As new laws and regulations come into place, most Property and Casualty (P&C) insurance companies find it challenging to adhere to legal and compliance norms. The industry has always been highly regulated. With increasing legal liability in many countries, new accounting standards coming into place, and uncertain regulatory and legislative developments in various countries, insurance companies are finding it increasingly tough to remain compliant.

More than ever, insurance companies now need to leverage the expertise of IT services providers to set up the right frameworks and systems to effectively negotiate the legal and compliance landscape. P&C companies now need responsive and agile systems that help them respond to every modification in legal requirements quickly and efficiently.

Offerings

NIIT Technologies offers solutions for your legal and compliance process.

In the context of regulatory norms, the Sarbanes-Oxley Act requires internal controls and governance over all financial systems, such as complete audit trails and a variety of regular assessments. NIIT Technologies provides end-to-end solutions for insurance service providers that adhere to all SOX requirements by:

• Providing internal controls at the process, transaction or application level
• Incorporating audit trails in all financial systems

To comply with the ruling of the Financial Crimes Enforcement Network (FinCEN) insurance companies must establish effective anti-money laundering processes. NIIT Technologies’ expertise in anti-money laundering solutions makes this easier for you.

Business Benefits

Our expertise and years of experience in offering solutions in the legal and compliance domain offers a huge advantage to our customers in the insurance space.

NIIT Technologies’ solutions bring you the following business benefits:

• Reduced business risk due to our enterprise-wide Anti Money Laundering solutions. These provide appropriate alerts to the business in case of any money-laundering attempts by customers.
• Compliance with all regulations, including SOX requirements.