Some thoughts from Vertafore on compliance and data analytics, from Tim Owen, VP, product management, Vertafore and Douglas Mohr, VP, industry relations & partnerships.
THE COMPLIANCE CHALLENGE
Tim Owen
“Compliance regulations are constantly changing and advancing, making it difficult for insurers to keep up. While this won’t change in the new year, automation will help insurance professionals remove manual processes and reduce human error.
Developments in compliance automation technology are empowering modern insurers to better navigate these complexities. Investments in automation and AI are revolutionizing the insurance industry by streamlining compliance, boosting efficiency and accuracy, and opening doors to new business opportunities.
AI-driven automation is quickly becoming a tangible part of insurance operations, with many insurers already exploring its integration into their workflows. As regulatory requirements continue to evolve, the adoption of automation technology and AI in compliance practices will become increasingly common.
For example, regulatory compliance compels insurers to conduct routine reporting and audits. Automation software can continuously monitor transactions and activities in real time, ensuring better adherence to these requirements. This real-time monitoring capability allows for immediate detection and correction of any issue that falls short of the current regulatory standard.
Companies that embrace automation will be better positioned to navigate the complexities of the regulatory landscape, drive innovation, and achieve sustainable growth. Looking ahead, insurance professionals who fully embrace compliance technology can minimize errors and focus more on strategic priorities.”
DATA ANALYTICS
Doug Mohr
“This year we’ll see more insurance agencies leverage their tech solutions for high-quality, valuable data—an acceleration of a trend that started a couple of years ago. Technology built to gather and analyze data allows agency leaders to drill down into insights on staff performance, risk assessment, client communications, sales, retention, renewals, and other decision-making factors.
Best-of-breed technologies designed for data capture and analysis will reduce labor-intensive processes, distribute data easily to the people who need it, and deliver business strategy and growth insights.
Predictive artificial intelligence and high-quality data analytics can help agencies quickly spot trends in client retention, flag the best prospects for cross-selling, and provide the likely outcomes of adding a line of business. With data-backed predictions, agencies can create a crystal-clear picture of their value. For agencies looking to be acquired, high-quality data also attracts the interest of investors and buyers.
In 2025, the ability to collect and analyze data will become a “must-have” for agencies that want to increase productivity and their bottom line. InsurTech solutions focused on data management are already available, and these tools will only get better as the industry becomes increasingly data driven. Now is the ideal time for agencies to harness the data capabilities that technology provides.”
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