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 clients
- Improve risk management efforts
- Maintain/establish best business practices
- Foster trust among stakeholders and customers
- Pivot as industry regulations shift and change
According to Deloitte, rapid advancements in technology have transformed the insurance industry, with more companies embracing the use of advanced technologies that include automation software to improve business operations and overcome ongoing compliance challenges.
Today, insurers and wholesalers are taking full advantage of these automated capabilities in five key areas:
- Regulatory insurance compliance
Automation software is helping insurers and wholesalers with personalized solutions to ensure compliance with a wide range of regulations and insurance laws. - Risk management
Built-in tools can help companies avoid noncompliance issues associated with risk management best practices. - Automated insurance compliance
Automated compliance solutions can help companies minimize risks associated with oversights and human error. - Data protection
Companies must adhere to stringent data protections to safeguard customers’ personal information. Insurance technology is helping provide automated solutions to ensure compliance with data regulations and protections in many jurisdictions. - Anti-money laundering (AML) compliance
Certain financial services that some insurance companies provide to clients require compliance with AML screening regulations. Today’s automated technology can help insurance companies remain in compliance while employing strategies to identify suspicious transactions and financial crimes.
The Insurance Compliance Solution
Deloitte notes that the benefits to insurers and wholesalers of using software to automate processes are that it can help companies “respond more effectively to changing regulatory demands, focus on higher-priority activities and become more valuable business partners and advisers to their clients.”
There’s no doubt that today’s technology provides valuable tools to help carriers and wholesalers overcome many insurance compliance challenges. However, to be successful, it’s important for each business to understand its own unique compliance requirements and to seek the right insurtech partner to meet their individual needs.
About Surefyre
Surefyre is a highly configurable insurance automation platform and agency portal focused on digital distribution and automated workflows. Our easy-to-implement process can integrate with almost every type of platform, from outdated legacy systems to top-of-the-line programs. Our codeless integration platform makes your life easier by automating the submission, rating, quoting, and binding process for all P&C insurance products.
To learn more, contact Shawn Gonzales, adviser and account executive, at sgonzales@surefyre.co or 415-480-9283.
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