SAN FRANCISCO, March 24, 2020 (GLOBE NEWSWIRE) -- Compliance.ai, a leading provider of modern regulatory change management solutions, today announced it has added comprehensive coverage for U.S. insurance related regulatory content. Compliance.ai’s award-winning platform now grants transparent and near real-time access to relevant and timely insurance information, all in one place -- making it easier for compliance and risk teams at insurance companies to make decisions and reduce overall operational cost. Compliance.ai now offers comprehensive coverage for banking, financial services and insurance (BFSI), and is the first ever to offer automatic regulatory classification, sentencification and obligation extraction for the insurance industry across a wide range of regulatory sources and document types.
Insurance companies are struggling to keep track of the number and complexity of regulatory changes they must comply with. State-level insurance related regulations are diverse and there are significant differences between various states. Meanwhile, federal level insurance regulations are at odds with state-level regulations, resulting in manual, time consuming and costly regulatory change management processes, especially for organizations that operate in multiple states. In 2019, state insurance departments collected $3.17 billion in regulatory fees and assessments from the insurance industry, and collected $151.4 million in fines and penalties. In 2020, the spread of COVID-19 has led to a rapid influx of new actions related to private insurance in at least 18 states so far, while the federal government is passing additional legislation like the Families First Coronavirus Response Act that guarantees free testing for the virus.
“We’ve found many regulatory changes addressing banking, financial services and Insurance are related, and our clients have requested coverage across that spectrum,” said Kayvan Alikhani, CEO and co-founder of Compliance.ai. “We’re excited to offer our modern platform to compliance teams, helping them greatly simplify their banking and insurance regulatory change management processes using one unified solution”
“Researching financial regulatory compliance matters often requires access to content from adjacent topics: insurance tops that list and vice versa,” said Carliss Chatman, Assistant Professor at Washington and Lee University School of Law, and advisor to Compliance.ai. “Having financial and insurance related regulatory changes available under one platform helps improve regulatory research efficiency and provides a clearer regulatory landscape.”
About Compliance.ai
Compliance.ai is transforming the way highly regulated organizations address compliance risk. Its enterprise Modern Regulatory Change Management (RCM) solution empowers banks, financial services and insurance companies to proactively manage the growing volume and velocity of regulatory changes as they occur, and makes it simple to implement the correct steps to remain in compliance. Modern RCM by Compliance.ai delivers relevant content with personalized insights, obligation analysis and risk monitoring. With Compliance.ai, organizations can intelligently assess and mitigate compliance risk, avoid supervisory actions and safeguard their corporate reputations, and reduce their operational cost without increasing headcount.
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