Following the global financial crisis and the introduction of the Dodd-Frank financial reforms, the insurance industry faces a period of unprecedented regulation. Carriers that can quickly react to changing compliance demands and produce a timely, accurate picture of their financial positions can compete on the strength of greater agility and efficiency. And yet, insurance companies traditionally have been slow to react to regulatory changes.
Technology, however, is providing the industry with new ways to build compliance agility -- and business value -- into its processes and capabilities. Insurance & Technology's latest digital edition explores how forward-looking insurers are pursing the transparency, risk controls and data insight that are the hallmarks of the new regulatory environment.
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In This Issue:
COMPLIANT BY DESIGN: Insurers have tended to scramble to meet new regulatory demands only when forced to do so. But technology is giving carriers ways to build compliance agility -- and business value -- into their processes and capabilities.
SOCIALLY ACCEPTABLE? Insurers are pushing boundaries in their uses of information from social networking sites in the claims and underwriting processes. But how far is too far?
NEVER A DULL MOMENT: No matter who regulates the insurance industry this year, they are going to be very busy, says NAIC president Susan Voss, who discusses creating harmony among the various regulators and social media's place in the insurance business.
Life Insurers Prepare for Fight Over Death Benefits