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Snap Poll of PC Insurers on SOC Compliance

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18 April 2021
Karlyn Carnahan and Andrew Schwartz

Available Only for Members of the NA Celent Insurance Research Panel

Abstract

Snap polls reflect questions posed by members of the Celent Executive Research Panel, a group of C level executives in the insurance industry. This question came about from a member who is looking at their own SOC compliance strategy. Twenty seven insurers responded to this survey over the course of three days, April 13 – April 15, 2021

The question that was posed was:

Background:

An insurer is increasingly getting questions from larger agencies looking for their SOC report - typically agencies that are bank owned. This insurer is working to determine their own SOC compliance strategy and is trying to understand the time and cost involved as they need to respond to the agents.

Questions:

•Do you have a security operations center?

–Is it outsourced or insourced?

–Do you provide off hours support?

–24x7?

•Are you also getting requests for SOC reports?

–Ifso, from who? Regulators, agencies, banks, creditors, others?

•Are you currently SOC compliant?

–Which level of SOC audit have you completed?

–When did you first become compliant?

–What were the drivers for completing the SOC audit?

–How long did the audit process take?

–What was the cost? (If you are willing to disclose)

–What’s the annual cost? (If you are willing to disclose)

•If you are not SOC compliant, can you elaborate on whether you have plans to become compliant?

–If so, what’s your timeline?

About Celent’s Research Panel

The Celent Research Panel is a free knowledge sharing resource for senior technology and operations executives at insurers in North America.It provides an easy way for executives to share information, obtain quantitative data, and learn from each otherthrough regular ongoing surveys, snap polls, round tables, and webinars.If you are interested in joining the Celent research panel, you can reach out to Karlyn Carnahan kcarnahan@celent.comor Dan McCoach dmccoach@celent.com

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Insight details

Industry
Property & Casualty Insurance
Subscription(s) required to access this Insight:
Insurance
Insight Format
Reports
Geographic Focus
North America