The Lloyd’s Market Insurance industry is experiencing change with the implementation of wholesale mandatory regulatory compliance and diligence procedures, governed by centralised initiatives, to prove not just the solvency of their businesses but the processes and procedures they have in place, to protect against future risk.
Now Brokers, Managing Agents, Coverholders and Agents are not only required to provide transparency and evidence of their risk exposure and modelling in terms of financial numbers, but documented, regulated and governed processes and controls, providing a level of audit and approval signed off at industry standard level.
While organisations were already geared up for the number crunching and data tasks required to meet compliance standards, the new challenge faced with the introduction of the Solvency II framework was the auditing and control of documentation and procedures to back up the controls, and processes they used every day.
Aiimi have helped a number of Lloyds Market organisations gain control of their compliance, implement governed document management and deliver this through an intuitive portal. We have enabled organisations to join together the structured data world with the unstructured document world in order to meet regulatory compliance whilst streamlining processes and generating efficiency gains within the business.