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Insurance Risk Management Solutions

With an increased focus on consumer protection, the insurance industry faces continually increasing regulatory standards. Stay up-to-date and compliant with the regulations that govern the insurance industry with NAVEX.

NAVEX One®

Insurance Industry Compliance Management

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.

What You Need

Reliable Case Management

Efficient and effective case management systems ensure that incidents and complaint resolutions are documented and audit-ready when needed.

A Whistleblower Hotline

All employees should have access to reporting channels that meet their reporting preference to ensure that misconduct as well as policy breaches are escalated appropriately throughout the organization.

Automated Policy Management

Know Your Customer, ABC and AML (among others) policies and procedures need to be updated and distributed to employees on a timely and ongoing bases.

Online Compliance Training

Risk-based compliance training should be deployed throughout the entire organization, educating both high-risk and low-risk employees of their responsibilities to the insurance company as well as its customers.