Today Wolters Kluwer Financial Services announced that Fireman’s Fund Insurance Company has chosen its NILS INsource and NILS INcompass offerings to help monitor and implement regulatory changes.
As the U.S. insurance industry continues to face a high volume of regulatory and legislative changes, managing those changes, as well as implementing new process implementation requirements, can be a daunting task for insurers. In 2012, about 19,000 statutes, regulations and bulletins affecting insurers were newly created, revised or issued. Additionally, more than 7,300 insurance-related bills were introduced into state legislatures and Congress.
NILS INsource, an insurance regulatory content solution, is used by more than 10,000 insurance professionals for statutory and regulatory research and analysis in all 50 states, the U.S. federal government, the District of Columbia, the Virgin Islands and Puerto Rico. It integrates with NILS INcompass, a workflow tool that helps compliance and legal professionals monitor and implement ongoing regulatory changes within their insurance organizations. The solution also helps insurers keep track of their progress in applying new industry laws and regulations.
“We take regulatory compliance seriously and are continually looking for ways to improve our processes. These solutions help our compliance team simplify regulatory research, while ensuring relevant regulatory changes are being implemented throughout the company,” said Sally Narey, chief legal officer at Fireman’s Fund Insurance Company. “Additionally, the process NILS INcompass guides us through is consistent with Lean Six Sigma concepts, which was a key factor in choosing a solution for our organization.”
“Fireman’s Fund Insurance Company has built a strong reputation, rooted in innovative solutions and a dedication to its customers,” said Pam Ewing, general manager of Insurance Compliance Solutions at Wolters Kluwer Financial Services. “NILS INsource and NILS INcompass support this effort by providing a solid foundation for its compliance program, helping ensure the organization continually makes informed decisions about regulatory compliance risk management.”