As the insurance industry becomes more complex and heavily regulated, keeping up with compliance requirements can be a daunting task for brokers. In all this admin mayhem, how to you save time and ensure compliance? Here are 3 things to look out for.
Optimize your document management
256. It’s the average amount of documents that are handled over the course of an insurance audit.
The orginal goal of an insurance audit is for an insurer to ensure that you, as an intermediary, are complying with all the regulation in vigor. If the intention is laudable it can quickly become overwhelming as the amount of portfolio you have under management increases.
The key is to be radically organised with your document management so that you have the right ones at hand for when your risk-carrier will come and ask you for them.
In order to achieve that, set up an intuitive file organisation on your server so that ALL YOUR TEAM can quickly navigate it and remain structured for when the time comes. There are now also technological tools specifically built for insurance audits that guide you through the process by listing all the documents required and submitting them all through one simple interface. But more on that later in this article.
Streamline your collaboration with your insurer
Running an insurance program is about managing a whole ecosystem of providers. Countless counterparts, and vis-a-vis for you to stay in touch with. If you’re working with a wide variety of risk carriers, things can quickly get out of hands.
That’s why it’s extremely important to map out who your contacts are and make sure you’re being efficient in addressing your audit. Who can give you the green light? Who do you need around the table to kill the matter at hand? How long do they usually take to reply?
Having a very clear vision of your risk-carriers’ organisation and people will save your time and stress when the audit sprint comes and strike.
When your turn has come, it might be worth checking out a collaborative solution that will smoothen the collaboration with your insurer. Get quick and clear feedback on the various documents uploaded and spare yourselves e-mail discussions with dozens of attachments. Solutions like Seyna Check-Up are built to address these problems, precisely to let you focus on your customers.
Train your team about insurance compliance
It is estimated that the regulatory texts can evolve up to 4 times a year. Multiply that by the amount of portfolios and branches you operate on and you end up with a headache. It is important to know where to look if you do not want to waste your collaborators’ time and in doing so, your capital. For the record, we believe the cost of compliance at the European level to be around €150 billion.
To keep up to date with the latest regulation and its evolution, we recommend leveraging Seyna’s Compliance Guide. Regularly updated, it will guide your teams through the whole process of the audit and access the right document.
As for the remainder of the above matters, we recommend having a look at Seyna Check-Up, a comprehensive tool designed to help brokers manage their compliance obligations. The platform offers a wide range of features to help brokers stay up to date with regulatory changes, monitor their compliance status, and maintain accurate records.
A great way of making insurance audit your competitive edge by spending less time on admin and more on growth or with your customers. But wait, Jenn says it best…