Challenges for Insurance Companies
Over the last couple of years, the insurance industry's environment has become more complex in terms of legal and statutory requirements. This enhances the pressure and risk of infringement. Apart from avoiding legal consequences, the tasks of the compliance management include the protection of the reputation and its direct impact on the development of the business. This is why compliance departments in insurance companies have become more and more relevant according to recent trends.
Insurance fraud is becoming increasingly important for insurance companies and will govern the agenda of the corporations even more in the future. To fight money laundering and the financing of terrorism, insurance companies are obliged to introduce internal controlling systems that identify and report suspicious contracts and issues.
Financial and white-collar crime is no abstract threat. Especially insurance companies run the risk of getting entangled in illegal activities. This makes a risk-based approach as well as the Know Your Customer principle a necessity for insurance companies to prevent money laundering, fraud and the financing of terrorism. Realistic assessment of the risk situation and measures resulting thereof are critical to the minimization of risks.
By employing intelligent IT systems, insurance companies are enabled to optimize their governance and compliance management sustainably – the holistic approach of FICO TONBELLER serves this purpose.