to add carriers to the Platform As of , 13 seventeen (17) carriers have executed the participation agreement. Data as 06/30/2013 Carrier Name (alphabetic) Policies In Force Total Written Premium American Integrity 160,396 $188,043,581, American Traditions 49,383 $46,746,861 Ark Royal (ASI) 81,336 $107,258,777 Bankers 28,200 $36,712,873 Capitol Preferred 43,454 $50,478,551 Federated National 83,889 $149,243,405, Florida Peninsula * 141,564 $311,031,953 Heritage * 91,820 $167,158,167 Modern USA 36,080 $35,193,380 Olympus 60,165 $103,037,236 People's Trust 53,060 $112,427,649, Safe Harbor (Cabrillo)* 48,985 $46,925,802 Security First 178,252 $230,268,058 Southern Fidelity Insurance 129,456 $187,834,859 Southern Oak 62,582 $116,038,965 Tower Hill Signature 83,741 $138,625,581 United Property & Casualty* 142,310 $266,134,834 * Release 1 Carriers Targeted for Clearinghouse Go-Live,

3 Summary Update For implementation, Citizens and Bolt are utilizing multiple work streams and teams staffed from both sources Delivery Components (progress will be reported at this level, see slide 5) Bolt-Citizens Clearinghouse Platform: customization of the Clearinghouse platform and all Citizens IT-related work Carrier Integrations: readiness assessment, systems integration, on-boarding processes and training Communications and Training: internal and external education regarding Clearinghouse deployment Operational Readiness: collateral impacts such as business processes, Underwriting rule changes, staffing, etc. Commercial Report: planned approach for commercial residential policies through the Clearinghouse 3

4 Summary Update-Cont d Release 1, Go-live: New Business, HO-3 policies only, 3 to 5 carriers on the Clearinghouse Platform On target for deployment Requirements completed mid-october. Development, testing, and carrier on-boarding are progressing in parallel Carriers in Release 1 are: Florida Peninsula, Heritage, Safe Harbor (Cabrillo), United Property & Casualty End-to-end system integration testing began ; no significant findings to date. User Acceptance Testing targeted to begin Agent training is slated for through with a hands-on demonstration slated for Agent communications and website updates are on target, as are Underwriting and Call Center readiness activities Commercial Report on track for review at the December Board of Governors meeting Release 2, Addition of Carriers: Slated for to 4 more carriers on the Clearinghouse Platform Release 3, Addition of Carriers: Slated for to 4 more carriers on the Clearinghouse Platform Renewals are targeted for March 2014 for effective dates 45+ days (e.g., March 15 th release would be for April 29 th renewals) Future Releases, Additional Policy Types and Carriers: TBD, throughout

5 Program Status, as of Overall Program Health: - on target for delivery Scope: New Business, HO-3, with 3 to 5 carriers on the platform at Go-Live The program is trending a steady yellow as development, testing, and carrier on-boarding evolve in parallel with communications, training and operational readiness deliverables. Deliverable (Work Stream) Status: Deliverables / Track % Complete Target Date Work Stream Description or Update Bolt & Citizens IT Platform 71% Customization of Citizens Clearinghouse platform and all IT related work Carrier Integration Release 1 Release 2 47% Readiness assessment, systems integration, on-boarding processes and training Florida Peninsula, Heritage, Safe Harbor (Cabrillo), and United Property & Casualty are on the platform and on target 6% additional carriers on the platform, working sessions underway, on target Release 3 n/a additional carriers on the platform, working sessions underway, on target Communication/Training All internal and external education regarding Clearinghouse deployment Training Communication 27% Agent training on target for early December 43% Delivery of planned agent, carrier, and consumer communications on target Operational Readiness 43% Collateral impacts like business processes, UW rule changes, call center support, staffing, etc., on target Commercial Report 77% Report to House and Senate re: approach for Commercial Residential policies in the Clearinghouse System Integration Testing 37% End-to-end integration testing with Bolt, Citizens, and 1 carrier User Acceptance Testing n/a Slated to begin

6 Timeline Overview Clearinghouse Timeline Overview Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Project Initiation & Enabling Legislation RFI Team Composition & Legislative Analysis Formal Solicitation Vendor Selection Scope Planning Go/No-Go Decision Implementation Jan Go Live Analysis Carrier Visits Carrier Contracts Agent Agreements Carrier Integration Claims CL.7 Release Release 2: Release 3: Bolt Platform 16 parallel work streams Operational Readiness (processes, staffing, manuals) Inception Communication i /Training i Plans (staff, agents, carriers, BOG) Strategy Adjus stments Renewals Target: March (effective dates + 45 days) Add l Products, TBD 6