A variety of research findings show that legislation governing the industry can be a major headache for insurers. On the positive side, the emergence of better ways to manage data and use business analytics have the potential to help insurers more effectively deal with the growing number of rules and regulations they’re facing.
According to a survey of 533 global insurance executives, conducted by professional services and consulting firm Towers Watson in 2013, 61 percent said increased regulatory and legislative constraints, including consumer protections and capital requirements, will have a significant impact on their business in the next two years. In fact, regulatory constraints were second only to capital management challenges resulting from sustained low-interest rates and the volatile investment environment, according to Towers Watson.
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