A HUBIO CASE STUDY

WAWANESA INSURANCE: A REGULATORY REPORTING SUCCESS STORY

The Wawanesa Insurance Company partnered with Hubio to develop and implement a solution to meet their regulatory statistical reporting requirements. The new solution involved new software, hardware, methodologies, and processes to implement a best-practice solution that saves time and money, and improves overall data quality and submission timeliness.

THE CHALLENGE

The Wawanesa Insurance Company is required to file financial, claims and policy information to the Insurance Bureau of Canada (IBC), Groupement des Assureurs Automobiles (GAA) and the Facility Association (FA). This reporting is mandatory and carriers face fines and penalties for filing inaccurate information and for late filings.

 

Legacy reporting systems at Wawanesa were costly to administer and difficult to maintain, consisting of multiple components, the involvement of numerous staff and thus extremely complex management and oversight. This complexity made it impossible to assess data reporting accuracy, and to ensure all deadlines were met.

 

Recognizing the need for changes to streamline reporting, Wawanesa began the process to address the problem in order to develop a highly accurate, low cost solution that required a smaller resource allocation. Hubio, with a proven track record of success, and specific expertise in the area of regulatory statistical reporting, was asked to implement our turn-key solution.

THE HUBIO SOLUTION

Hubio and Wawanesa partnered to coordinate the multi-phase project. Specialists from each of Wawanesa and Hubio were selected to incorporate Project Management, Systems and Technical Analysis, and Business Analysis skills supported by an infrastructure team, charged with overseeing hardware issues, network connectivity and file transfers.

 

The Wawanesa team provided the proprietary transactional feeds while Hubio handled the transformation and business logic to read source data feeds into the Hubio data model. Codes, formats, and values were then mapped to the various regulatory bodies’ structures.

 

  • Submissions for IBC Automobile, Statutory Accident Benefits, and Commercial Liability reporting

  • Submissions for Facility Association Risk Sharing Pool (RSP)

  • Submissions for GAA’s RSP (QRSP) and PCA/FSCA reporting

 

The Wawanesa team found the Hubio User Interface easy to use for submission management and error correction. Regulatory submission logic was separated from Wawanesa legacy code, so it could be analyzed, altered and reworked when problems arose, tested, and reported-upon.

THE RESULTS

Wawanesa reported a reduction in error ratio, an overall improvement in quality and accuracy. Their operating models are evolving with Hubio supporting the solution, tracking and implementing IBC, GAA and FA changes as part of their maintenance agreement. Both parties are confident these improvements have reduced the overall cost of ownership and minimized future risk. Hubio is a Guidewire Partner Connect partner. Efforts are underway to develop an accelerator to ensure statistical filings achieve a high level of data accuracy, quality and timeliness. ongoing IBC, GAA and FA changes as part of the regul8 maintenance agreement. Both parties are confident these improvements have reduced the overall cost of ownership and minimized future risk.

THE NEXT STEPS

The Wawanesa has begun a large-scale, multi-year legacy modernization project to implement Guidewire Policy Center and ClaimCenter.

 

Hubio is a Guidewire Partner Connect partner. Efforts are underway to develop an accelerator to ensure statistical filings achieve a high level of data accuracy, quality and timeliness.

Founded in 1896 in the Village of Wawanesa, Manitoba, Wawanesa Mutual operates across Canada as well as in the states of California and Oregon. Wawanesa has an A+ Superior rating awarded by A.M. Best Co.

 

Assets exceed $5 billion, and premiums exceed $2 billion per annum with a mixture of Personal, Commercial and Farm lines of business. Distribution is handled through 1,300 independent insurance brokers.

Hubio provides integrated solutions to help organizations in the insurance and automotive sectors improve customer engagement, control operating expenses, and enhance their overall ease of doing business. By supplying state-of-the-art UBI Connected Car telematics solutions, agent and broker connectivity, regulatory statistical reporting solutions, and Enterprise System Data Conversion, Hubio provides innovative interfaces with insurers, distribution partners, and consumers, all supported by platforms that collect, manage, and interpret insurance data and apply business logic.

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