WHAT IS Insurance Compliance?
An insurer must adopt, document and implement a practical risk and compliance management framework that provides for oversight of its insurance business and adequately protects the interests of its policyholders.
There are significant outsourcing and third-party compliance obligations placed on insurers.
The growing legislative compliance obligations placed on the insurance industry are making it increasingly difficult for insurers to maintain and monitor compliance. Insurers are required to identify, assess, communicate, manage and report on risks posed by intermediaries, brokers and binder holders.
These onerous risk and compliance processes can be very challenging and 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
The Phinity Insurance Compliance Solution provides insurers with a cloud-based platform to assess, mitigate and manage risk and compliance processes throughout the insurance value chain, with a specific focus on outsourcing and distribution compliance.
Develop your policies and procedures aligned to your local and global compliance obligations. Identify the third parties (eg intermediaries, brokers, binder-holders), within the scope and determine the associated stakeholders.
Upload your third party information into the Phinity Platform. Develop assessments that will support the analysis of third party compliance with regulations and Service Level Agreements (SLA). Digitise your process including configuring assessments and workflows according to the defined processes.
Develop assessments that categorise outsourcing and third parties. Complete due diligence and compliance assessments, and track business resilience.
Report according to key business metrics, including compliance levels, business continuity, achievement of SLAs, risk exposure and non-compliance remediation progress.
Manage and mitigate material risks including those relating to outsourcing and third parties. Assign, track, treat and accept risk within risk tolerance levels.
WHY CHOOSE PHINITY?
Phinity’s powerful cloud software can easily automate your Insurance Compliance processes and create consistency and policy alignment.