Valueleap - Regulatory Compliance Services at Stratus

At Stratus we are highly determined to bring Business Value driven Delivery. And Being Guidewire Consulting Partners, we are constantly focussed to bring value to our clients and other Insurance Carriers using Guidewire as their core system. Stratus is building its in-house competency and constructing a highly trained and qualified team with sound knowledge and experience in driving regulatory compliance for WCIRB data reporting in California. This Value oriented Team can be leveraged across Guidewire projects with WC line of Insurance business. The STS WCIRB Team aims to work with a powerful, reusable and robust strategy to provide responses and correction files to the Bureau for both WCPOLS and WCSTATS file types:

  • Detailed and in-depth analysis of the Client system, batches and the errors reported
  • On-Time/ Faster Turn-around time aligning with regulations
  • Avoid Regulatory Fines
  • Scheduled Workshops with Business to explain the course of correction
  • Regular attendees to the Data Quality Dashboard meetings hosted by WCIRB
  • Providing speed, optimization and quality leading to ROI and Customer Satisfaction
  • Ensure the Carrier remains in green for Bureau data reporting
  • Internal stringent process of Peer Review of the correction files by the SMEs
  • Causing No Regression or further errors
  • Bring automation of existing processes after code analysis to avoid recurrence of errors
  • Continuous Backlog Refinement
  • Manual analysis all the monthly WCSTAT and WCPOLS files prior to submission to WCIRB – bringing the count of critical errors to Zero
  • Completely aligned team with changing WCIRB guidelines and regulations
  • Document knowledge and exception cases in a Runbook/ Playbook

What is WCIRB?

The Workers’ Compensation Insurance Rating Bureau of California (WCIRB) is California’s trusted, objective provider of actuarially based information and research, advisory pure premium rates, and educational services integral to a healthy workers’ compensation system.

Our team has strong and substantial experience resolving and handling the following regulatory errors with WCIRB:

How we work

  1. Comprehensive analysis of the error reported by WCIRB
  2. Root cause Analysis of the issue reported
  3. Preparation of correction files to the Bureau
  4. Peer Review of the file prepared prior to the submission to WCIRB
  5. Submission of the reviewed and approved correction file to the Bureau
  6. Closure of the error