ARK’s Post

In an industry where there can be steep regulatory demands, staying compliant requires not only vigilance but also the ability to automate your compliance reporting. Mercury's real-time reporting capabilities provide your insurance company with the tools to do just that. Instantly generate detailed compliance reports, adapt to new regulations, and make data-driven decisions that keep you ahead of the curve. Our platform ensures that your compliance status stays current, mitigating risks and improving efficiency. Explore how Mercury can transform your approach to compliance with powerful automated systems that even submit your compliance reports 100% automatically. With Mercury, you're not just complying; you're setting a standard for excellence in the insurance industry. Connect with us today to see how we can help you streamline your compliance processes and embrace a proactive stance toward insurance compliance and reporting.

Insurance claims getting slowed down by manual processes? Let's transform your recorded statement workflow with automation that works. Here's the impact: 1️⃣ Efficiency Boost: Record, store, and transcribe statements automatically - no more juggling multiple systems or manual data entry. 2️⃣ Accuracy Wins: Capture every detail with crystal-clear recordings and secure storage, strengthening your fraud detection and legal position. 3️⃣ Focus on What Matters: Free your adjusters from administrative tasks so they can focus on what they do best - investigating and resolving claims. 4️⃣ Fast & Reliable Access: Find any recorded statement instantly when you need it, whether it's from last week or last year. 5️⃣ Simple & Secure: One unified platform for your entire recorded statement lifecycle, with enterprise-level security built in. Find out more: https://hubs.ly/Q02ZB23Z0  #insurtech #recordedstatementsoftware

The insurance industry has long been hesitant to embrace digital-first frameworks when it comes to compliance and regulation change management. But things are changing. Internal stakeholders and state regulators are no longer accepting traditional methods as an excuse for noncompliance. As a result, more companies are turning to tech-based compliance solutions like AgentSync. Want to learn more about why AgentSync is becoming the go-to solution for compliance management in the insurance industry? Check out this article: https://lnkd.in/eA-5xuQt Ryan Ward, Rachel Simon, Julia Falk Mulhern, Kimber Doolittle #compliance #management #insuranceindustry

ICYMI: tech blog Another insurance company potentially pilfered, users unknown: Globe Life says they closed down a portal after learning about a potential breach of information. What was taken and who was affected is still being investigated, according to Hackread’s article. The article also goes in to detail on a kickback scheme potentially affecting the company as well. For full details, read the hackread article: […] check it out!

Brokers: have you ever seen an insurance proposal that writes itself? After shadowing brokers over the past month, my take is that preparing proposals shouldn't take longer than 3 minutes. But this is painful because: 1-It’s easy to skip or miss items. How many times have you found a fee, or a clause, buried in a footnote? 2-There’s no way of getting all the coverages, endorsements, and terms out of every quote quickly. Have your fingers ever tired from hitting Ctrl C + Ctrl V over 100 times? 3-Some quote formats feel like divine punishment. Do you transcribe each item manually when your quote turns out to be an image file? I took to the whiteboard and drafted what an ideal solution looked like: drag and drop a group of files and quotes, then have AI pull out the information and hand me back a document, complete with coverages, endorsements, forms, and exclusions. A finished file that could be reviewed and sent to a client in two clicks. So that’s what my team and I built. Ready to get in front of more clients? Test it out here: www.praxos.ai.

Exciting News for Brokers! Hey everyone, My friend Lucas just unveiled a game-changing software tailored for brokers at Praxos Company. It's intuitive, efficient, and designed to empower brokers. From streamlining workflows to providing complete solutions, this software is set to revolutionize the brokerage experience. If you're in this world or know someone who is, don't miss this post to learn more about this innovative solution.

The insurance industry has long been hesitant to embrace digital-first frameworks when it comes to compliance and regulation change management. But things are changing. Internal stakeholders and state regulators are no longer accepting traditional methods as an excuse for noncompliance. As a result, more companies are turning to tech-based compliance solutions like AgentSync. Want to learn more about why AgentSync is becoming the go-to solution for compliance management in the insurance industry? Check out this article: https://lnkd.in/ef6Rxcrr Ryan Ward, Rachel Simon, Julia Falk Mulhern, Kimber Doolittle #compliance #management #insuranceindustry

Is Your Compliance Program Ready for 2025? DOJ's Latest Guidance Raises the Bar The U.S. Department of Justice has just raised the stakes for corporate compliance programs. In its September 2024 update to the Evaluation of Corporate Compliance Programs guidance, the DOJ sets new expectations that could reshape how companies approach compliance. From leveraging data analytics in risk assessments to demonstrating the effectiveness of training beyond mere completion rates, the updated guidance pushes companies to adopt more sophisticated, proactive approaches to compliance. It emphasizes the need for continuous improvement, robust third-party management, and seamless integration of compliance considerations in M&A activities. But perhaps most importantly, the DOJ is looking for evidence that compliance is more than just a set of policies – it should be woven into the very fabric of your organization, from the C-suite to entry-level positions. As a compliance officer, are you prepared to meet these elevated expectations? Our latest blog post breaks down the key changes in the DOJ's guidance and offers actionable insights to help you align your compliance program with these new standards. Don't miss this essential update that could impact how your company fares in potential investigations or enforcement actions. To learn more about these changes, and how they are applied over time, subscribe to Insurance Compliance Insight today!

Brush up on your insurance vocab by learning what a “policy” entails.

In Part 1, I talk about the changes made. Part 2 next week will focus on action steps for compliance officers.