Data privacy has quickly become a hot topic in the insurance industry. As technology advances, insurance companies are handling large amounts of private information, such as medical records and financial information. This knowledge is essential for tailoring policies and identifying risks. But it also means you have a giant responsibility to keep that information secure. …
As more insurance companies move their services and websites online, digital insurance compliance is becoming increasingly important. Regulatory frameworks are in place to ensure that companies are acting fairly, customers are protected, and private data is kept secure. As more transactions are taking place online, insurers must ensure they adhere to important regulations to remain …
The insurtech industry is experiencing unprecedented growth. The industry is adapting with technology innovations such as AI, which is automating processes and improving customer interactions while making fraud detection easier. However, the introduction of new technologies always carries an equally important challenge in the form of regulation. There is currently a conflict between governments and …
Insurance is an important part of financial security, protecting individuals and businesses from unexpected losses. But with so many insurers in the market, there must be rules to ensure that everything is fair, clear, and safe for customers. This is a very important job for the National Association of Insurance Commissioners (NAIC). The NAIC is …
Insurance is an important part of financial security because it protects you from the unknowns of life. But many regulations ensure that the insurance industry is fair, transparent, and protects customers. Insurance laws are important to both policyholders and insurance companies because they govern everything from policy terms to how claims are handled. When you’re …
Insurance is an essential part of life because it protects against uncertainties such as accidents, illness, and disasters. However, have you thought about who makes sure that the insurance companies do not default on their obligations? This is where insurance regulations come into play. The government promulgated rules and guidelines designed to secure the consumers …
Figuring out how to file an insurance claim can be a daunting task, especially if you need money to pay medical bills, repair damage to your home, or pay rent. If your claim is denied, the journey becomes very difficult. Contrary to popular belief, not all dead ends are hopeless. In the past, we have …
The adoption of the General Data Protection Regulation (GDPR) in 2018 brought forth radical changes in the management of personal data across various sectors, including insurance. GDPR is one of the most stringent regulations enacted to protect the personal data of citizens and residents of the European Union (EU). Insurance companies deal with extremely sensitive …
Insurance policies provide financial coverage and protection, though improper use can result in heavy consequences. Fines, lawsuits, cancellation of policies, and even criminal charges await those who, intentionally or otherwise, breach any insurance terms and conditions. Most policyholders do not fully understand the negative impacts and consequences of non-compliance policies, which makes it vital to …
Walking in the corridors of the insurance world can be tough, more so with compliance. Insurance compliance, in simple terms, means following rules and policies that are set in place by the industry and its governing bodies. For insurers, brokers, and agents, remaining compliant is more than a legal responsibility; it is fundamental in maintaining …