Tool designed to help insurance buyers ensure their programmes are globally compliant
UK risk managers’ association Airmic and insurance data firm Axco have launched a global insurance compliance database.
The database of regulatory requirements, called Insight Risk Manager, is designed to help insurance buyers ensure that their insurance programmes are compliant with regulations globally.
Insight Risk manager provides information on local compliance and regulatory insurance requirements, policy conditions and premium payment terms.
Buyers can get access to the database as part of their Airmic membership.
Airmic said the database was intended to provide consistent, up-to-date information, as well as to assist insurance buyers in conducting informed discussions with their brokers.
Airmic chairwoman-elect Helen Pope said: “Compliance for global insurance programmes will probably never be easy, but the new database will provide risk managers with access to a single, authoritative source they can consult whenever they want.”
Axco business development director Tim Yeates added: “The need for change was highlighted several years ago by a group of risk managers and broker representatives concerned by a lack of information consistency that in turn had led to uncertainty in the buyer community.
“Backed by the leading brokers in the world, an information tool such as Insight Risk Manager allows intelligent dialogue around the critical theme of compliance.”