Majority of insurer survey respondents place regulatory compliance among their top three strategic priorities
HARTFORD, CT (October 1, 2013) – Insurity, Inc., a provider of core insurance processing software and services, today announced results of a survey underwritten by the company that uncovered the challenges midsize P&C insurers face as they continue to drive operational excellence and regulatory compliance. Published as part of the Novarica Research Partners Program, the study focused on midsize insurers (annual premiums generally between $100M and $1B) that write commercial lines of business and utilize ISO in some fashion. Survey respondents indicated regulatory compliance is mandatory and a high priority with the majority of insurers placing it in the top three strategic priorities for their company.
Other survey result highlights include:
“When senior insurer executives talk about their strategic goals for their company, they often refer to speed-to-market, agility, and the ability to rapidly respond to market changes. But regulatory compliance, a critical capability for an insurer, is also increasingly seen as a key strategic priority, not just a tactical process required to keep the lights on. An insurer that is able to rapidly and accurately respond to regulatory demands is also typically an insurer that is nimble at reacting to market demands as well,” said Karlyn Carnahan, CPCU, principal with Novarica and co-author of the survey report.
Carnahan continued, “For many midsize P&C insurers who rely on ISO to some extent, managing the analysis and interpretation of the circulars, as well as reporting, adds to the compliance load. The cost of handling compliance related activities is a significant portion of an insurer’s IT budget, and carrier expect the costs and the level of regulatory demands to increase in the coming year.”
“The report does a great job of confirming that regulatory compliance is a strategic priority for insurers. We’ve seen this in our customer base, commented Jeffrey Glazer, CEO, Insurity.” We’ve been helping our customers with regulatory compliance since our start and in recent years it has become an even larger topic due to the increase in large regulatory changes. We have created a Regulatory Advisory Committee that is comprised of our customers and members of our team. The Committee is a working group that proactively addresses the software issues related to regulatory compliance and allows us to update our software in light of new regulatory rules and information.”
To register for Insurity’s upcoming webinar, Easing the Burden of Regulatory Compliance, that will take place on Tuesday, October 29, 2013 at 2:00PM Eastern, click here.” Attendees will receive a complimentary copy of the full report.
This study was co-published through the Novarica Research Partners Program, which provides an opportunity for industry sponsors to underwrite surveys of insurer CIOs. Underwriters collaborate on survey design with a team Novarica, which then performs the research and analyzes the results completely independently, with full respect for participant anonymity For more about the Research Partners Program, see www.novarica.com/RPP/.