Global Compliance Management for Insurers

Insurance organizations face an unprecedented number of regulations and requirements today.

Keeping up with these regulations through a well-planned, well-executed compliance program is no easy task. Not only must you successfully manage the wide range of requirements your organization faces, you must also have a firm grasp of the risk associated with non-compliance.

Today, dynamic case management solutions using software like OnBase by Hyland can equip compliance personnel at all levels of your organization. You can set up anyone from global compliance officers to departmental users, with greater visibility – and greater control – so you can make more informed decisions, manage controls more effectively and avoid “at risk” activities whenever possible.

Here are four ways insurance companies can make global compliance management easier with OnBase:

1. Easier Global Compliance Management with Information Tracking, Controls and Visibility

By consolidating all data and documents related to a single case in one central location, it’s easier to access the information you need, when you need it, to make more informed decisions and help mitigate risk across your entire organization. The following points highlight the enhanced tracking, controls and visibility that OnBase delivers:

• Track all required information from the very beginning of a compliance period
• Help compliance workers make better decisions regarding the use and assessment of appropriate departmental controls
• Maintain a history of requirement changes to departmental controls, while tracking the effectiveness of these changes
• Leverage a full audit trail to see how controls are changed, by whom and when
• Provide executives with global visibility into the overall risk exposure of the organization

2. Easier Anti-Money Laundering (AML) Investigation Case Manager

OnBase helps corporations and other organizations manage their Anti-Money Laundering (AML) compliance programs by enforcing best practices, automating processes and empowering personnel of all levels to perform knowledge-driven tasks. With OnBase, it’s easy to:

• Report unusual transactions more easily
• Automate the scheduling of follow-ups for high-risk clients
• Start tracking information from the beginning of an investigation
• Ensure managers are alerted whenever high-risk transactions are detected
• Identify bottlenecks, balance workloads and prioritize tasks
• Standardize processes to yield exact, complete and up-to-date information for auditors
• Provide management with greater visibility into the overall compliance program
• Empower management with the ability to analyze investigations by type, status or assigned staff

3. Easier Code and Conduct Training

More and more regulatory bodies are requiring that organizations ensure that their employees acknowledge and test for Code of Conduct & Ethics. Achieving 100% compliance is a daunting task, especially without the right enterprise content management tool in place. OnBase makes it easier to accomplish the following:

• Distribute new policy information to users via one simple location
• Control which users receive the information (whether enterprise-wide or by specific groups)
• Allow users to acknowledge receipt of information by entering a password
• Test users to ensure compliance content retention
• Configure tests in multiple ways and associate compliance documents, video and other media
• Provide management with a complete view of exams, results and average scores
• Analyze data quickly to understand progress, average pass-fail rates and more
• Leverage insights to make more informed decisions regarding additional training
• Generate compliance reports as needed

4. Easier Customer Complaint Management

Most insurance companies today don’t have an easy way to funnel complaints to the appropriate departmental personnel and compliance officers. Not anymore. OnBase allows you to standardize the customer complaint management process, making it easy to capture and centralize complaints and providing you with critical insight to see how well you’re meeting your customers’ expectations. Now it’s easier than ever to:

• Capture complaints through multiple channels and centralize case management
• Standardize the complaint process with simple forms and tracking
• Help ensure all relevant complaint details are captured
• Automate complaint case assignment to improve efficiency
• Create cases and assign them to users automatically
• Escalate high-risk cases to management easily
• Provide users with the ability to group and sort cases
• Leverage reporting tools to gain vital insight into the complaint process

The benefits of having a single, fully integrated global compliance management solution from OnBase by Hyland are clear:

• Capture, store and manage risk assessments, requirements and controls information – all in one secure location
• Enforce organizational best practices
• Automate predictable steps in business processes
• Empower staff to complete knowledge-driven work
• Minimize manual tasks like completing spreadsheets and retrieving/filing documents
• Maximize productivity by allowing the global compliance group to focus on high-value tasks
• Eliminate the need for users to toggle between multiple applications and files
• Gain quick, easy access to regulations via the user-friendly interface
• Search across the entire compliance program
• Analyze compliance program data easily and quickly
• Leverage detailed dashboards and reporting to increase visibility into processes and high-risk assessments

Let’s Make Global Compliance Management Easier for You.

There’s no need to let compliance issues keep you awake at night. To learn more about the various ways we can help your organization improve global compliance management, simply request a Demo, and we will follow up with you shortly, or visit our Insurance page.