We’ve published another white paper, 2014 Trends in the Insurance Industry, that those with insurance organizations will find relevant. Aimed at helping insurers understand the main forces and trends shaping the direction of the industry, the paper discusses five key trends:
- The Own Risk and Solvency Assessment (ORSA)
- Anti-money laundering (AML) compliance
- Big data
- Social media
- The U.S. Department of the Treasury FIO report, issued at the end of last year
These trends have important implications for insurance organizations, including the need for a reliable governance system for handling and safeguarding the vast amounts of customer data available to insurers, a framework for evaluating an organization’s risk management and solvency and the related ongoing regulatory reporting, resource development and training in enhanced AML requirements, and effective and flexible policies and procedures for social media engagement with customers. In addition, the recent shift of the Federal Insurance Office toward a hybrid model of insurance regulation means insurers should keep a close eye on regulation reforms, at both the state and federal level. In short, these trends and developments are a big deal and, without a doubt, will impact the industry.
Protiviti’s Financial Services and Risk & Compliance leaders contributed to this trends analysis.