Insurance and Security Part 1: Properly Managing Digital Content and Staying Compliant
Mark Breading, partner at Strategy Meets Action, and Charlie Hanna, director of Hyland Software’s Domestic Insurance Solutions Group, sit down and have a conversation about how insurers can properly manage digital content and stay compliant with every changing regulations.
Mark Breading, Partner at Strategy Meets Action
Charlie Hanna, Director of Hyland Software’s Domestic Insurance Solutions Group
Analyst Interview (Part 1): Properly Managing Digital Content and Staying Compliant
Charlie, there’s two major areas of concern that insurers have today, and one is around compliance and the other is around security and both of those are related. They have to do with properly managing digital content. You need to have a deep understanding of what that content is, manage the versioning of the content, the authorization and access to content, and all of those kinds of things.
Yeah. I mean, compliance has long been a challenge for the insurance industry and when you think about just the way we deal with insurance in the United States – 50 states, 50 departments of insurance and all of these different sets of rules and regulations. It’s really quite challenging when you think about all of the moving parts that are involved with it. I think over the course of time, we have provided some really unique solutions to help organizations not only manage their compliance standards but give them the ability to grow and expand in the States where they weren’t necessarily doing business beforehand, but it is certainly an ongoing challenge.
And the regulations, if anything, have gotten more in the past decade. Coming out of the global financial crisis, there was a great cry for financial institutions in general to have more oversight and so, that bar has been bumped up even further now and the pace of change of course, continues to increase so it’s a problem that is going to exist for a long time.
I think that companies are being held to a higher standard both in the context of having to-do business but also by their customer base. There’s a lot of concerns I think both from the insurance and from the distribution channel about how compliance impacts the way they interact with those organizations.
Yeah, and I know in the past, there was a lot of manual management of compliance not just the regulatory compliance but complying with internal brand standards and marketing standards and those kinds of things, but it’s really with the pace of change and the amount of volume these regulations, you really need automation and really, we’re moving towards this time where you need more and more AI built in to manage that whole environment.
I think there are some things that can be fully automated and to your point using AI and some of the other tools that are synonymous with the content services platform like OnBase. We have the ability to do that, but we also have the ability to identify things that need a further look and things that need to have special attention in the context of staying compliant. And so whether it’s fully automating that compliance process to provide speed and efficiency for those organizations or kicking it to an exception queue so that it gets the attention that it needs I think we’re addressing it.