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RAPPORT

The compliance function to power performance

An asset for insurers

Insurance institutions aren't known for chasing trends. And maybe you wouldn't want them to be. For an industry where customers are best served by sober assessment of risk, there's something reaffirming about the industry's steady bearing in FinTech's choppy wake. But transformative forces are there, at the edges, under the surface looking for a way in. They're in the technology that takes the human element out of risk. They're showing up along the value chain, bringing price transparency and brand-new products. They're in adjacent sectors, where pay-per-click threatens commissions and customers must insure assets they use but don't own. And they are in the data where the future can be told.

The compliance function in insurance companies

In the face of enhanced regulatory scrutiny, there is light ahead for insurers. Data from the Deloitte insurance ethics and compliance survey show a relationship between a mature compliance function and financial performance.

The compliance function is no longer just an overhead cost driven by regulatory demand, as those more distant from its evolution may assume. According to respondents from the Deloitte insurance ethics and compliance survey, it can be an asset. To transform and elevate compliance programs, compliance personnel and other members of the C-suite should address the increasing requirements and differing skill sets needed to:

  • React to and anticipate changes in the business, consumer, and political environments
  • Enable insurers to minimize the reputational and operational risks that can follow compliance failures
  • Position the company for sustainable growth

For companies seeking to move their compliance functions from "good" to "great," download our report 'compliance to power performance' for guideposts that signify a high maturity compliance function. For those that follow these guideposts, quantitative and qualitative rewards may await.

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