Regulatory Compliance
MIS’s Regulatory Compliance Services for the P&C marketplace focuses on accurate and timely data reporting across all Jurisdictions. Through Utilization of GenEx (MIS’s proprietary reporting software) and Cloud Based technology, MIS delivers compliant data reporting services across all P&C lines.
- – WCPOLS electronic reporting testing & certification of issuance system with NCCI and all independent state bureaus for all reportable transaction types
- – Review, research and take action on all data grade error, record or total transaction rejection reports as a secondary step to the regular reporting schedule
- – Manage and resolve correspondence between the bureaus and carriers, mgas, and program managers through electronic filing cabinet, archiving data for up to seven years
- – Minimizing carrier risk of receiving fines by executing timely and accurate reporting to ensure compliance with NCCI states and independent state bureau guidelines
- – TPA Pre-Qualification of Data Feed to MIS
- – Intake of TPA claim files providing validation edit reports to the TPA
- – Regularly Generating dashboard and score cards to ensure service level agreements are exceeded
MIS Delivers
GenEx is an MIS reporting tool used to GENerate and EXecute Unit Statistical Reporting and GL Reporting, satisfying WCIO, NCCI and ISO requirements for data valuation aggregation and submission. GenEx is designed to automatically extract and merge claim data with policy data creating batch files to eliminate the need for manual calculation and manual data entry. GenEx also provides an auto edit of Bureau Wide claim level edits, auto correcting source data for more accurate reporting, and TPA quality evaluation.
Gen-Ex Data Reporting Workflow
Data Prepping
- Users import data from MIS database and Other Vendors into a Unified Data Space (UDS)
- Files can be reviewed for possible errors and correction
Process Module
- Create 1st Unit Report and USR Subsequent Reports
- Create ISO GL Premium and Loss Files
- Save a copy of the submitted reports in the USR/ISO database
- Track Subsequent report due dates
Reconciliation
- Corrections made on submitted reports are symmetrical (both Bureau and USR database)