The insurance industry's response to fast-changing regulatory and corporate governance demands is characterized by a primary reliance on manual processes and ad-hoc measures, according to survey conducted by ILOG, a Mountain View, Calif.-based business rules software vendor, and Pearl River, N.Y.-based ACORD.Although specially appointed compliance officers generally have been assigned to manage the impact of regulatory demands, the survey reveals the industry is failing to fully embrace the high business value of information technology when addressing regulatory requirements such as HIPAA and corporate governance demands driven by mandates such as the Sarbanes-Oxley Act.
The survey, conducted over the course of two months from December 2003 to January 2004, asked representatives from P&C, life insurance and reinsurance companies to consider how effectively their organizations are addressing compliance mandates, and to report on the role of technology as it pertains to managing compliance regulations.
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