Insurance Compliance Challenges: 5 Key Areas Where Technology Can Help

Insurance Compliance Challenges: 5 Key Areas Where Technology Can Help

Insurance Compliance Challenges: 5 Key Areas Where Technology Can Help Compliance plays a critical role in the insurance industry, ensuring that carriers and wholesaler companies follow the legal, ethical, and regulatory standards that govern their operations. As a result, companies are in a better position to:Protect the interests of their clientsImprove...
Understanding SOC 2 Type II Compliance in the Insurance Industry: Part II

Understanding SOC 2 Type II Compliance in the Insurance Industry: Part II

Understanding SOC 2 Type II Compliance in the Insurance Industry: Part II In part one of this article, we discussed how many insurers and wholesale agencies are fortifying their cybersecurity measures by ensuring the third-party vendors/systems they integrate with are SOC 2 Type II compliance certified.  Here, in part two,...
Understanding SOC 2 Type II Compliance in the Insurance Industry: Part I

Understanding SOC 2 Type II Compliance in the Insurance Industry: Part I

Understanding SOC 2 Type II Compliance in the Insurance Industry: Part I Between March 2022 and March 2023, the average cost of a data breach in the insurance industry was $5.9 million. This cost includes expenses associated with cybersecurity detection and escalation, customer notifications, business disruptions, and post-breach response.  The...