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249 Enforcement Actions in the U.S. over past 30 days
FINRA enforcements increased 21% over the past 30 days
FTC issued enforcements: $8,726,254.27 over the past 30 days
165 Final Rules go into effect in the next 30 days
46 Mortgage Lending docs published in the last 7 days
5330 docs with 12540 extracted obligations from the last 7 days
108 new Proposed and Final Rules were published in the past 7 days
10814 new docs in pro.compliance.ai within the last 7 days
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While insurance firms provide expertise and risk mitigation against uncertain future events for their clients, insurance executives themselves need expertise to help them to contend with continued and new risks particular to their business.
The global pandemic and economic volatility has had an outsized impact on insurers’ business operations. The sudden shift to a virtualized workforce combined with high unemployment, low interest rates, rising medical costs, and increasing claims added complexity and reduced transparency into business operations.
Emergent regulatory changes (such as the Coronavirus Aid, Relief, and Economic Security Act and New York State Paid Family Leave) are forcing carriers to rethink their product mix and long-term profitability potential, juxtaposed with customer demand for relevant products.
Shifting buyer behavior – stemming from increased digital savvy and expectations shaped by experiences in adjacent industries, as well as increasing regulatory oversight of consumer data security – will require a continuous focus on digital evolution.
Risk and compliance executives at insurance firms can emerge stronger from this volatile period by adopting advanced technologies, accelerating business processes, and increasing operational efficiency. When it comes to compliance, the right Regtech technology will help forward-thinking insurance executives to keep up with constant regulatory change.
Compliance.ai delivers the market-leading regulatory change management solution (RCM) designed specifically for BFSI firms.
Benefits of Compliance.ai for Insurance Firms
Deliver Transparency and Smooth Your Transition
Mitigate compliance risk by deploying an RCM command center to gain insight into the regulatory change management and compliance functions.
Leverage the industry’s proven and trusted implementation methodology to move away from manual processes and time-consuming meetings. Compliance.ai enables you to adopt standardized, best-practice regulatory change management processes aligned to your specific risk and compliance model.
Scan the Horizon and Filter Out Noise
For insurance firms, Compliance.ai automatically monitors regulatory updates from federal and state agencies that impact your business — but delivers only the content that is relevant to you. The federal and state agencies we monitor include, but are not limited to: FCIC, FCSIC, BOI, CDI, CID, CSI, DIAAS, DIFS, and OSI.
The solution also includes guidance from associations and advisors for risk management, compliance, and insurance, such as NAIC, ACLI, and AHIP, among others.
Analyze Impact and Take Action
Compliance.ai’s jurisdiction analysis tool relieves the burden of comparing similar regulations across every state. Instead, we provide a summarized list of differences for each jurisdiction and regulatory document to help the compliance team make decisions that support all requirements.
Initiate Workflows and Break Down Silos
Our intuitive workflow technology promotes collaboration and ensures that all activities are monitored and completed.
Compliance.ai improves budgeting and resource planning by helping managers get an accurate read of workloads and important deadlines.
Collect Evidence and Speed Audits
Audits and exams are a fact of life, but findings and enforcement actions don’t have to be. Our solution automatically collects evidence that obligations have been met and delivers accurate, third-party-certified reporting to provide auditors with the assurance they need.
It’s time for a world-class regulatory change management.
Get the AI-powered, expert-managed regtech solution designed for financial services enterprises.Schedule a Demo