Regulatory compliance requirements have increased in recent months, and the outlook is for more scrutiny in the months and years to come. Activity is expected to increase, budgets will decrease, and current automation is not positioned effectively to respond.

In a new report, US Insurance Compliance Survey 2009: Doing More With Less, Celent details the responses of over 200 life, annuity and property/casualty compliance professionals to an online survey. The results describe a challenging environment for insurers’ compliance functions.

"We found that satisfaction with existing tools is only good to fair,” says Mike Fitzgerald, senior analyst with Celent's Insurance Group and author of the report. "Compliance solutions in use today tend to lack integration and consistency. The result is higher costs and lower quality of service."

This report offers specific recommendations to both insurers and vendors that are actionable within known budget and resource constraints.