Take a minute and look around at your home security features.
Assuming that most of you, like me, are still working remotely from your home offices, kitchen tables and other at-home workspaces, you’re probably able to quickly identify at least a few security measures right off the bat: double-bolted door locks, blinds/curtains for privacy, window stop-locks, doorbell cameras, and maybe even an alarm system.
In the past year, which has been one of the most difficult to date, America on average has invested more heavily in protecting their homes and their loved ones – probably the result of everyone either working from home or just being home more in general, especially with our kids.
Now, let me ask you this: have you taken the same measures with your customer data, video management and overall insurance business processes?
The truth is that, because so many of us now need remote access to sustain our roles, your data is also increasingly vulnerable. Sensitive customer information is being accessed and managed from people’s living rooms without any standard for who might see it or is able to access it. And how are you storing video evidence these days? Your office may have had a dedicated evidence storage space, such as an office or cabinets, but that space doesn’t translate when everyone is working remotely – it must be stored on your drive and yikes! That will take forever to load, let alone view or share with other parties.
As the nation adapts to this more remote lifestyle, so will the way in which we serve our customers. Data integrity is going to be under the microscope for the foreseeable future, complete with new compliance standards for sharing and storing information. Instead of being available from 9 to 5 at your desk, customers will need no contact, self-service access through online portals. And providing self-service options means having to rethink your entire business process – do you have a robust, secure data exchange portal? Is it mobile compatible? Can your customers electronically sign your contracts? Do you have the capacity to store and retrieve years’ worth of large video files?
Especially In the insurance space, regulatory tech (or “Reg Tech” for short) has always been a hot-button conversation. The difference is now, unlike before, there’s no room to squeak by with dated processes that might fall through the cracks from time to time. The DOI and other regulatory agencies will have no choice but to apply more stringent protocols, and customers will be talking about who’s doing what to better adapt to the times and best protect their information.
Reg tech is a necessity that needs an item line in your annual budgets. As you look at all the ways you’re saving money by adapting to a remote work model and applying for federal grants, such as the CARES Act, you may find that a completely auditable business process is within closer reach than you thought.
Jeff Heigert, Hyland’s Senior Customer Advisor for Insurance, summed up Reg Tech best by quoting an adage on our most recent episode of The Paperless Podcast: “If you don’t like the cost of compliance, try non-compliance!” Hear more from Jeff and other compliance thought leaders in the resources below – if nothing else, this jumpstarts your research on what regulatory technologies will best position your agency for the year ahead.
And, as always, if you have questions about video evidence management, auditable claims management, secure Cloud hosting, multi-step authentication practices, electronic signatures or just better safeguarding your practices and customer data, I’m only an email away.
Toni
Free Guide: What Leaders Need to Get Started with RegTech
The options for any type of digital transformation are simply daunting – but it becomes especially stressful when one of those luxury options becomes a necessity and, now, you need to make a game plan.
Remember the recipe for cooking an elephant: one piece at a time. Hyland’s quick study guide, “Regtech and the promise of digital transformation,” gives you a solid foundation to start meeting the stricter compliance standards ahead, including a breakdown of what all this RegTech terminology means, statistics, insights and deployment opportunities.
RegTech: If You Don’t Like the Cost of Compliance, Try Non-Compliance!
Regulatory technology, commonly referred to as “Reg Tech,” is technology that assists regulatory agencies in managing how information is stored, used, shared and discarded in accordance to compliance efforts.
As Jeff Heigert, Hyland’s Senior Customer Advisor for Insurance, explains, there are more than 750 regulatory bodies across the globe producing over 2,500 rule books relating to compliance. Organizations dedicate millions, if not billions, of their annual budget to comply because, as costly as compliance is, the consequences of non-compliance outweigh it all.
Join Jeff and his colleague Chad Kerns, Hyland’s Product Manager for Financial Services and Insurance, for a chat about what Reg Tech is, and its support for banking institutions, insurance agencies, mortgage companies and others throughout the entire regulatory life cycle. From regulating data management to reducing the time and financial cost of maintaining compliance by automating regulatory process, Jeff and Chad tag-team an interesting conversation that tackles how simple Reg Tech solutions are making a significant difference for global, cross-industry organizations and their customers. And if you’re an OnBase user, you won’t want to miss Chad’s breakdown of Reg Tech solutions and easily-implemented capabilities, like multi-factor authentication, document encryption and redaction, online viewing identity protection and security keywords, which are simple to learn and, ultimately, reallocate manpower and capital resources to higher-level initiatives, like customer engagement and satisfaction.
Costly, Risky, Manual and Disconnected: The Traits of Unregulated Processes
2020 ushered in widespread remote processes and, unfortunately, an uptick in fraudulent activity. For financial institutions, like insurance, this means that compliance standards will be rising to meet today’s needs for secure, work-from-home operations, and to safeguard their customers and staff against deceitful data hacks.
In a recent blog, Hyland outlines three key areas where Regulatory Technologies and the sophisticated analytics that accompany them are providing insurance agencies with immediate support. As you’ll read, being equipped with robust, regulatory tech keeps you prepared for audits, allows you to keep up with changes to existing regulation, helps you identify fraudulent activity sooner, supports investigations, and assures your staff and customers that they – “the lifeblood of your organization” – are protected.
Read “RegTech 101: You can’t regulate what you can’t see”
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