European Insurance Regulations and the Implications for IT
| London, UK July 25, 2005
Celent proposes a strategic approach to compliance to lighten the burden of regulation.
The UK insurance sector is under pressure from regulators in Washington, Brussels, and London. New regulations such as the Prudential Source Book, Insurance Conduct of Business Rules and the draft of Solvency II create a landscape of regulations that will be difficult to navigate. The approach to addressing compliance varies across the industry. There is significant strategic value in using both compliance and IT to help business understand the importance of infrastructure improvements.
In a new report, , Celent reviews an alternative approach and shows how compliance and business issues converge onto IT challenges. The report outlines how FSA, EU and US regulations are impacting UK insurers and brokers.
"The FSA and its global counterparts are here to stay," states Catherine Schmitt, Celent analyst and author of this report. "No business likes to be regulated and there is currently considerable focus on the onerous and costly burden of compliance. But if IT focuses on mapping key areas such as data quality, network security and financial transparency to key business initiatives, then compliance becomes an important ally for IT.
Celents report shows how the convergence of issues supports the design of strategic projects while achieving compliance. This approach ensures re-use of components which can significantly lighten the compliance burden.
The report is 20 pages long and contains one figures and five tables. A table of contents is available here.
of Celent's Property/Casualty Insurance and Life/Health Insurance research services can download the report electronically by clicking on the icon to the left. Non-members should contact firstname.lastname@example.org for more information.