“Reducing risk” seems to be the top factor influencing insurers’ decisions to invest in compliance-related technology systems.
Analysts at Wolters Kluwer Financial Services, Waltham, Mass., a division of Wolters Kluwer N.V., Alphen aan den Rijn, Netherlands, discuss the reasons for insurers’ investments in compliance technology in a report based on a survey of 340 insurance company executives.
About 60% cited risk reduction as a key factor, and 45% cited “inadequate systems.”
Companies with $250 million to $1 billion in direct written premiums were especially likely to mention inadquate systems, the analysts say.
- Allison Bell