FinTech is a very demanding field for doing business. One of the most challenging issues out there is compliance, which is basically staying in line with both local and global requirements. Many institutions expect companies to obey the law and they enforce it when new digital products enter the market. Insurance compliance software helps companies to meet these requirements and do business headache-free. Here’s a list of software you may want to consider.
What counts as insurance compliance software?
Before we give you the list, let’s take a second and think about what insurance compliance software is. The question is valid, since there are applications that don’t meet the requirement. The basic idea is that the application needs to be helpful, so there’s a short list that specifies the outcome. Insurance compliance software:
has tools to manage different compliance policies and processes. You need to have constant access to information and changing conditions;
provides audit trails for compliance officers, giving them a solid background for their paperwork;
These requirements will give you some insight into what you need to expect and demand from already existing marketing solutions. However, if you can’t find anything that suits your specific needs, you may want to consider insurance software development services.
The criteria for successful insurance compliance software
When you think of good insurance compliance software, the first thing that comes to mind can be “help”. This type of application should serve as a management tool as well as a precise assistant that dictates the process of software development and managing an ever-changing legal environment.
Because of that, look for applications that really have what it takes. A simple checklist for already implemented policies will do but things like incident and complaint management, regulatory intelligence tracking, workflow reporting, and export of implemented features would go a long way.
Efficient insurance compliance software will help you guide the entire process of making the product. As an extension, it will save you money. When it comes to paying fines, the right choice in the field of insurance compliance software will guard you. Compliance means security – for you and the end-user.
The list of insurance compliance products
University Park, United States
Applied Epic is the industrys most technologically advanced, flexible and secure cloud-based agency management system, providing powerful automation capabilities and a greater level of visibility across an entire book of business. The system offers a single, open application with integrated capabilities to efficiently manage customer relationships, policy and benefits administration, sales automation, and financial accounting processes.
Datacard Data Production and Process Management (DPP)
Minneapolis, United States
Help secure credential issuance programs reach full production speed more quickly with Datacard Data Production and Process Management (DPP) software. Whether you are managing a start-up or enhancing an existing program, this software enables fully integrated control over the data required for personalization and post-production activities.
Hearsay Systems is reinventing the human-client experience in financial services. The Hearsay Client Engagement Platform empowers over 200,000 advisors and agents to authentically and intelligently grow business relationships by proactively guiding and capturing the last mile of digital communications. The world’s leading financial firms—including Allstate, New York Life, Morgan Stanley, and Charles Schwab—rely on Hearsay’s SaaS platform to scale their reach, optimize sales engagements, and deliver exceptional client service in a consistent and compliant manner. Hearsay is headquartered in San Francisco, with locations throughout North America, Europe and Asia.
The LexisNexis WorldCompliance Online Search Tool enables you to manually screen prospective clients and perform enhanced due diligence.The Online Search tool product allows users to perform initial due diligence by screening potential clients, agents and business partners through the industry-leading LexisNexis® WorldCompliance database. Containing more than 2.5 million detailed profiles, the database helps clients detect individuals, organizations and vessels linked to more than 50 risk categories; including: Sanctions, Foreign Officials, and State Owned Enterprises.
With Risk Management Center, you’ll stand out from the competition and become your clients’ lasting broker of record—the partner they trust for risk management assistance and guidance.https://www.kpa.io/risk-management-center.
Sircon Onboarding and Compliance easily modernizes an insurers administration of producers. Automate the onboarding of new producers with digital processing that ensures regulatory compliance. Complete self-service automation of additional appointments, renewals, and terminations.
With thousands of producers that are changing all the time, how can you make sure you always have the latest data on hand without spending lots of time doing it? Producer Central is a single-source of truth, serving your organization for all agent and agency data, and keeping it up to date and accurate.
VUE Contracting & Compliance is designed for large distributors (MGA, FMO, IMO, and Brokers) working with multiple insurers who wish to modernize their administration and grow their business. VUE’s once-and-done workflow automates the entire producer management process including producer licensing, contracting, and compliance. It automates the contracting of new producers with digital processing that ensures regulatory compliance, complete self-service automation of additional appointment requests, license terminations, and ongoing product training certification.
AgentSync is building a frictionless producer management tool that removes barriers to innovation, enables efficiency and scaling, and lets each stakeholder focus on doing their job better. AgentSync tackles all elements of producer management, including: onboarding, contracting, licensing verification & ongoing compliance management.
Jones Software is the simplest liability solution ever made for real estate. Find, manage, check compliance, and approve any vendor or tenant – in a matter of minutes, all in one place. No hassles. No costly mistakes. 10 minutes a week.
Quantivate Regulatory Compliance software for insurance companies provides a strong software solution for compliance managers to manage a wide variety of regulatory and compliance processes and ensures accountability throughout the organization.
SmartCompliance is the #1 certificate of insurance management software for brokers, insurance consultants, and risk managers. Our easy-to-use certificate tracking software helps insurance professionals streamline their COI processes by automating certificate of insurance tracking and collection, eliminating manual data entry, and ensuring vendor compliance. Mitigate your risk of an underinsured claim by centralizing your tracking process and compliance reporting on one platform.
Superscript is the first insurance provider to focus 100% on the needs of digital businesses. As digital natives ourselves, we understand their goals, motivations and frustrations better than anybody else. We‚ve rebuilt business cover from the ground up ‚ì leaving our customers to focus on what they do best.
BindHQ is a SaaS technology provider focused on building and delivering the software, tools, products and insights required to supercharge the performance of MGAs, MGUs & Wholesalers.
As an all-in-one cloud-based solution, BindHQ enables its users to work any time, anywhere, and on any device, and provides configurable and intuitive business workflows that reflect how specialty insurance intermediaries need to conduct business in the 21st century. With a robust reporting capability, fully integrated accounting and compliance modules, and modern user interface designed for simplicity, BindHQ empowers agency owners to transform the way they do business.
BindHQ platform currently processes over $400 million in transactions each year for some of North America’s fastest growing insurance wholesale intermediaries.
The PCRM (Producer Compliance Requirements Management) solution takes information that is traditionally siloed and brings it together into a warehouse of data. Through PCRM agencies, brokers, carriers and adjusters can manage the professional certificate life cycle from end-to-end. Check out our one-stop shop, web-based solution for Insurance Compliance.
RiskVille is a flexible scalable cloud solution for insurance companies, insurance brokers, insurance agencies, and captive managers with modules like:
2) Rating, Quoting, Policy Management, and issuance
3) Billing and reporting
4) Claims Management
5) Document and Mail handling.
Its single data storage accessible 24/7 for managing personal lines, commercial lines, or benefits.
Our know-how allows us to set 3 times lower price than competitors.
We can implement it for you within 3 days.
TrustLayer is an automated insurance verification and Certificates of Insurance tracking software that helps companies verify insurance coverage of their business partners. TrustLayer helps protect businesses from costly claims and lawsuits that can cost businesses millions. Verify that Certificates of Insurance (COIs) collected actually meet specified requirements and represent valid and current insurance policies helps increase insurance compliance and decrease risk.