NAIC Releases SERFF Modernization RFP
KANSAS CITY, Mo. (November 16, 2020) —The National Association of Insurance Commissioners (NAIC) announces today that it has issued a Request for Proposal (RFP) to engage a firm for the Mobilization and Pilot phase of a replacement of the NAIC’s System for Electronic Rate and Form Filing (SERFF).
SERFF is a web-based system that facilitates the electronic submission of insurance product filings by insurers and the regulatory review of such filings by insurance regulators. SERFF is widely used, processing more than 550,000 transactions a year, including plan submissions related to the Affordable Care Act (ACA) and product filings submitted to the Interstate Insurance Product Regulation Commission.
The NAIC seeks a firm to recommend specific foundational technology needed to complete the overall initiative, demonstrate how the technology can meet key use cases, and deliver a comprehensive plan and roadmap for the full SERFF Modernization project. Qualified firms must have demonstrated experience with similar types of initiatives.
“The SERFF platform has been of tremendous benefit to the insurance industry over the past two decades,” said Barbara D. Richardson, SERFF Advisory Board Chair and Nevada Division of Insurance Commissioner. “However, we believe technology can do more to help regulators meet the challenges of an increasingly complex business environment. The first phase of the SERFF Modernization initiative will allow for the discovery of key technology solutions for improving the platform and gaining efficiencies for both the industry and regulatory communities.”
The RFP is also available on the NAIC’s website at www.naic.org. For consideration, proposals must be submitted to the NAIC no later than December 30, 2020. A committee of State Insurance Department Members has been designated to review proposals and to select a firm for the engagement. Please see the RFP for details and proposal requirements.
About the National Association of Insurance Commissioners
As part of our state-based system of insurance regulation in the United States, the National Association of Insurance Commissioners (NAIC) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers. The U.S. standard-setting organization is governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally.