Insurance Organizations

Compliance requirements for the insurance industry have changed radically in the last three years, including the enactment of the USA Patriot Act and Sarbanes Oxley (SOX) for public companies. Now, the National Association of Insurance Commissioners is implementing SOX-like requirements for private companies. Insurers of all types and sizes have to be concerned and will continue to face new compliance challenges in the future.

The Challenge
Stringent regulations require insurance companies to document every communication, audit every dollar and be in a position to run a report on any aspect of their business. In order to comply, all data needs to be accessible in what is deemed very close to real-time. Firms need to know whom exactly they are dealing with at all times with all interactions--both on the agent side and on the customer side. Insurance companies also need to garner more information about agents and customers, while at the same time maintaining the privacy of the insured.

Insurance CEOs must ensure they have the capabilities to respond to the level of information now required by the regulatory authorities. Companies can no longer rely on manual compliance processes, duplicating tasks and efforts across departments or waste time searching in multiple repositories for appropriate records during audits.

The Solution
Compliance 360 assists insurance organizations address the most important facets of a comprehensive governance, risk and compliance management program—reducing cost, improving efficiencies and enhancing global visibility of compliance activities. Our web-based software suite includes products that address compliance adherence, policies and procedures management, incident tracking, surveys and enterprise risk management.

By using Compliance 360, you’re able to organize relevant statutes and regulations – essentially all the requirements applicable to your organization – and tie them to the corresponding evidence of compliance. The system then links that data into all evidence of compliance – documentation in any format that demonstrates the policy is compliant – and finally associates the documentation back to the business owner or person responsible for the policy. The data is maintained in a centralized repository with online access and visibility.