An Insurance Fairy Tale
By Debby Paris, First Consulting & Administration, Inc.
Once upon a time, an Insurance Compliance Filer, named Fred, worked for the Average Insurance Company. The Average Insurance Company wanted to grow and become a Better Insurance Company. “We need more products,” the company President said.
“And we need them now!” the Marketing Director added.
“They must be compliant,” reminded the Regulator.
Fred wondered, “How can I help our Average Insurance Company become the Better Insurance Company?” Fred walked and walked, and he thought and thought. “How can I develop better products faster?” he muttered to himself.
“What do you want to do?” a voice asked.
“Who’s there?” asked Fred awakening from his trance.
“What do you want to do?” the voice repeated as a gentleman approached. Fred noted his steps were sure and confident. There was an air of wisdom and kindness about this gentleman. “Maybe I can help,” the gentleman continued.
Fred explained his Average Insurance Company, trying to become a Better Insurance Company, was short staffed and overworked. Yet they needed to develop new, competitive programs and products.
“I can help,” the gentleman replied. “Let’s go back to your office and see what we can do.”
Together they walked back to the President’s office where the gentleman announced, “I know some friends who can help.” And he told them of his plan.
The President called these contacts. First he asked one and then another to meet at the Average Insurance Company. Soon several people, willing to help develop new products, arrived. There were software friends, actuarial friends, friends who did research, friends who drafted language, friends who checked checklists and friends who prepared filings. Soon Fred and lots of friends were working on the new product.
Fred and his friends worked and worked and worked. Fred proudly coordinated all the efforts. Clarifying points so that all understood and stayed on target, Fred checked and conferred with his new friends.
Then one day, the gentleman stated, “It’s done.” The friends agreed as they stood with Fred in the President’s office.
“I think we developed a great new product and in record time,” Fred announced. “We certainly couldn’t have done it without the help of our new friends.”
The Regulator came into the President’s office with the product in his hand and proclaimed, “This is good!”
“And I’m pleased to announce our company is indeed a Better Insurance Company,” the President declared as he shook Fred’s hand and the hands of each of the friends.
“It was our pleasure,” the gentleman announced. The friends agreed and started to leave.
Now on this day, the President from Another Insurance Company was waiting to go to lunch with the President of the new Better Insurance Company, and he observed this scene. “But wait,” the President of Another Insurance Company said halting the gentleman and the friends in their tracks. “Who are you?”
The gentleman answered as he and the friends left, “We’re your AICP Vendors.”