Summary
The combination of regulatory compliance requirements and operational needs can create some hard choices for insurance companies. The answer may lie in new software technologies that are not only helping insurers more easily achieve compliance with state and federal regulations, but are streamlining other operations as well. The Celent study identified three basic models of organization that insurance companies have to deal with during the compliance cycle: monitoring and analyzing new laws and regulations; prioritizing and implementing compliance initiatives; and operating and auditing the degree of compliance. A new interest in regulatory compliance by top company officers is one reason carriers are embracing such technology. A best practice for insurance companies would be to make sure there are ways people with responsibility in each part of the compliance cycle have the information they need, and that the flow of specific projects is monitored and controlled from tier to tier.
See the full content of this document
Extract
Regulatory Pro-Tech-Tion
The combination of regulatory compliance requirements and operational needs can create some hard choices for insurance companies.
"We realized compliance is becoming an increasingly important part of the overall IT and project environment within insurance companies, and just like technology, it should play a significant role in helping a company achieve its goals," said Donald Light, senior analyst with Celent LLC and author of a 2006 study, Compliance & Technologies Best Practices for Insurers."Operationally, we thought it would be interesting to see how technology could help a company reach its compliance requirements," especially for carriers licensed in multiple jurisdictions. Light s...See the full content of this document
Sponsored links
