The cornerstone of trust is compliance
Trust forms the bond between an insurance company and a policy holder. If a policy holder cannot rely on an insurance provider, broker or point of service, the bond will be severed and the policy holder will look for a more trusted provider or service.
Insurance companies have zero room for error in the eyes of their policy holders, and must fulfil all agreed obligations and pay out claims fairly and consistency – no ifs, ands, or buts.
And to build trust requires insurance companies to adhere to strict compliance regulations. Regulations which offer protection for policy holders and promote a sustainable, long-term insurance industry that defines success and reputation through sound risk management practices and market integrity.
But regulatory bodies within the insurance industry today are more stringent than ever in enforcing compliance and imposing penalties for violations in the forms of fines, legal actions and sanctions. So, it stands to reason that compliance efforts should be treated as vital to success and business continuity, and rightly assigned the highest priority within insurance companies.
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