To many insurance industry executives, compliance means spending gobs of money to avoid having their companies go public with ugly security lapses or pay fines from regulators, or avoid having themselves hauled off to the slammer for misstating information. However, the process of meeting compliance mandates need not be costly-and may actually help increase profits in the long run.For many carriers, there are ways to establish a common base of processes to address multiple mandates, as well as any future requirements. In addition, compliance management can bring new opportunities for gaining better efficiencies and supporting new business growth.
Few, if any, insurance companies are untouched by the slew of new reporting requirements thrust upon North American businesses over the past few years-up to 150 laws and regulations from federal, state, international and industry oversight bodies that impose various requirements on the way information is handled or presented.
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