Preparing and submitting data to statistical bureaus is a necessary part of insurers’ operations. Yet bureau reporting is a non-strategic, time-consuming, and labor-intensive process prone to errors and fines.
Every minute spent on non-revenue generating processes is cause for concern in our rapidly changing industry, where P&C carriers are pressured to do more with diminishing resources.
Your staff’s time and energy need to be directed towards growth-oriented initiatives. This means streamlining internal operations and redirecting resources to profitable engagements.
Get Back to Focusing on Your
We try to outsource functions that are not strategic to our business…bureau reporting is not strategic, so we use IDP’s reporting services. I really can’t see any reason for insurance companies to do their own reportingVP & CIO
Carriers continue to discover that bureau reporting is one of the most logical tasks to outsource. Statistical reporting ties up many carriers’ operational, technical, and management resources—resulting in lost business opportunities. Improve overall efficiencies by outsourcing this task to an experienced bureau reporting services provider.
Refocus your resources on profitable initiatives, such as improving your company’s customer experience, attracting higher volume producers, launching new products, improving analytics, and expanding to new states. Don’t spend valuable resources developing internal efficiencies in non-strategic business processes.
Benefits to Outsourcing Statistical Reporting
We try to outsource functions that are not strategic to our business…bureau reporting is not strategic, so we use IDP’s reporting services. I really can’t see any reason for insurance companies to do their own reporting.SVP & Chief Actuary
- Improve operating efficiencies by capitalizing on our expertise and unique insights preparing and submitting data for over 65 years. No single carrier can develop the same capabilities.
- Reduce expenses: Avoid fines for missing deadlines and submitting erroneous data. Benefit from our reporting efficiencies developed from preparing data for carriers of all sizes.
- Focus on revenue-generating initiatives. Instead of monitoring circulars for reporting requirement changes and handling lengthy calls and error correction processes with statistical bureaus, redirect your resources to growth-oriented, profitable initiatives.
Reduce operating costs with IDP’s bureau reporting expertise
The most important criteria we look for in outsourcing partners are expertise and knowledge in a particular area. IDP clearly has the expertise in bureau reporting; their practical understanding of insurance operations and specifically our distribution model has been an added valueCOO
IDP has reported statistical data for many insurance carriers for over six decades—that’s tens of millions of data elements formatted correctly and submitted on time. Our blend of insurance and IT expertise, practical knowledge of policy administration systems, and strong bureau relationships provide you with a valuable, cost-effective solution.
We report all personal and commercial lines written in all 50 states and Puerto Rico to the major rating bureaus and statistical agents, including ISO, NISS, ISS, MSO, SFAA, TICO, CAR, NCCI, AAIS, AIPSO, and URB. Our dedicated team of bureau analysts accept data in any format, and efficiently handle all format changes, QA, and edits.
It’s time to focus on strategy, not statistical reporting. Let IDP, the trusted leader in bureau reporting for over 65 years, handle your bureau reporting needs.