Celent identifies five key levels to compliance technology.
In a new report, Compliance & Technology: Best Practices for Insurers, Celent looks at how insurers are using technology to address increasingly complex compliance requirements from state and federal regulators.
The report charts five levels of technology, referred to as the compliance technology stack, that are available to insurance companies as they navigate the compliance cycle. At the top of the stack are solutions for monitoring the legal and regulatory environment. The next level of the stack includes collaborative and project management solutions. The final three levels represent alternative and complementary solutions to compliance requirements: enterprise solutions, core process applications, and point solutions developed specifically to address certain regulatory requirements.
“There is a set of best compliance and technology practices that apply broadly across the industry,” says Donald Light, senior analyst and author of the report. “That said, the choices an insurer makes about its own compliance processes, organization, and technology are very much a function of that insurer�s business strategy and management practices.”
“The corporate and insurance scandals of the past few years have created a high level of senior management support for, and board of director interest in, compliance. While compliance requirements have grown substantially, so have the process, organizational, and technology capabilities to meet them,” he added.
The 28-page report contains nine figures and one table.
A table of contents is available online.
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