Capitalising on compliance

Like many other industries, increasing regulation is placing pressure on insurance organisations to change the way they do business. Insurers have had to ensure compliance with the EU’s General Data Protection Regulation (GDPR) as well as turn their attention to meeting the requirements of the upcoming International Financial Reporting Standard, IFRS 17, ahead of its effective date of 1 January 2022.

A recent roundtable event held in partnership with Insurance Post highlighted that regulatory requirements undoubtedly bring many challenges, not least that multi-million pound projects often take years to complete and too frequently fail mid-project due to the pressures placed on legacy system capabilities.

What became clear during discussions is that there needs to be a culture shift and a more pragmatic, iterative approach adopted by insurance companies when it comes to regulatory reporting.

This short article highlights why data should be at the forefront of this important change and why insurers need to consider what they can do with their data beyond regulatory reporting.