Regulatory Compliance: Manage your present, prepare for the future
Grappling with complexities in a changing regulatory environment?
In wake of the recent financial crisis, there is increased regulatory focus on the ability of insurance companies to remain solvent in an uncertain landscape. Insurers need to adhere to a host of stringent and changing compliance requirements. Like Solvency II in Europe and National Association of Insurance Commissioner’s (NAIC) Solvency Modernization Initiative (SMI) in the US. These requirements regulate varied aspects of your business, and failure to comply could cost companies dearly in terms of money and reputation. They also put additional pressure on already stretched resources by increasing costs and bringing in operational challenges.
How do you manage risks and meet investment goals at the same time?
Though your primary goal is managing risk, lower interest rates can make it even harder to meet your desired goals in terms of investment returns, without increasing risk. Regulations like Foreign Account Tax Compliance Act (FATCA) and Unclaimed Property Act (UPA) not only pose operational challenges but also require significant system changes in an insurer’s technology landscape.
To ensure compliance with such regulatory changes, you must deal with a variety of factors like geographic variations in the implementation methodology, uncertain timelines, and legacy technology. Building a configurable compliance platform, which integrates effectively with multiple data sources, stores, retrieves data efficiently, and disseminates accurate information, is critical to meet requirements around regulatory data and extensive reporting.
What if you could meet not only the present but also your future regulatory requirements?
Our regulatory compliance framework supports all the core components of a future-ready compliance system by way of external data interfaces, internal rules engine, and configurable reporting solutions. Not only does it integrate seamlessly with your existing technology infrastructure but it also provides the flexibility you need to meet the varying demands of your organization. Coupled with our framework, we also provide advisory services to help you identify, assess and implement any existing and future regulatory changes.
Our framework helps you automate and streamline data transformation through external database interfaces – all the way from data capture to enrichment and consolidation. It provides configurable forms and helps with data identification, classification and export to comply with IRS regulatory reporting requirements.
Regulatory Compliance Framework for Insurance
Our comprehensive regulatory strategy makes compliance easy
Partnering with Infosys will help you respond to regulatory needs in a timely and cost-effective manner. It empowers you to effectively manage enterprise information, thereby enabling system agility and better compliance. With our compliance framework, you can be sure that your regulatory needs are being handled properly, in the process, freeing up your time to focus on core businesses.
Our framework has been designed keeping in mind your need to:
- Integrate rapidly with existing client infrastructure and data sources, taking care of inherent compliance issues
- Enable workflow-based collaboration for stakeholders, so they can work together seamlessly as a cohesive unit
- Offer a single system to handle all regulatory variations and support multiple product types and geographies through a framework based on configurable rules
- Provide a reporting engine for internal and external stakeholders, enabling timely decision-making
Using industry-standard best practices, our experts help you prepare for the future
Our experts have successfully executed multiple engagements leveraging deep knowledge of the insurance domain, proprietary systems, robust capabilities and proven methodologies in regulatory compliance. We deliver key business benefits, including:
- Agility in responding to evolving insurance regulations
- Easy and rapid system implementation at lowered costs
- Seamless integration with your existing IT landscape
- Flexibility in meeting varied business and geographic requirements
- Comprehensive support on meeting complex regulatory requirements – Solvency II, SMI, FATCA, UPA, OBA, FINRA, etc.
Solvency II: Time to get your data in order