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Regulations in the Age of Cybersecurity

Posted by Richard Jacobson on Jun 5, 2018 12:53:53 PM

From Yahoo to Sony to Equifax, data breaches and cyber hacks are becoming more and more common. And they are not getting any cheaper. In fact, according to Ponemon’s Cost of Data Breach Survey, the cost of a hack is on the rise – 2017 set a record high with an average total cost of $7.35 million; and the insurance industry is not immune. In fact, more than 100 million Americans have had their information hacked in insurance sector data breaches.

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Topics: Compliance, Regulations, Cybersecurity

Regulatory Update: Does your talent provider have your back?

Posted by Richard Jacobson on Feb 14, 2017 9:00:00 AM

We stand amidst a contract-focused business reality. In today’s marketplace, it is vital that organizations are aware of contract standards when engaging with a staffing firm. Nearly four years ago, we delved into the importance of contract compliance. As we mentioned in that previous post, a contract without a strong process to ensure the clauses are clearly understood, tracked, implemented and audited, as they say, isn’t worth the paper it is printed on.

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Topics: Managed Care, Property and Casualty, Compliance, Life and Disability, Healthcare

Financial Transformations: Why They’re Taking the Industry by Storm

Posted by Richard Jacobson on Oct 29, 2015 8:48:19 AM

It is my pleasure to introduce a guest blogger for this latest post. Brad Whatley is senior vice president here at Jacobson, providing leadership and guidance to our life and disability subject matter experts team. His insights into the industry’s financial transformation are worth a read. Enjoy…

The insurance industry is facing a number of critical disruptions across all dimensions. Growing technological advances, increasing regulations and burgeoning competitive pressures have made the ability to transform functions and critical operations essential for continued success. This is all the more true within the insurance industry’s financial segment.

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Topics: Managed Care, Property and Casualty, Compliance, Life and Disability, Healthcare

The Regulatory Revolution: Five Emerging Trends Impacting the Insurance Industry

Posted by Richard Jacobson on Jun 3, 2015 4:13:00 PM

Regulatory bodies, both within the U.S. and internationally, have turned their focus toward expanding their oversight and enforcement activities. With this trend only expected to accelerate, the increase in regulatory changes is creating an industry-wide ripple effect that is expected to impact the majority of insurers. 

Already, the industry is predicting a number of new rules and modified requirements that could significantly affect how insurers operate. In order to succeed in this evolving environment, organizations need to stay on top of impending changes and their potential impact, lest they find themselves scurrying to achieve compliance at the eleventh hour. 

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Topics: Managed Care, Property and Casualty, Compliance, Life and Disability, Healthcare

Are Industry Regulations Leaving You in the Lurch?

Posted by Richard Jacobson on Mar 19, 2014 8:46:00 AM

A wave of new regulatory initiatives is hitting the life insurance industry. These reporting requirements are leading many insurers to take a deeper look at their current employees and evaluate their staffing efforts.

According to a study by Towers Watson, merely 27 percent of current life insurance personnel understand the basics of these new regulatory requirements. In addition, only 13 percent of key personnel are considered experts in these new requirements and the changes they will bring. Insurance companies are looking to implement in-house training programs, as well as bring in additional staff with a better grasp of the regulatory changes and compliance needs.

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Topics: Compliance, Life and Disability