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How Regtech Firms are Enhancing Insurance Compliance
Regtech solution providers in Europe are empowering insurers to navigate the complicated terrains of regulatory compliance.
FREMONT, CA: For European insurers, regulatory compliance is rapidly becoming one of the key determinants of success in business. Insurers across Europe are looking for promising solutions that can aid them through the ever-increasing demands of compliance within the industry. Currently, the coming together of insurance technology and regulatory technology has appeared to bring about sea changes in insurance compliance. By using regtech to automate routine assessment processes and costly activities more intelligently and cost-effectively, European insurers can counter changing regulatory demands and focus on higher revenue generation.
Becoming more predictive and analytical in their compliance efforts is one of the key aspirations of European insurers. This will enable a proactive approach to analyse risks and address issues before they become challenges. This ability is necessary because many insurers are using insurtech to gain competitive advantages and want their compliance organisations to assist them in realising where they might be subject to consumer and regulatory risks. As a result, regulatory technology firms are innovating and incorporating newly available technologies into their expanding regulatory arsenal. How swiftly and effectively insurers put regtech solutions to use will determine future success for them.
According to reports, within the next three to five years, European insurers will be able to adopt regtech solutions in combination with other technological solutions involving predictive analytics, robotic process automation, natural language processing, among others, to power insurance compliance management. In addition to improved compliance, insurance regtech solutions also facilitate work in back-office systems to positively impact insurers’ business operations. The insurance regtech solutions that are about to enter the European market include solutions for monitoring audio, regulatory reporting systems, surveillance platforms, policy mapping systems, GRC solutions, compliance risk testing platforms and many more.
Thus, it is apparent that European insurers are about to get a chance to align their business models with regulatory compliance norms in better ways. Considering the high-value opportunities that insurance regtech solutions offer today, Insurance firms in Europe are bound to excel in regulatory management and compliance.
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