AAIS Releases New Statistical Data Management Application

WHEATON, Ill., March 3 -- The American Association of Insurance Services issued the following news release:

Property/casualty insurers can now have access to a new online system for reporting statistical data to meet regulatory requirements and support ratemaking activities.

The American Association of Insurance Services (AAIS), a national P/C advisory organization and licensed statistical agent, announced today that it has launched a new Statistical Data Management Application (SDMA) that automates and streamlines affiliates' premium and loss reporting.

The new application allows data to be submitted, validated, corrected, and approved through a web browser by a system based on AAISdirect, the online repository of policy forms, rating information, statistical plans, and other information maintained by AAIS for more than 25 programs of personal, commercial, agricultural, and inland marine insurance.

"AAIS is expanding our core insurance products with a focus on data and services," says Joan Zerkovich, AAIS senior vice president of operations "The new SDMA is the first of many data-centric products we will be making available to our customers to add value to programs they have relied upon for years."

AAIS is one of two licensed P/C statistical agents that collect unit transaction data from throughout the country on premiums and losses for policies providing property and/or general liability coverage.

Data submitted through AAIS statistical plans satisfies regulatory reporting requirements established by state departments of insurance, the National Association of Insurance Commissioners (NAIC ),and AIPSO (formerly the Automobile Insurance Plan Service Office).

"AAIS emphasizes a cooperative approach to statistical reporting," says Bill Bickerton, AAIS vice president of data analytics. "AAIS works with insurers to improve the quality and timeliness of their data, and we do not impose fines or penalties.

"The SDMA enhances our service by providing a simple, efficient, open, and real-time interactive method for meeting regulatory mandates and supporting ratemaking," he adds. "This system is a customer-centric solution that will improve the quality and timeliness of reporting."

Using the SDMA, companies reporting data to AAIS can upload files in various formats through a web browser, and a "rules engine" will automatically identify any errors and data quality issues. Users can make changes through their web browsers or resubmit corrected files.

A workflow using various status codes allows staff at companies and AAIS to manage thousands of files and millions of records received each quarter to ensure that reports get to the appropriate agencies on-time.

"With validation checks built into the system, our statistical reporting companies know they are using the same standards we are," says Andy Mielke, AAIS technical data specialist. "Insurers will have more control over their data as they see errors immediately and make changes directly in the application."

"This new web application provides greater flexibility to the companies that report data to AAIS," says Jolanda Staten, AAIS senior data analyst. "Companies can address errors within the application and eliminate multiple requests for corrections and explanations".

Among the benefits provided by the AAIS Statistical Data Management Application are:

* The ability to submit data files securely from any location through a web browser;

* The ability to upload data for each line of business in bulk or in separate files;

* Support for various file formats and structures;

* Consistent, single-source, and easily maintained validation rules;

* Real-time validation and re-validation of files;

* Online view of validation results along with affected records on one screen;

* A workflow that allows for easy rejection, acceptance, and resubmission of files; and

* Automated online reporting of file status.

For information on affiliating with AAIS for statistical reporting or other products and services, contact Rick Maka, AAIS director of marketing and strategic alliances, by email or by calling 630-457-3222.

[Category: Insurance]

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