Insuranceciooutlook

What Insurance Regtech has in Store for European Insurers?

By Insurance CIO Outlook | Wednesday, December 11, 2019

Using insurance regtech solutions to automate processes, European insurers are expected to respond more effectively to changing regulatory demands.

FREMONT, CA: Regulatory authorisation for insurance is fast becoming a key consideration for European insurers. Insurers across Europe are in a hunt for promising remedies that transforms the regulatory landscape by providing technologically advanced solutions to the ever-increasing demands of compliance within the industry. At this point, the amalgamation of insurance technology and regulatory technology has emerged and transformative enabler, which signals sea changes in insurance compliance. By using regtech to automate routine processes and costly human activities more intelligently and cost-effectively, European insurers can respond to changing regulatory demands and focus on higher-order activities to become more valuable business partners.    

European insurers wish to be more predictive and analytical in their compliance efforts—to be able to proactively analyse risks and address issues before they become mammoth challenges. This ability is essential because many insurers are using insurtech to gain competitive advantages and want their compliance organisations to assist them in understanding where they might be subject to consumer and regulatory risks. As a result, insurance regulators are innovating and incorporating newly available technology tools into their expanding regulatory arsenal. How quickly and effectively insurers put regtech solutions to work will become crucial to their future success as they seek to reduce costs, enhance efficiency, and ultimately establish more robust compliance programs that withstand regulators’ evolving demands.   

Reports say that, within the next three to five years, European insurers can adopt regtech solutions in combination with predictive analytics, robotic process automation, natural language processing, and other emerging technologies to power insurance compliant management. In addition to improved compliance, insurance regtech is also expected to work in back-office systems to positively impact insurers’ business operations. The insurance regtech solutions that are expected to hit the European market are audio monitoring solutions, regulatory reporting systems, sales surveillance platforms, policy and procedure mapping systems, GRC solutions, compliance risk, and testing platforms and many more.  

With this, it has become evident that European insurers are going to get an opportunity to better align their business strategy with regulatory compliance functions. It is necessary for European insurers to consider the numerous high-value opportunities that insurance regtech solutions provide to enhance compliance and support operational efficiencies.

See Also: Top 10 RegTech Solution Companies 

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