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Insurance

Insurance is probably the most popular financial product available. There is a huge variety of life and general insurance products, ranging from motor and home insurance to high-risk projects such as oil tankers and aircraft.

There are many areas of specialization in this sector, but a commonality is that it is constantly developing and the growth and complexity of many types of insurance products present countless regulatory challenges.

Insurance companies also have to comply with increased amounts of regulation in areas such as corporate governance, senior management responsibilities, internal procedures and systems and controls. The pressure on firms and senior management teams to manage reputational risk has never been greater.

Complinet's range of products and services has enabled a large number of international insurance firms to keep abreast of fast-moving regulatory change in key areas and balance the demands of regulators and clients.

Customers we have helped to meet these challenges include: ING Group, AXA, Prudential, Zurich Financial Services, Standard Life Assurance, Swiss Re, Sun Life Financial Services, Allianz, Berkshire Hathaway, Swiss Life, Nationwide, Legal & General and Aviva.

Challenges and Solutions for the Insurance Sector

Regulatory Environments	Challenges	Resolutions and Solutions
Regulatory obligations arising in multiple jurisdictions.	Keeping up with global and local regulatory change Quickly understanding the impact of that change on your operations Enabling rapid compliance across the business Capturing relevant information for senior management to provide appropriate oversight and control	Insurance inc Lloyd's UK Retail Banking, Investment & Insurance Products Tracker MiFID Regulatory Insight AML Regulatory Insight e-learning programs
Enhanced due diligence requirements to fulfill CIP, KYC and AML obligations	Gathering and using varied sources of information to support KYC activity Unifying all CIP, AML, KYC and enhanced due diligence processes. Applying a risk-based approach Applying a global approach Automating ongoing screening Avoiding high-profile enforcement actions	Global Screening Electronic identity verification Sanctions, watch and politically exposed person list screening Media searching Transaction monitoring AML e-learning programs
Producing and maintaining robust and accurate procedures and policies that will withstand regulatory scrutiny	Keeping up with regulatory changes Applying change to internal policies Keeping manuals up-to-date Keeping policy and procedure consistent Communicating change across the organization Monitoring and auditing staff attestation Keeping track of product risk as regulation changes	Policy Manager Tracker

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