Challenges in Insurance Legal, Compliance and Enterprise Risk Management
For decades insurers have provided little to no automation to support their Legal, Compliance, and Enterprise Risk Management teams. This has resulted in this functional area being viewed as a bottleneck to launching new products and services. It takes time to understand local laws in entering new markets, analyze regulatory compliance and assess legal requirements. The sheer number of issues can be daunting. Changing contract or policy wordings, assessing D&O, Errors and Omissions, and Employer Practices risks can require numerous back and forth communications. Sorting through multiple legal entities, M&A and divestitures can be difficult to do when using simplified or non-existent tracking tools. Compounding matters is that the longer each case or project takes, the more cases overlap, causing tremendous inefficiencies and making the Legal team feel like it is continually fighting fires and struggling to keep up.
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