There are over 400,000 small and medium sized insurance industry businesses in the US alone, all vying for a growing piece of the premiums pie. Add in the burgeoning complexity of privacy laws and regulations and increasing demands from their clients to meet them, and the challenges to running our businesses become even greater. It is often confusing as to how we proceed to become compliant and stay that way, while managing risks to the business. These risks may come in many disguises: regulatory challenges, vendor and partner compliance or security demands, technology changes, cyber-attacks, Business Associate Agreements, contractual terms demanded by our business partners, changing geopolitical landscapes and even epidemics such as the current Coronavirus scare.
It is no secret that the smaller businesses can notably suffer the effects of these potentially crippling risks as their staff size, resource demands and financial resources often lack the scale and diverse skillsets required to navigate these challenging currents. Internal regulatory, compliance and legal “teams” are being directed to do more, yet these teams may be a single individual or small group of staff wearing multiple hats.
As new threats emerge, new laws and regulations are enacted to help protect consumers and businesses. Recent GDPR and CCPA regulations, focused on data privacy protections aimed at mitigating the risks from flawed collection, processing and use of data, is just the beginning. Thirteen states are currently considering legislation that may go beyond the scope of existing privacy protections. For most businesses this unfortunately means they are facing an overlapping and sometimes conflicting patchwork of compliance requirements.
Managing the internal business requirements and processes, coupled with external legal and regulatory compliance, client and contract driven compliance demands, industry and activity driven compliance along with the ever-present external risks, requires a new, effective and practical approach. Insurance businesses that are properly addressing the risks with a practical and effective compliance program put themselves in the ideal position to reap the significant rewards afforded those best prepared.
At BostonCOMPLY we have worked closely with industry brokers, reinsurers, MGA/MGUs and other entities across the insurance marketplace, to identify their risks and the steps needed to remediate them while effectively addressing the ever changing regulatory and compliance landscape. Through our practical approach, we have empowered clients to simplify the management of day-to-day activities, documentation, approvals and trainings required by regulators, carriers, partners and vendors through the BostonCOMPLY Practical Compliance Automation™ platform. Our approach makes it possible for small and medium sized businesses to achieve and maintain compliance affordably.
Their Reward – Excellent client and carrier relationships AND removal of Risk!!
Can BostonCOMPLY help you? Let us know: