Outsourcing regulatory requirements will enable Insurance carriers to comply with state and federal requirements as well as enable tremendous savings with the implementation of electronic content management, enterprise resource planning and business process management processes.
According to ValueNotes, the crucial drivers for the insurance outsourcing industry are insurance regulation and statutory documentation in the US.
A broad array of regulations - from the Health Insurance Portability and Accountability Act of 1996 (HIPAA) through to the USA PATRIOT Act of 2001, the Gramm-Leach-Bliley Act of 1999 (GLBA) and the Sarbanes-Oxley Act of 2002 - have resulted in mandatory regulatory compliance by insurance companies and increased investment to achieve it.
Even HIPAA compliance, which has less direct impact on the insurance sector, is estimated to cost Property & Casualty (P&C) and Life & Annuity (L&A) insurers vast amounts of expenditure. Another concern for US insurance companies is the USA PATRIOT Act which requires companies to determine suspicious monetary transactions and requires effective electronic content management and data warehousing.
At O2I, we believe that Insurance carriers can use regulatory compliance as an opportunity to improve their business practices, tighten up lax controls and deal with fragmented financial management and ERP transactional systems.
Various high profile security breaches in Indian companies have resulted in probably the world’s most robust self regulation with regards to data security. According to Nasscom’s Mehta, the new self-regulatory organization will not only help establish best practices for data privacy and security and help India be more competitive with alternate outsourcing destinations; it will also have a training component to help outsourcing companies become compliant.
At O2I we believe security issues to be of paramount concern and have launched a variety of service enhancements ranging from ID Fraud prevention to newer and more streamlined technologies. Our employees undergo rigorous evaluation, continuous monitoring and are required to sign confidentiality agreements. Core information is shared only within a limited group of people. In addition to high level systems security, individual workstation activity is constantly screened and monitored for any inappropriate activity. Furthermore we are bound by contractual and legal validity to our commitment to data security.
Professional, legal and Paralegal Services interact with IT industry to prepare Electronic content management services and business practice methodology that enables regulatory compliance. We have a wide array of experience in this field and state of the art infrastructure including sufficient bandwidth, which is compatible with the requirements of outsourcing.
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