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.