A failure to process claims in a timely manner and a failure to use compliant policy forms top the list of complaints filed in the P&C and life/health insurance markets, according to Wolters Kluwer Financial Services. Other continuous challenges cited were a failure to properly embed regulatory requirements into claims, underwriting and distribution processes.
“These noncompliance risks can be mitigated through a program of regulatory change management and frequent self audits,” says Kathy Donovan, senior compliance counsel, Insurance, at Wolters Kluwer.
