GRC in the Insurance Industry

Insurance industry has gone through tremendous transformation. Emerging from a period of market uncertainty, insurance companies are faced with the challenge of finding new ways to create value while managing risks and staying on top of increasing regulatory requirements.

Effective risk management is top priority of insurance companies. They are struggling to gain greater efficiency in their compliance initiatives. Insurance companies are realizing that proactive investment in enterprise governance, risk and compliance automation yields satisfactory ROI in terms of operational sustainability and business growth.

Many companies are aiming to achieve added value through governance, risk and compliance initiatives, which embed rules, processes and controls that align with the organization’s operating policies and strategic objectives.

However, many insurance companies still lack the ability to develop a holistic view of risk across all levels of the organization. Achieving a holistic view of risk in the insurance industry is proving to be a challenge for most companies because of the operational autonomy of business units. All departments within the organization are using different and multiple compliance tools, thus increasing cost, creating silos and mistrust in risk and compliance data and preventing executives from making intelligent decisions in a timely manner. Also, manual processes are more prone to error. They slow down the transfer of vital business information and keep the focus of executives away from higher-value tasks.

Automation is the only key for staying current with the changing business landscape. There exists an opportunity in for insurance companies who have the capacity to turn risks into rewards. However, they need to have tighter controls in place for their overall risk portfolio due to the emergence of new and yet to be understood risks, such as those associated with financial markets, rapid change in laws and regulations, information security threats and market instability.

360factors provides an Integrated Risk, Information, Compliance and Audit Management System, which coupled with expert consulting services, enables insurance companies to improve their operational efficiencies, mitigate their risks and maintain compliance with internal/external requirements and standards.

About the Company

360factors, Inc. helps companies improve business performance by reducing risk and ensuring compliance. Predict360, its flagship software product, vertically integrates regulations and requirements, policies and procedures, risks and controls, audit and inspections, safety management systems and on-line training and qualifications, in a single cloud-based platform.

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