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Compliance
Many factors now contribute to 'compliance' becoming
a global issue for the insurance sector, for example:
the FSA , Sarbannes Oxley or FSRA.
In order to become compliant, insurance organisations
have discovered that the corporate regulator demands
an unprecedented level of data to be disclosed on
customers and business practices. For these requirements
to be met, insurance agents must disclose to their
customers an excessive amount of information on financial
and business processes.
These requirements have become costly to implement
and manage, which directly effects productivity.
In implementing the Harlosh system our customers
have an opportunity to not just to fulfil their compliance
issues but to approach regulation as a standard for
following best practice.
InsuranceFaces can improve the efficiency of managing
the processes and procedures enforced by regulation.
Through designable workflow, comprising of multiple
stages, each stage of the process can be assigned
to a workgroup and configured to be associated with
compulsory and optional actions. Respectively, each
action has a completion date and an indelible date
stamp.
Our customers have the advantage of not having to
lengthen their sales cycle or lower productivity in
order to be compliant. InsuranceFaces can uniquely
configure the design and workflow elements to match
regulatory requirements and therefore comply with
the clear rules as set out by regulators, from initial
contact through to contract conclusion.
Through InsuranceFaces, onerous document production
can now be set up to be automatically handled but
still provide the regulator with any specific requirements
that they demand.
Reporting can be tailored through inbuilt exit routines
to provide information to the clients and the regulator,
whether in hard copy reporting or electronic format.
Harlosh have been working with Independent Management
Consultants to ensure that our software solutions
fulfils the requirements of a wide range of regulators.
For further information on InsuranceFaces click
here
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