While carriers already spend significant IT resources on regulatory compliance, the majority of respondents expect the cost of compliance to increase in 2014, according to a survey from Insurity, Inc., a provider of insurance software and services, and published as part of the Novarica Research Partners Program, which provides an opportunity for industry sponsors to underwrite surveys of insurer CIOs. The survey also found that while insurers expect business as usual when it comes to market conduct examinations and financial audits, they expect a great deal more scrutiny around their data and reporting.
Indeed, the majority of midsize insurers (annual premiums generally between $100M and $1B) that write commercial lines of business and utilize ISO in some fashion, place regulatory compliance in the top three strategic priorities for their company.
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