Insurance is a complicated industry governed by federal and state laws and regulations. Timely review of the regulation is an important task that if not done well, can create unnecessary risk to the company. This paper will discuss the importance of reviewing new laws, the challenges of doing so, and an innovative new software to do this, called Auto-Comply.
The Problem
The insurance industry is a highly regulated business and is expected to comply with regulation from the federal government, various states department of insurance, contractor boards, liquor boards, workers’ compensation boards and other regulatory bodies. The various state Departments of Insurance (DOI) conduct market conduct exams to ensure requirements are being followed. …show more content…
The current notification process does not consistently provide the appropriate advance notice. Auto-Comply solves this problem. Auto-Comply is a software program that collects information from a variety of sources and provides an early indicator of a law change as it moves through the legislature or other regulatory bodies.
Auto-Comply was evaluated by the SNIFF test, which considers five criteria including strategy, need, impact, feasibility, and feel (Creative Realities, 2011, p. 1). The SNIFF test reveals that Auto-Comply fits within the company’s strategy, addresses an important need, will have a large impact, and is certainly feasible. Lastly, my feeling is that Auto-Comply is a very important groundbreaking innovation that has applications beyond insurance regulation. It gathers regulatory and legal information from external sources such as the DOI, states legislatures, and other regulatory agencies and utilizes artificial intelligence to compare it against internal company information such as its product offering, geographic offering, claims-related information, case-law, and other confidential and proprietary company information. The expected impact of a law or regulation on the company is provided in a report for review by the company’s compliance and legal department. If House or Senate bills are identified before they become law, the governmental affairs team is provided with the opportunity to engage …show more content…
It can begin with being a champion for innovation during the roll-out training of Auto-Comply. Follow-up meetings will be held bringing all stakeholders and users together to share experiences with the new tool and discuss other opportunities for innovation. “By inviting people from across the company to voice their opinion on what changes should happen you also have the added benefit of creating buy-in” (Matzen, 2015, p. 1). Once Auto-Comply was widely viewed as successful, a formal innovation program would be recommended that would incorporate, among other things, the rewarding of employees who bring ideas that are ultimately implemented. While financial compensation is certainly important, there are many ways to reward innovation including publicly recognizing the innovators and change agents and sharing success stories of an innovative change (Leavitt, n.d., p.
The Problem
The insurance industry is a highly regulated business and is expected to comply with regulation from the federal government, various states department of insurance, contractor boards, liquor boards, workers’ compensation boards and other regulatory bodies. The various state Departments of Insurance (DOI) conduct market conduct exams to ensure requirements are being followed. …show more content…
The current notification process does not consistently provide the appropriate advance notice. Auto-Comply solves this problem. Auto-Comply is a software program that collects information from a variety of sources and provides an early indicator of a law change as it moves through the legislature or other regulatory bodies.
Auto-Comply was evaluated by the SNIFF test, which considers five criteria including strategy, need, impact, feasibility, and feel (Creative Realities, 2011, p. 1). The SNIFF test reveals that Auto-Comply fits within the company’s strategy, addresses an important need, will have a large impact, and is certainly feasible. Lastly, my feeling is that Auto-Comply is a very important groundbreaking innovation that has applications beyond insurance regulation. It gathers regulatory and legal information from external sources such as the DOI, states legislatures, and other regulatory agencies and utilizes artificial intelligence to compare it against internal company information such as its product offering, geographic offering, claims-related information, case-law, and other confidential and proprietary company information. The expected impact of a law or regulation on the company is provided in a report for review by the company’s compliance and legal department. If House or Senate bills are identified before they become law, the governmental affairs team is provided with the opportunity to engage …show more content…
It can begin with being a champion for innovation during the roll-out training of Auto-Comply. Follow-up meetings will be held bringing all stakeholders and users together to share experiences with the new tool and discuss other opportunities for innovation. “By inviting people from across the company to voice their opinion on what changes should happen you also have the added benefit of creating buy-in” (Matzen, 2015, p. 1). Once Auto-Comply was widely viewed as successful, a formal innovation program would be recommended that would incorporate, among other things, the rewarding of employees who bring ideas that are ultimately implemented. While financial compensation is certainly important, there are many ways to reward innovation including publicly recognizing the innovators and change agents and sharing success stories of an innovative change (Leavitt, n.d., p.