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.