The Property and Casualty (P&C) insurance industry has always had to follow a strict regime in the area of regulatory compliance. Insurance companies need to present evidence of regulatory compliance to internal decision makers as well as external auditors, proving the existence of all required controls. As part of the compliance requirements, reports must be produced to notify the management of any non-compliance.

The challenge before insurance companies lies in working out a solution that can help them to comply with existing and new regulatory compliance laws in a simple way. NIIT Technologies has the expertise and the experience to enable this cost-effectively.

Solutions

NIIT Technologies provides enterprise-wide solutions for insurance providers. We help our customers develop comprehensive reporting applications for regular reviews of all financial systems in the following ways

• Assisting customers with audit reports for SOX, AML, OFAC, etc.
• Assessing current and future regulatory risks
• Identifying non-compliance in financial systems
• Analyzing gaps in compliance within financial systems
• Enhancing IT governance

Business Value

NIIT Technologies’ experience of working with world’s leading insurance companies helps you extract the maximum possible benefits from our services. NIIT Technologies’ reporting applications bring the following business benefits to you:

• Quicker identification and elimination of current and future regulatory risks
• On time audit reporting for regulatory norms like SOX, AML, OFAC, etc
• Averting financial risks by timely identification of non-compliance in financial systems
• Substantial cost savings by enhanced IT governance