Statistics show that most insurers are failing to meet their reporting requirements, their systems and data access are just not advanced enough.
So how can you overcome these problems?
28 August 2015 –
2015 is a pivotal year for most insurers as they strive to make sure they are fully compliant with Solvency II regulations by January 2016. In line with these changes Trustmarque have released a thought provoking whitepaper aimed at IT professionals in the insurance industry. The paper highlights the challenges IT departments are facing and forces them to question their systems to identify areas that require updating.
The UK Insurance market is currently the 3rd largest in the World (ABI Facts, 2014), yet despite this many insurers are still not meeting the industry reporting requirements, often claiming that their systems and data are just not advanced enough. Solvency II will come into force in the New Year which will require insurers to publish risk reports, therefore increasing business transparency. Trustmarque believe insurance organisations need to prepare themselves for these changes now by introducing systems that can accurately assess market trends to identify their impending risk. These changes will not only ensure businesses adhere to new industry regulations but will also help them remain competitive.
The full report: ‘The Future of Insurance – Embracing technology to become a modern insurer’ can be downloaded at http://www.trustmarque.com/embracing-technology-to-become-a-modern-insurer/