Traditionally, insurance organizations have consisted of siloed departments that are each responsible for specific parts of the business. As the industry evolves, insurers are responding to a shifting environment and finding value in working with more agility and efficiency. Collaboration among departments is becoming more important than ever.
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.
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.