Ove 90% of insurers surveyed recently cited regulatory compliance as a major "headache"...
Over 90% of companies cited the growing burden of regulatory compliance demands as one of the major 'headaches' the sector was confronted with, according to a survey conducted by eg Solutions at the recent IEA General Insurance Conference.
Initiatives such as Treating Customers Fairly (TCF), are also placing demands on productivity within the sector.
Of the sample questioned, 93% said their organisations could be more productive, despite the fact that only 40% of the sample had in place a formal method of measuring productivity.
Information technology however, was not viewed as the sole answer to these business issues. Only 53% of the sample genuinely believed that investment in new technology was money well spent.
Elizabeth Gooch, chief executive of eg Solutions, said: “We see a lot of companies deploying technology to drive operational efficiency – to save cost while improving consistency and quality.
"However, in many cases the implementation of large scale IT projects has more often than not created more issues than it has resolved.”
