237 Enforcement Actions in the U.S. over past 30 days

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FINRA enforcements decreased 70% over the past 30 days

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SEC issued enforcements: $289,563,885 over the past 30 days

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161 Final Rules go into effect in the next 30 days

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36 Mortgage Lending docs published in the last 7 days

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1460 docs with 2637 extracted obligations from the last 7 days

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1415 new Proposed and Final Rules were published in the past 7 days

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8545 new docs in pro.compliance.ai within the last 7 days

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Considering RCM Solutions?  Here’s an RFP to get started.

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Firms
Insurance

While insurance firms provide protection, planning and risk mitigation for their clients’ short- and long-term financial well-being, insurance executives are rapidly turning to technology as a means to protect, plan and mitigate risk for future growth, product expansion and customer, advisor and employee needs.

As the pandemic accelerated the necessity and adoption of digital transformation across the industry, it also spurred higher levels of regulatory requirements such as the Dodd–Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), Gramm Leach Bliley Act (GLBA), and the European Union’s General Data Protection Regulation (GDPR).

For example, with an increased use of data, AI, machine learning and intelligent workflows to personalize virtual client experiences, privacy laws such as GDPR and CCPA are compressing timelines for insurers to comply with data policies and controls, adopt or enhance cyber risk management systems and bolster compliance operational activities.  Therefore CCOs and CROs are quickly shifting priorities to operationalize core risk management and compliance frameworks.

One solution that is rapidly becoming the preferred and trusted partner of insurers providing Life, Health, P&C, and Title products and services is Compliance.ai.  Compliance.ai delivers a comprehensive regulatory change management solution that ensures streamlined, accurate and auditable workflows that help insurers mitigate risk, reduce costs, and gain transparency and compliance within the ever-changing regulatory landscape.

insurance icon health and life

Health and life insurers must comply with the Patient Protection and Affordable Care Act (PPACA), the McCarran-Ferguson Act, COBRA, and the Health Insurance Portability and Accountability Act (HIPAA). Compliance with these regulations takes thousands of hours per year and accounts for a significant percentage of health and life insurance activities.

insurance icon property and casualty

Property and casualty insurers must comply with the liquidity, financial stability, consumer practices, privacy, financial, and cybersecurity regulations listed above, plus the National Flood Insurance Act of 1968, the Federal Crime Insurance Program, and the Federal Crop Insurance Program. Compliance with these regulations means additional overhead and fewer hours that can be spent on other important activities.

insurance icon title insurance

Title insurance companies must comply with consumer practices, protection of private consumer information and financial information, cybersecurity and anti-terrorism. For each hour spent on manual compliance activities, firms have fewer resources to facilitate and streamline real estate transactions and provide protection and settlement services.

Compliance.ai provides the technology and industry expertise to implement and deliver consistent, automated, and auditable regulatory change management procedures.

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.

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