Gone are the days of someone sitting at a typewriter creating 50 separate cover letters for state filings, as was the case in the 1980s when John Baumgardner joined Standard Insurance Co. The Portland, Ore.-based insurer began using simple off-the-shelf tools to automate day-to-day activities. “We’ve continuously updated the off-the-shelf items [such as Microsoft’s Word Macros and Mail Merge] year by year,” he says. “It’s very simple and cost effective.”
This is just the beginning. Insurers have begun applying a number of different business models and more sophisticated tools to their regulatory compliance management practices. Before implementing any tools, though, most will agree the process needs to start with a plan and be well thought out.
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