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Analysis Across Insurance Policies & Products
Was dabei herauskommtLegal and compliance teams can identify relevant changes, connect them to existing policies and internal rules, and review the evidence needed to determine whether adjustments are necessary.
An insurance company regularly updates its insurance products and policies. This requires the company to stay up to date with recent laws, regulations, risks, and internal requirements.
The insurance catalogue can be very broad, ranging from medical insurance and home insurance to life insurance and commercial products. Therefore, it can be difficult for an insurance company to manually remain familiar with every current law, regulation, and risk connected to all of its products.
Questions employees constantly need to answer
Workers constantly need to know:
- Which regulation applies?
- Which internal rule applies?
- Which policy wording is currently valid?
- What changed?
- Which products are affected?
Connect external changes to policies, products, and customers
Consilience can analyze new regulations and external developments and compare them with the company's current policies, internal rules, products, and customer base.
Because all of this information is connected in a knowledge graph, Consilience can identify which products, policy clauses, internal guidelines, and customers may be affected by a change.
Support legal and compliance teams with relevant evidence
Due to the broad range of products an insurance company may offer, legal and compliance teams have to monitor a very large amount of information.
Consilience can support them by identifying relevant changes, connecting them to existing policies and internal rules, and providing the evidence needed to determine whether adjustments are necessary.