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.
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.
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.
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.
It is my pleasure to introduce a guest blogger for this latest post. Jenn Shorr is a contract analyst here at Jacobson, administering contracts and overseeing Jacobson’s risk management program. Her insights into mandated employer benefits are worth a read. Enjoy…
The past five to seven years have seen a marked increase in the number of cities, municipalities and states enacting regulations or legislation that require employers to provide a variety of benefits including: paid or unpaid sick leave, disability coverage, extended FMLA leave, and mandated healthcare assistance. There are currently ten cities, municipalities or states that require employers to provide at least some sort of employee benefit—a number that is set to increase by the end of 2014. While some of these regulations have been impacted by the implementation of the PPACA, the movement towards local mandates has been a familiar employee benefits trend. As the workplace experiences a fundamental shift with traditional employment models being modified to make room for part-time, temporary, and consulting relationships, so too has the concept of benefits eligibility and entitlement.