INSURANCE at ther and ore that , have a solid ocess ,” he adds . andardise , validate the at ’ s there . d to be able to ta from multiple form whatever it is ancial institution , solve .” It is not only ata that financial oviders should be leverage either . notes , the impact of ata can be incredibly o . with ongoing automated compliance monitoring , is on the rise . This enables insurers to remain compliant with the evolving regulatory landscape and changes in company ownership efficiently , without constant manual oversight . Audit trails are particularly useful in ensuring accountability and visibility , allowing insurers to demonstrate compliance with regulatory standards . However , with AI comes an added layer of compliance . Businesses may be fined for using AI unlawfully or failing to provide transparency around AI use , so the importance of staying up to date on regulation cannot be overstated .
“ Insurtech solutions provide robust data management systems that ensure that data is collected , stored and processed in accordance with regulatory requirements , such as GDPR and the Data Protection Act ,” says Harrison .
“ In addition to this , the use of data and technology during customer and thirdparty onboarding , coupled with ongoing automated compliance monitoring is on the rise . Doing so enables insurers to remain compliant with the evolving regulatory landscape and changes in company ownership for example , in a fast , accurate and efficient way , without the need for constant manual oversight .” ph details the ta integrity ’ journey insurtechdigital . com 79