How to Structure a Compliant Captive Insurance Company
A THREE-STEP ROADMAP FOR ENABLING SECURITY AND COMPLIANCE
How to Structure a Compliant Captive Insurance Company
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A THREE-STEP ROADMAP FOR ENABLING SECURITY AND COMPLIANCE
Before discussing a solution , we must first identify how the contemporary insurance industry ’ s security issues first arose . Something that Heaven and Perry both point out is insurers ’ tendency to employ external security experts to undertake expensive and time-consuming audits on key processes like underwriting . This practice can be prohibitively expensive for SMBs ( small-medium businesses ) and ultimately yields an unsatisfactorily shallow impression of a company ’ s IT posture . Perry adds , “ Most companies today also tend to base their business verification on outdated , inefficient and manual KYB ( know your business ) processes that , on top of everything else , offer a poor experience for their clients .”
These problems are the relics of an older industry where legacy tech had not yet been supplanted by pioneering digital alternatives . As such , the road map for modernisation involves a thorough reassessment of five essential insurance aspects : client acquisition , underwriting , portfolio monitoring , postclaim support and value-added services .
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