Insurance Compliance reviews by real, verified users. Find unbiased ratings on user satisfaction, features, and price based on the most reviews available anywhere.
Insurance compliance software enables insurance companies to meet compliance regulations efficiently and effectively. Insurance companies use these solutions to reduce noncompliance events, establish effective compliance processes, and maintain strict, auditable records for compliance officers.
Insurance compliance solutions typically contain policy and procedure management, incident management, complaint management, task management, audit trails, workflow management, reporting, and regulatory intelligence features. These provide a comprehensive set of tools for insurance agencies to use to govern all of their compliance-related tasks.
Insurance compliance software often integrates with insurance agency management software to provide a comprehensive set of tools to manage an insurance company.
To qualify for inclusion in the Insurance Compliance category, a product must:
Applied Epic is the industrys most technologically advanced, flexible and secure cloud-based agency management system, providing powerful automation capabilities and a greater level of visibility across an entire book of business. The system offers a single, open application with integrated capabilities to efficiently manage customer relationships, policy and benefits administration, sales automation, and financial accounting processes.
Hearsay Systems offers the Hearsay Advisor Cloud for financial services, empowering advisors to efficiently and compliantly use social media, websites, text and email to engage with customers, build stronger relationships and grow their business. Its prescriptive technology processes and prioritizes data from across digital channels and data systems, providing actionable suggestions for advisors on how they should engage with clients next. Built for the enterprise, Hearsay connects these advisor
The PCRM (Producer Compliance Requirements Management) solution takes information that is traditionally siloed and brings it together into a warehouse of data. Through PCRM agencies, brokers, carriers and adjusters can manage the professional certificate life cycle from end-to-end. Check out our one-stop shop, web-based solution for Insurance Compliance.
Provides insurers with end-to-end automation of state filings, a robust reporting module for instantaneous reports, a centralized repository to manage forms, and seamless integration with SERFF.
BindHQ is a SaaS technology provider focused on building and delivering the software, tools, products and insights required to supercharge the performance of MGAs, MGUs & Wholesalers. As an all-in-one cloud-based solution, BindHQ enables its users to work any time, anywhere, and on any device, and provides configurable and intuitive business workflows that reflect how specialty insurance intermediaries need to conduct business in the 21st century. With a robust reporting capability, fully i
Help secure credential issuance programs reach full production speed more quickly with Datacard Data Production and Process Management (DPP) software. Whether you are managing a start-up or enhancing an existing program, this software enables fully integrated control over the data required for personalization and post-production activities.
The LexisNexis WorldCompliance Online Search Tool enables you to manually screen prospective clients and perform enhanced due diligence.The Online Search tool product allows users to perform initial due diligence by screening potential clients, agents and business partners through the industry-leading LexisNexis® WorldCompliance database. Containing more than 2.5 million detailed profiles, the database helps clients detect individuals, organizations and vessels linked to more than 50 risk catego
Quantivate Regulatory Compliance software for insurance companies provides a strong software solution for compliance managers to manage a wide variety of regulatory and compliance processes and ensures accountability throughout the organization.
RiskVille is a flexible scalable cloud solution for insurance companies, insurance brokers, insurance agencies, and captive managers with modules like: 1) CRM 2) Rating, Quoting, Policy Management, and issuance 3) Billing and reporting 4) Claims Management 5) Document and Mail handling. Its single data storage accessible 24/7 for managing personal lines, commercial lines, or benefits. Our know-how allows us to set 3 times lower price than competitors. We can implement it for you within 3
Sircon Onboarding and Compliance easily modernizes an insurers administration of producers. Automate the onboarding of new producers with digital processing that ensures regulatory compliance. Complete self-service automation of additional appointments, renewals, and terminations
With thousands of producers that are changing all the time, how can you make sure you always have the latest data on hand without spending lots of time doing it? Producer Central is a single-source of truth, serving your organization for all agent and agency data, and keeping it up to date and accurate.
SmartCompliance is the #1 certificate of insurance management software for brokers, insurance consultants, and risk managers. Our easy-to-use certificate tracking software helps insurance professionals streamline their COI processes by automating certificate of insurance tracking and collection, eliminating manual data entry, and ensuring vendor compliance. Mitigate your risk of an underinsured claim by centralizing your tracking process and compliance reporting on one platform.
Superscript is the first insurance provider to focus 100% on the needs of digital businesses. As digital natives ourselves, we understand their goals, motivations and frustrations better than anybody else. We‚ve rebuilt business cover from the ground up ‚ì leaving our customers to focus on what they do best.
VUE Contracting & Compliance is designed for large distributors (MGA, FMO, IMO, and Brokers) working with multiple insurers who wish to modernize their administration and grow their business. VUE’s once-and-done workflow automates the entire producer management process including producer licensing, contracting, and compliance. It automates the contracting of new producers with digital processing that ensures regulatory compliance, complete self-service automation of additional appointment re
Insurance compliance software is designed to help insurance providers meet complicated regulatory guidelines that differ on both the state and national levels. Policy providers must meet regulations for each state in which they write policies to comply with filing requirements at either the state or national level. Insurance compliance solutions help insurance agencies address and meet compliance challenges, streamlining the process of maintaining compliance. Agency management solutions provide comprehensive back office management functionality, but the complexities involved in the compliance process create the need for dedicated compliance solutions.
Key Benefits of Insurance Compliance Software
Insurance compliance software is an increasingly necessary addition to an insurance company’s technology stack. An often overlooked portion of running an insurance company, compliance is vital to ensuring that an insurance business survives and thrives. Reporting requirements differ greatly from state to state, and there is always the possibility of a data call based on political pressures. Insurance companies can use insurance compliance software to navigate the ever-changing regulatory landscape, consolidate compliance activities, improve compliance processes, introduce more transparency into the compliance processes across various departments, and more.
Compliance Reporting — Producing compliance reports quickly and on-demand, that are full of accurate data, is critical for multiple insurance departments. These types of reports are necessary for both auditing and operational purposes. Insurance compliance solutions streamline the previously manual, time-consuming report-production process, making it extremely easy for those involved to carry out their compliance-related duties.
Policy Management — Insurance compliance solutions allow users to maintain an up-to-date repository of compliance-related policies. Administrators can manage the repository, updating policies as needed. As the regulatory landscape can change often across fifty different jurisdictions, streamlined and consistent policy management across departments is vital for maintaining a compliant organization.
Compliance Process Improvement — Insurance compliance software is focused on automating and streamlining compliance-related processes within the organization. Workflow tools and automation both help to ensure that users have the tools necessary to improve their processes.
As one might expect, insurance companies are the primary users of insurance compliance software. Compliance regulations impact employees throughout a provider’s organizational structure, so multiple departments will interface with these applications. Within the insurance organization, compliance officers and those tasked with maintaining compliance are the most frequent users of the software. In addition to this type of software automating tasks that are both prone to error and time-consuming, compliance officers can depend on the software to alert them if any business process or activity compromises compliance measures. Employees tasked with preparing for upcoming audits or maintaining up-to-date policies within the policy repository will use these solutions a great deal. It’s far easier for a computer to keep track of out-of-date policies, as well as regularly update compliance efforts, than for a human.
Compliance solutions are quite similar to each other in terms of the features they offer. They nearly all offer workflow management, policy management, and automation features. However, certain solutions may be designed to support the property and casualty markets while others may be tailored for the health insurance or life insurance sectors. There are also differences in terms of the deployment method of the compliance solutions, specifically as to whether or not they are cloud-based or on-premise. The vast majority of vendors offer, at the very least, a cloud version of their hosted solution in an effort to stay abreast of and assuage their customers’ security concerns regarding cloud applications.
Insurance compliance software often includes, but is not limited to, the following features:
Workflow Management — This feature enables users to visualize and analyze the workflow of various compliance-related processes and adjust them as needed. This feature can be extremely valuable to organizations that are looking to streamline and improve their processes.
Automation — Automation in insurance compliance streamlines the report creation process. Reporting requirements can vary state to state, which makes the standardization and duplication of reports difficult, so automating the document creation process with automated customizable templates is a boon to productivity for compliance officials.
Policy Management — Policy repositories allow insurance providers to maintain a strict database of up-to-date information regarding states’ compliance policies. These repositories also help insurance officials create and maintain the necessary internal policies and guidelines when dealing with compliance-related tasks.
Audit Management — Audits are a regular occurrence for the insurance industry. Insurance compliance software contains audit management features that facilitate employees in the planning, executing, and assessment of strategy before, during, and after the audit process. Audit management functionality within insurance compliance systems is typically quite robust, because audits are such a vital part of compliance maintenance.
Reporting — Generating compliance reports is a key function of insurance compliance solutions. Insurance agencies rely on compliance reports to have accurate, 360-degree oversight on their processes. Compliance software’s reporting functionality allows insurance companies to streamline the management of the intricacies of the dozens of jurisdictions that have copious different rule sets and regulatory policies in place.
Task Management — Task distribution and oversight is managed by this feature, which consolidates compliance tasks into a single dashboard for managers to run processes efficiencly. The centralized dashboard facilitates effective workforce management and makes sure that all compliance tasks are routed to the right insurance officer or professional.
Notification — Notifications are automatically sent to relevant stakeholders throughout various process lifecycles. Ideally, users will be able to assign specific trigger actions and workflows to specific compliance actions.
Policy and Action Linking — This feature provides direct links between regulatory requirements and specific compliance actions in order to make every necessary action, as well as the reasoning for it, very clear.