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:
Contain tools to manage compliance policies and procedures
Provide audit trails for compliance officers
Contain insurance-specific regulatory intelligence capabilities