Oklahoma Insurance Department Rate & Form Director Reveals Key Initiatives for 2024 and Ways to Help Industry Stakeholders

Dec 21, 2023 / by AAIS

The National Association of Insurance Commissioners (NAIC) held its 2023 Fall Meeting on November 30-December 4 in Orlando, Florida. During the meeting, AAIS spoke with Kurt Cagle, Director of the Rate and Form Division for the Oklahoma Insurance Department, to discuss key initiatives for 2024, ways to help industry stakeholders, and more.

Key Initiatives for 2024

The Oklahoma Insurance Department will focus on SERFF (System for Electronic Rates & Forms Filing) modernization in 2024. “We're looking at how to integrate and work with SERFF, but we're also looking at alternative technology platforms,” said Cagle. “There are some [platforms] out there with generative AI and machine language that can help you search forms and documents and [with] filing reviews. We're looking at some of those platforms to see if they can help expedite our processes.”

 Ways to Help Our Stakeholders

According to Cagle, insurance departments tend to develop many desk drawer rules when it comes to the review processes. And when employees retire, it can be easy to lose track of their processes. “I think if you can automate a lot of these processes with the technology platforms, you can sort of ingrain those rules into your filing processes and they become more consistent,” Cagle explained. “That helps the insurance companies that are filing to know what we’re looking for and why so they can better prepare their filings and expedite our process.”

To view the full interview with Kurt Cagle, please click the video above.

Tags: Technology, Data & Technology, Regulatory/Compliance, Data/Tech, Compliance, Regulators, Oklahoma


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