Insurers are trying hard to cast off the shackles of challenges posed by the new regulatory environment. Fascinating to hear, isn’t it? Here’s the full story.
FREMONT, CA: The complexities of the current regulatory environment undoubtedly pose significant challenges for the broad spectrum of insurtech companies. As regulators continue to expect management to demonstrate compliance and risk management standards, these challenges generated will pose higher risks for firms. The demands of regulatory bodies are particularly pressing, and are demanding insurtech companies to optimize their business models and infrastructures to address the growing regulatory scrutiny and new expectations better. Across the industry, attentions are focused on improving overall performance, guided by recommendations of international standards-setting bodies and U.S. regulatory mandates.
However, to address these challenges insurance companies will need to consider implementing a regulatory change management framework that is potent of optimizing current and future regulatory demands and synthesizes both internally developed…
