Insurance Compliance Experts Address Carriers' Top Needs, Impacts of Electronic Delivery
The Insurance Compliance experts at Wolters Kluwer Financial Services today unveiled a list of 12 key recommendations for implementing and managing a transition to electronic communications.
Electronic communications can present particularly difficult challenges for insurers in meeting the ever-evolving scope of requests coming in from examiners and auditors with increasingly stringent expectations. The list intends to empower companies in embracing the opportunities and challenges inherent in the quickly shifting landscape of electronic capabilities.
Wolters Kluwer Financial Services' insurance compliance experts have identified the following as the "Top 12 Tips for Effective Electronic Communications Implementation":
1. Solicit compliance and legal guidance
2. Get buy-in early from business leaders
3. Start with a simple process
4. Carefully review policies and procedures
5. Develop your own workflow
6. Keep the team focused
7. Test, test and test some more
8. Demo and feedback as close to reality as possible
9. Develop user guides and training
10. Trial with small group or line
11. Provide incentives to customers
12. Promote the success of the project
"Insurance carriers understand that today's customer demands the ability to choose when and how to communicate," said Kathy Donovan, senior compliance counsel, Insurance, at Wolters Kluwer Financial Services. "But when it comes down to the implementation of an electronic delivery system significant concerns remain over privacy and compliance issues."
"Now more than ever before the interests of the business and compliance can be fulfilled during the transformation to expanded electronic communication options," said Pam Ewing, general manager of Insurance Compliance Solutions with Wolters Kluwer Financial Services. "Electronic delivery and electronic signatures are critical to an insurance carrier's ability to establish and maintain a competitive advantage. We want to help organizations take advantage of new opportunities while keeping an eye on legal and regulatory considerations."
For further information on these best practices and additional considerations when implementing electronic delivery and electronic signature capabilities, read "Electronic Communication," an e-book available from Wolters Kluwer Financial Services.
About Wolters Kluwer Financial Services
Wolters Kluwer Financial Services provides more than 15,000 customers worldwide with risk management, compliance, finance and audit solutions that help them successfully navigate regulatory complexity, optimize risk and financial performance, and manage data to support critical decisions. With more than 30 offices in 20 countries, our prominent brands include: AppOne® , ARC Logics® , AuthenticWeb™ , Bankers Systems , Capital Changes , CASH Suite™ , FRSGlobal , FinArch , GainsKeeper® , NILS® , TeamMate® , Uniform Forms™ , VMP® Mortgage Solutions and Wiz ® . Wolters Kluwer Financial Services is part of Wolters Kluwer , which had 2013 annual revenues of €3.6 billion ($4.7 billion), employs 19,000 employees worldwide, and maintains operations in over 40 countries across Europe, North America, Asia Pacific, and Latin America. Wolters Kluwer is headquartered in Alphen aan den Rijn, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices.