Meeting regulatory demands has always been a key challenge facing insurance companies. All over the world, insurance has always been one of the most tightly regulated industries. Even slight non-compliance leads to severe penalties.

The dynamic nature of the industry, coupled with intense competition and ever-changing disclosure norms and regulations, demands that insurance companies bring in specialized expertise and IT services to cater to these.

Insurance companies are now mandated to meet new and expanding compliance regulations. NIIT Technologies provides enterprise-wide solutions for insurance providers that meet existing and new regulatory compliance laws.

Offerings

NIIT Technologies’ solutions make your legal and compliance processes more agile and responsive, so that you can respond to every regulatory change quickly and efficiently.

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 companies 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.
• Bondstar for bond trades
• Compliance with all regulations, including SOX requirements.