Challenge of Meeting Insurance Industry Compliance
The insurance industry is charged with protecting and supporting its customers in their most challenging of times. Any breach of insurance industry regulation is compounded not only by regulatory consequences, but also by the damage inflicted onto the individual customer or corporate client. Regulatory compliance and risk management for insurance companies requires organizations to abide by comprehensive Know Your Customer (KYC) standards and, of course, impeccable anti-money laundering (AML) and anti-corruption practices.
Transparency is key to all businesses, but especially insurance providers. Strict adherence to insurance industry compliance needs to be woven into daily business practices – so much so that regulators and customers alike are aware and convinced of the ethical hygiene of the organization. Operating above board on issues like data security and privacy, case and complaint management, and all forms of fraud management are essential to building and keeping a happy customer base as well as aligning with insurance industry regulatory compliance.
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