Wolters Kluwer Compliance Solutions has introduced an artificial intelligence (AI)-driven tool, dubbed OneSumX Reg Manager, to improve carriers’ regulatory change management capabilities for insurers.
Designed to assist small to medium-sized US insurance carriers, the new solution will enable insurers to better track and manage their compliance obligations.
Supported by NILS INsource regulatory content, OneSumX Reg Manager is the latest addition to the Wolters Kluwer OneSumX suite aimed at helping US financial institutions navigate regulatory changes more effectively.
OneSumX Reg Manager offers an automated and structured data feed of regulatory content from all relevant American state and federal agencies. These include AI-powered authoritative source libraries and updates backed by Wolters Kluwer’s compliance expertise.
The automated tracking functionality of OneSumX Reg Manager allows organisations to identify regulatory changes, align them with the appropriate business lines, and monitor their implementation.
This approach helps to document and mitigate an insurer’s compliance risks without the lengthy and costly implementation typically associated with other regulatory change software, according to Wolters Kluwer.
Wolters Kluwer Compliance Solutions executive vice president and general manager Vikram Savkar said: “Our market-leading suite of insurance compliance offerings has been a cornerstone of reliability for years for insurance customers, offering a trusted, responsive and user-friendly resource to help more effectively manage ever-changing regulatory obligations across the insurance landscape.
“OneSumX Reg Manager delivers a range of functionality, leveraging the power of AI with human-curated regulatory expertise to provide an unmatched level of regulatory compliance intelligence to smaller US insurers.”
Operating within the Wolters Kluwer Financial & Corporate Compliance (FCC) division, Wolters Kluwer Compliance Solutions offers risk management and regulatory compliance services to insurers, banks, credit unions, and securities firms in the US.
The business also supports financial institutions in managing regulatory obligations, mitigating risks, and gaining insights to better serve their customers and grow their businesses.
