In today’s complex regulatory landscape, the insurance industry has to follow numerous compliance requirements. The industry’s ability to serve as a vital safeguard depends heavily on maintaining strict adherence to regulatory standards and ethical practices. Enter insurance compliance—an integral aspect of the industry that ensures fair treatment, transparency, and the maintenance of trust between insurers, policyholders, and regulatory bodies.
Keeping up with all the compliance requirements is extremely complicated. But this process can be streamlined by using some modern digital management systems known as insurance compliance software.
Learn more about insurance compliance software and the best compliance management software tools for 2023 in this article.
What is Insurance Compliance Software?
Insurance compliance software, also known as insurance compliance management software, is a powerful tool that helps insurance agents/agencies simplify their compliance processes. This software provides a centralized platform to manage and monitor compliance activities, ensuring adherence to regulations, industry standards, and policies. It empowers businesses to address compliance issues, reduce risks and maintain a strong culture of good compliance.
What are the Benefits of Using Insurance Compliance Software?
Insurance compliance software provides an organized approach to compliance management, enabling businesses to operate under ethical conditions. Here are some of the benefits of using a compliance software:
Streamlined insurance compliance process
Stay up to date with the ever-changing regulatory insurance landscape
Reduce risks by identifying, assessing, and mitigating risks
Enhanced data security through protection of sensitive data and maintenance of data privacy
Maintain a comprehensive audit trail and documentation
Robust reporting and analytics to generate accurate and timely reports for compliance
Increased culture of transparency and accountability
Training and education through insurance compliance software solutions
What to Look for in Insurance Compliance Management Software?
Choosing the right reliable compliance management software is crucial. You have to choose software that provides all the benefits you require. So, make sure to keep an eye out for these features:
Incident and complaint management
Regulatory intelligence tracking
Easy to use and setup
Customizable features to suit your team structure
Policy management
Track workflows and monitor real time progress
Notifications
Reporting and analytics to get compliance reports
Cost-friendly and suits your budget
Good customer service and support
Best Insurance Compliance Management Software for 2023
When it comes to insurance compliance management software, several companies offer robust features and functionalities to help businesses simplify and monitor their compliance processes proactively.
Here are some of the best compliance management software options available in 2023:
myCOI is a complete Certificate of Insurance (COI) software and service solution that was founded in 2009. It is an easy-to-use cloud-based platform that protects businesses against costly claims and ensures end-to-end compliance. The platform is powered by next-generation technology, including artificial intelligence,
This comprehensive software solution streamlines the insurance compliance process through automation. It incorporates advanced functionalities aligned with industry logic to guarantee that suitable and up-to-date insurance coverage consistently safeguards customers. myCOI provides a centralized solution to streamline COI management, track compliance, and provide risk reporting. It combines state-of-the-art technology and extensive industry knowledge and efficiently receives and scans certificates of insurance (COIs), ensuring compliance with customer-defined standards.
The specialties of myCOI are:
Certificate of Insurance Tracking
Construction Risk Management
Vendor Insurance Compliance
Property Management
COI Tracking, Risk Management
Risk Management
Certificate of Insurance Software
Real Estate Risk Management
Insurance Software
General Contractor Insurance Tracking
Document Management
TrustLayer is an automated insurance verification and Certificates of Insurance tracking software that helps companies verify insurance coverage of their business partners. It is a collaborative risk management software that empowers businesses with a streamlined process to minimize friction and enhance efficiency.
TrustLayer helps protect businesses from expensive claims and lawsuits that can cost businesses millions. It also helps verify that Certificates of Insurance (COIs) collected actually meet specified requirements and represent valid and current insurance policies to help increase insurance compliance and decrease risk.
TrustLayer’s specialties are Insurance Technology, Risk Management, and Insurance Management.
API
Customizable Templates
Access Controls/Permissions
Dashboard
Activity Dashboard
Data Visualization
Activity Tracking
Document Management
Alerts/Escalation
Document Storage
Alerts/Notifications
Forms Management
Archiving & Retention
Monitoring
Audit Management
Operational Risk Management
Audit Trail
Policy Management
Compliance Management
Process/Workflow Automation
Compliance Tracking
Customizable Reports
Hearsay is a client engagement platform, purpose-built for financial service firms that drives administrative and operational efficiency while reducing operational cost, complexity, and risk. Top firms rely on Hearsay to scale reach, optimize engagements, and deliver exceptional service in a compliant manner.
Hearsay empowers firms to confidently deploy digital client engagement mediums. With Hearsay, businesses can enable seamless legal and regulatory compliance and monitoring of digital engagement channels, including social media, text and voice, websites and more— in line with global requirements from FINRA, SEC, IIROC, FCA, PRA and other regulatory bodies.
The top features of Hearsay are:
Social Analytics
Social Media Monitoring
Social Publishing
User, Role, and Access Management
Campaign Optimization
Policies and Controls
Social Engagement
Security Reporting
Social Ads
Brand Design Consistency
AuditBoard is a leading cloud-based platform that is transforming audit, risk, and compliance management with its exceptional solutions and tools. At the core of AuditBoard, lies a set of powerful platform capabilities that includes collaboration, automation, a robust workflow engine, business intelligence, and a highly extensible integration layer.
The compliance tool by AuditBoard enables businesses to build trust and scale their security compliance program with a connected risk platform that unifies SOC 2, ISO 2700x, NIST, CMMC, PCI DSS, and more across your organization.
The notable features of AuditBoard are:
API
Compliance Tracking
Access Controls/Permissions
Configurable Workflow
Activity Dashboard
Controls Audit
Assessment Management
Customizable Dashboard
Audit Management
Customizable Templates
Audit Planning
Dashboard
Business Process Control
Data Import/Export
Collaboration Tools
FDA Compliance
Compliance Management
KPI Monitoring
Account Ability is compliance management software designed to support small and medium-sized enterprises to uphold the necessary standards set by the SSA, IRS, and State authorities. The software has features for generation of printable or electronically filed copies of relevant documents, using forms approved by the IRS.
Businesses using Account Ability can access laser and continuous tax forms, Llabor Llaw posters, envelopes, and income tax presentation supplies through the integrated Forms Division module. Moreover, with the Manifest Management and Testing dialog, businesses can effectively handle their clients’ 1094/1095 submissions, streamlining the process by managing everything from a centralized platform.
Key features of the Account Ability software include:
Audit management
Compliance tracking
Workflow automation
File storage
Forms creation.
accessiBe is cloud-based compliance solution that helps businesses enhance their websites to meet the requirements of the Americans with Disabilities Act (ADA) and the Web Content Accessibility Guidelines (WCAG). accessiBee comes with an advanced screen reader powered by artificial intelligence (AI), enabling it to automatically scan, analyze, and identify various web elements such as images and tags. The screen reader aids visually impaired individuals in browsing content effectively.
accessiBee is suitable for all kinds of businesses from solopreneurs to large corporations. It supports integration with various websites like WordPress, WooCommerce, Shopify, Magento, and more.
Deque is a world-class platform for digital accessibility that is trusted by the world’s largest and most complex government and business organizations. Deque’s industry-leading tool suite makes digital accessibility more automated and more sustainable from end to end.
Whether you require prompt assistance with compliance or are seeking to establish a long-term digital accessibility strategy, Deque provides top-tier tools, services, and training options to meet your needs effectively.
Deque’s solution is based on a world-renowned accessibility rule engine called ax-core. Deque Inc.’s web accessibility solution revolves around four robust tools:
Effective insurance compliance management is extremely crucial for modern insurance operations as it helps them avoid costly fines, legal disputes, reputational damage, and operational disruptions. It promotes a proactive and systematic approach to compliance, helping businesses meet their legal obligations and protect their reputation. Insurance compliance management provides an organized approach to identify, assess, and mitigate risks as well.
In a nutshell, insurance compliance management software helps businesses to establish a culture of continuous improvement. A good insurance compliance management software offers features such as customizable workflows, document management, risk assessment, reporting capabilities, and compliance monitoring. It enables businesses to centralize compliance data, track obligations, monitor regulatory changes, and implement control measures effectively.
Our list of best compliance software was based on factors like pricing, ease of use, customization features, reporting, and support. Hence, you can choose insurance compliance software from our curated list or research about more tools that provide reliable insurance compliance management.
