WHAT IS Insurance Compliance?
Insurers must adopt, document, and implement a practical risk and compliance management framework that provides for oversight of their business and adequately protects the interests of policyholders.
There are significant outsourcing and third-party compliance obligations placed on insurers.
THE INSURANCE COMPLIANCE CHALLENGE
The growing legislative compliance obligations placed on the insurance industry are making it difficult for insurers to maintain and monitor compliance. They are required to identify, assess, communicate, manage, and report on all risks posed by intermediaries, brokers, and binder holders.
These risk and compliance processes present multiple organisational challenges:
Growing demands from regulators
Increased compliance obligations
Disparate information sources
Higher compliance scrutiny at board level
Lack of risk and compliance visibility
Manual processes heavily reliant on spreadsheets
THE INSURANCE COMPLIANCE SOLUTION
Phinity's solution provides insurers with a cloud-based platform to assess, mitigate, and manage risk and compliance processes throughout the value chain, with a specific focus on outsourcing and distribution compliance.
Develop your policies and procedures aligned to your local and global compliance obligations. Then, identify the third parties (e.g. intermediaries, brokers, and binder-holders) within the scope and determine the associated stakeholders.
Upload your third party information to the Phinity Platform, before developing assessments that will support the analysis of third party compliance with regulations and Service Level Agreements (SLA). Then digitise your process. This includes configuring assessments and workflows according to the defined processes.
Develop assessments that categorise outsourcing and third parties. Next, complete due diligence and compliance assessments and track business resilience.
Report according to key business metrics. These metrics include compliance levels, business continuity, achievement of SLAs, risk exposure, and non-compliance remediation progress.
Manage and mitigate material risks, including those which relate to outsourcing and third parties. Lastly, assign, track, treat, and accept risk within risk tolerance levels.
WHY CHOOSE PHINITY?
Phinity’s powerful cloud software can easily automate your compliance processes. It will also create consistency and policy alignment in your insurance business.