How Insurance Compliance teams can leverage AI for reviews and disclosures


As addressed in my last article, insurance compliance teams are faced with a myriad of demands and challenges, chief among them being finding ways to reduce their insurance compliance risk. Insurance compliance experts whose time is tapped out are often hard-pressed to stay abreast of industry innovations which address their primary pain points. It’s a heavy lift. For those looking to improve their ad review and disclosure management processes, software solutions are meeting the need, both in the ad review process and with disclosure management.

Collaborating Toward Compliance

The industry seems to have come to a consensus that collaboration is key in adopting new and better ways to achieve error-free compliance efficiencies. Partners are paving the way to stronger outcomes and helping insurance companies generate revenue in previously-untapped ways with efficient, supportive solutions. Akin to friendships, the best partnerships emerge from a fundamental understanding of and appreciation for the value each brings to the relationship. Insurance compliance leaders and industry partners working toward better outcomes are proving to be a winning combination in a highly-regulated and complex industry like ours.

Increasingly, there are technology solutions, built for highly-regulated industries, which allow insurance companies to be confident all customer communications are accurate and compliant. That said, the measurable results which emerge from increased automation make a compelling case for increased collaboration and coordination with compliance teams moving forward.

Our team at Naehas has partnered with leaders in the insurance industry for quite some time. We tune into the main pain points being experience and offer purposefully-built tools to help. The measurable results which emerge from increased automation make a compelling case for increased collaboration and coordination with compliance teams moving forward.

Time after time, case studies emerge with dramatic, impressive outcomes after efficiencies in ad review and disclosure management are put in place. Building a greater understanding of solutions, empowered by Artificial Intelligence, is an important step, and one to which my team and I are committed.

Industry platform partnerships are showing that AI can and does reduce your compliance risk. The process takes the heavy lifting out of the ad review process. Built for highly-regulated industries, the technology helps compliance teams gain confidence that all of their customer communications are accurate and compliant.

To that end, providing insight into how this technology finds a place in the compliance process is key. A tool we offer, Intelligent Reviews, empowers reviewers to intelligently assess content at its source by combining the power of AI and a centralized Compliance Repository, reducing risk and increasing productivity. The feature leverages AI to perform a precheck against common compliance, brand and legal rules to support the human review, ensuring consistency and accuracy across your whole compliance team.

The benefits of learning and implementing these new technologies, and their applications, for reviews are multiple and measurable. Dramatic reductions in errors, faster reviews and improved productivity being the main results realized. The impact is enormous.

AI-Assisted Reviews at a Glance

In the spirit of resourcefulness, here, then, an overview of fundamental ways AI-assisted reviews work in ways that essentially future-proofs compliance processes.

Some important questions to ask early in the journey to technology as a solution:

  • Does the review process slow down the process of getting messages into the market?
  • Does reliance on sampling keep you up at night?
  • Does your team struggle with storing and retrieving compliance evidence?

What we hear most often from compliance managers is the need to ensure accuracy, in a way that reduces risk. There are now proven technologies that reduce risk with automated rules specifically tuned for your compliance requirements and brand standards. An additional benefit is comprehensive coverage. By this we mean that the solution allows first and second lines of defense to assess every document, rather than rely on sampling. With regard to evidence of controls, AI-empowered intelligent reviews manage compliance evidence in one system of record, and find it quickly when you need it. Its impact is appreciated across the enterprise.

An overview of capabilities include four key features:

  • Automated assessments that keep getting smarter through AI
  • A single workflow for all approvals
  • Visual annotations and change requests
  • Pixel-by-pixel and word-for-word document comparisons

Ensuring Insurance Compliance Outcomes

As you learn more about the role of AI-assisted tools to gain time and efficiency for your teams, sharing their value and past performance becomes key to greater acceptance. The results we’ve helped customers experience make a compelling case, and include:

  • Reduced Errors:100% reduction in self-reported compliance errors
  • Faster Reviews: Hundreds of rules assessed in minutes
  • Improved Productivity: 20% increase in productivity

Addressing Ad Review Woes

Applied to disclosure management and ad review, the technology solves common challenges compliance teams continually face, making it a force multiplier for better outcomes. A review of the pain points most compliance teams contend with, and the ways in which solutions can be delivered may help smooth the path to better processes.

Getting the correct and compliant disclosure connected to the right client communication is a challenge that can create market conduct risk and postpone revenue, especially when review cycles take too long. Having come to understand this primary pain point from insurance teams we’ve partnered with over the past years, we’ve developed tools to tackle those very real struggles. The disclosure management solution uses a unique content block repository and Artificial Intelligence to accelerate approvals across channels while supporting efficient compliance approvals. This centralized disclosure repository can manage all your compliance evidence that is mapped to your disclosure drivers. Drivers can include state requirements, channel considerations, brand requirements and more.

This unique content repository and AI-assisted review process, combined with workflow functionality, can be applied to any ad review process to deliver fast and accurate reviews across traditional and digital channels. Disclosure management software seems to be solving many of the most vexing issues as it moves into play across companies large and small.

Why? Insurance compliance professionals looking to decrease errors, increase revenue and improve auditability are increasingly embracing the key benefits that support their teams and their outcomes.

  1. Decrease errors by automating common compliance and brand reviews so the compliance team can focus on the nuanced issues
  2. Support product and marketing teams ability to grow revenue by shortening time to market
  3. Less errors and tracking changes throughout the process makes audit reviews fast and easy

The industry is moving, technology solutions are on the scene and compliance leaders are seeing better days ahead. To their credit, compliance teams are playing a critical role in advancing the use of new AI-assisted solutions with partners who understand how to best deliver value. As I see it, the ongoing exchange of current tools and trends serves as the kind of all-in, win-win climate that puts this dynamic industry in a strong position moving forward.