Toronto, ON (Feb. 5, 2016) – Insurance Systems Inc., a leader in providing technological solutions to the insurance services industry, today announced that it has successfully completed a Statement on Standards for Attestation Engagement No. 16 (SSAE 16) Type II examination for their ISI Enterprise Insurance Policy Administration Software System. Insurance Systems Inc. retained international business advisory firm Skoda Minotti for its SSAE 16 audit work. Insurance Systems Inc. selected Skoda Minotti after an intensive search based on Skoda Minotti’s reputation as a leading assurance solutions and compliance company.
According to Terry Neilson, President and CEO of Insurance Systems Inc., “Skoda Minotti is a leader in SSAE 16 and Service Organization Control (SOC) reporting and IT advisory, solutions, and has been an outstanding partner throughout the audit process.”
Ben Osbrach, CISSP, CISA, QSA, partner-in-charge of Skoda Minotti’s risk advisory group says, “We have enjoyed working with Insurance Systems Inc. this year and look forward to continuing our independent audit and advisory relationship in the years to come.”
SSAE 16, also known as a SOC 1, is an internationally recognized auditing standard developed by the American Institute of Certified Public Accountants. A SOC 1 report is performed by an independent auditing firm and examines the controls and processes involved in storing, handling, and transmitting data securely. The successful completion of the voluntary engagement illustrates Insurance Systems Inc.’s ongoing commitment to create and maintain the most stringent controls for the protection and security of its customers’ confidential information. More information about Insurance Systems Inc. and their services can be found at insurancesystems.com.
In the past, Insurance Systems Inc. has demonstrated their commitment to excellence by completing the SOC 1 Type I compliance requirements. This year, Insurance Systems Inc. has increased their compliance efforts to meet the arduous SOC 1 Type II examination requirements by exhibiting their fulfillment of the highest industry standards by meeting AICPA criteria for SOC 1 Type II compliance.
The rigorous SOC 1 Type II examination, which included detailed testing of Insurance Systems Inc.’s controls, was performed by an independent licensed Certified Public Accounting firm that specializes in conducting SOC reports, PCI DSS Compliance, FISMA, NIST, and other regulatory information security assessments. The auditor examined Insurance Systems Inc.’s controls related to network connectivity, firewall configuration, software development life cycle, computer operations, database access, data transmissions, backup, disaster recovery, physical security, and more. Following the audit, Insurance Systems Inc. received a Service Auditors’ Report with an unqualified opinion, demonstrating that Insurance Systems Inc.’s policies, procedures, and infrastructure for data protection, security, and confidentiality met or exceeded the stringent SOC 1 criteria.
“The successful completion of our SOC 1 Type II examination audit provides our customers with the assurance that the controls and safeguards we employ to protect and secure their data are first-rate,” said Terry Neilson, President and CEO.
SOC Reports have become increasingly important for data-handling service providers since the passage of the Sarbanes-Oxley legislation, which requires a company’s business partners to have adequate internal controls. Insurance Systems Inc.’s customers can easily incorporate its Service Auditors’ Report in their Sarbanes-Oxley compliance programs as proof that appropriate controls are in place. The SOC 1 report can also help Insurance Systems Inc.’s customers to comply with other regulations, including HIPAA (Health Insurance Portability and Accountability Act), GLBA (Gramm-Leach-Bliley Act of 1999), and ISO 27001.
About Insurance Systems Inc.
Founded in 1997, ISI and its team of insurance professionals are dedicated to developing and implementing innovative software products for the property and casualty insurance industry. ISI’s flagship product, ISI Enterprise, is ideal for small to mid-size commercial and personal lines carriers ranging from $10 to $400 million in premiums written annually. Headquartered in Toronto, Canada, the company has a vast client base of diverse property and casualty insurers. For more information about ISI, visit insurancesystems.com.
Source: Insurance Systems Inc