Increasing regulation, persistent talent shortages, rising cost pressures and an ever-changing risk landscape are creating unprecedented compliance challenges for the insurance industry.

It’s no surprise that compliance teams are looking to technology to help reduce the regulatory burden. 

According to Deloitte, demand for solutions across the financial services industry has driven the rise of RegTech; the adoption of emerging technologies to automate some of the more routine compliance tasks and reduce the operational risks associated with meeting compliance and reporting obligations.

End to end compliance 

The term RegTech might be relatively new, but BAIS insurance technology is one company that has been developing technology-driven solutions to address compliance challenges since 1993.

The company’s most recent iBAIS 2.0 system is a full, end-to-end policy and claims processing system with trust accounting and full general ledger designed for small-to-medium and corporate brokers, underwriting agencies and claims management companies.

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