Insurance & Technology is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.


01:39 PM
Connect Directly

More Regulation Means More Compliance Tech

EY survey finds chief compliance officers using tech at a high rate, and are building solutions themselves.

Regulatory changes are a fact of life in the insurance business, and compliance departments within carriers are mature users of technology. That's according to a EY survey of 16 insurers that found 88% using tech for "basic functions, such as tracking new and amended laws and tracking action plans."

However, what's missing is an "advanced, integrated technology solution designed to meet [compliance]-specific needs, although some of the CCOs are in the process of building such a solution," the company wrote. Thomas Ward, EY partner, says that the main consideration for technology is how well it integrates across the enterprise to get relevant data.

"There's more and more reporting that is coming up through the CCO," Ward says. "We think the use of technology will evolve with it and improve the overall integration with the risk practices and the audit practices."

Today, a lot of the technology built for reporting is done on an ad-hoc basis, Ward adds. That's because compliance departments want to make sure the tech they use is right for the job, not just shoehorn in something off-the-shelf.

"This is an area where it's pretty consistent, and you look at some of what the CCOs were saying for the future, they're very much embracing the use of tech," he says. "But they want to make sure they really understand how it can help them."

Nathan Golia is senior editor of Insurance & Technology. He joined the publication in 2010 as associate editor and covers all aspects of the nexus between insurance and information technology, including mobility, distribution, core systems, customer interaction, and risk ... View Full Bio

Register for Insurance & Technology Newsletters