NCCI Introduces Software That Goes Beyond Workers Comp

The National Council on Compensation Insurance (NCCI) has come out with version 7.0 of its RQS processing software. Originally designed for workers compensation insurance professionals, the newest release of RQS software provides precision computations for workers compensation plus up to seven additional lines of property and casualty coverage—eliminating the need to individually calculate, compare, and combine multiple ratings for multiple lines and states.

NCCI Senior Vice President for Marketing, Mat Marder, says, "In the past, determining table lookup values, computing expense ratios, and managing all of the factors associated with calculating retrospectively rated quotes has been a painstaking, time-consuming processes. Multistate, multiline policy preparation has further complicated the procedure and tied up critical resources for days. Now, with the introductions of RQS software, Version 7.0, each of these tasks can be handled quickly, efficiently and with minimum impact on the bottom line."

NCCI says RQS software features pull-down menus and easy-to-use screens that guide users through the most complex quotes quickly and efficiently. It incorporates a spreadsheet-like entry grid that allows all values for multiple states to be entered on a single page—permitting quick changes to various factors and making the so-called "what if" process fast and easy.

RQS software was created to take full advantage of the interface, speed, and flexibility of today's Microsoft Windows 95 or Microsoft Windows NT 4.0 operating environment. It was programmed in Structured Query Language (SQL) and utilizes Microsoft Access relational database management system to power its calculation engine and table layout systems.

Embedded in the software is the Retro Adjustment System, which significantly speeds up and simplifies a retro premium adjustment calculation. The adjustment contains all of the calculated values from the original quote and eliminates the need to enter data a second time. Once the audited premium and incurred losses are entered, the adjustment calculation is easily performed. NCCI's Retro Quote service, utilizing RQS software, provides monthly database updates to systems with the latest calculation and factor changes so quotes are always accurate and reliable.

Product highlights:

• Produces easy-to-understand worksheets and reports that clearly explain the provisions of the retro while graphically depicting the range of potential savings and losses.
• Automatic lookup feature determines applicable hazard group, expected loss ratio, and state hazard group differential based on the risks governing class code.
• Automatically looks up each applicable tax multiplier, expense ratio, excess loss factor, loss conversion factor, loss limitations—and then allows the development of tailor-made quotes.
• Actuarially tested; Year 2000 compliant.
• Includes the new Table of Insurance Charges (Table M)—effective Nov. 1, '98 in most states.
• Provides precision computations for workers compensation, general liability, commercial auto liability, commercial auto personal damage, crime, glass, burglary, and hospital professional liability coverage.

RQS is an NCCI registered name.