COVERAGE CODE REDESIGN
“With the new coverage code system, our data reporting has improved immeasurably. We’re able to gather information more quickly. We can provide specific information to our member brokers with regard to what they’re insuring with more specificity than we were before.”
Jody Black
VP, Data Analysis
COVERAGE CODE REDESIGN
As an advisory organization, gaining a thorough understanding of the market is crucial. To achieve this, the SLA revised the coding methodology for coverages by expanding coverage codes from three digits to four. This adjustment allows for a precise representation of the wide range of coverage types found in the marketplace.
The restructuring of coverage codes was a substantial effort, involving multiple departments, working groups, and a comprehensive update to our enterprise platform, the Surplus Line Information Portal (SLIP). This modification also enhances the alignment of our codes with other state stamping offices, ensuring more accurate information for effective advising, forecasting, and trend identification across the entire market.
As an advisory organization, gaining a thorough understanding of the market is crucial. To achieve this, the SLA revised the coding methodology for coverages by expanding coverage codes from three digits to four. This adjustment allows for a precise representation of the wide range of coverage types found in the marketplace.
The restructuring of coverage codes was a substantial effort, involving multiple departments, working groups, and a comprehensive update to our enterprise platform, the Surplus Line Information Portal (SLIP). This modification also enhances the alignment of our codes with other state stamping offices, ensuring more accurate information for effective advising, forecasting, and trend identification across the entire market.
During a challenging economic period, the SLA was able to offer relief to consumers thanks to the significant operational efficiencies and reinforced reserves achieved through the execution of a multi-year innovation plan. And that’s a win!
