United Kingdom
Close this search box.

Four tips to help guide insurers through the changing regulatory and compliance landscape

As the insurance industry becomes more complex, staying focused on and compliant with shifting regulatory requirements can be a real challenge. The evolving landscape, increasing scrutiny by regulators, and changing customer expectations all require insurers to stay up-to-date. We share four tips to help guide insurers through the changing regulatory and compliance requirements in today’s insurance landscape.

  1. Stay informed

The first step is to stay up-to-date with regulatory and compliance changes. Staying informed with new laws, regulations, and standards that may affect insurers and their businesses is crucial to success. By staying informed, insurers can quickly respond to changes and ensure their compliance efforts are always up-to-date. Partnering with our team can help alleviate this pressure altogether. Our team of compliance experts offer a robust service offering and are solely focused on ensuring insurer partners have up-to-the-minute information on their regulatory and compliance needs.

  1. Invest in compliance technology

Investing in compliance technology, such as automation tools and analytics, can help streamline processes, reduce costs, and improve overall compliance efficiency. Automated compliance tools can help insurers monitor and track regulatory changes, manage compliance documents, and generate the required reports. By investing in compliance technology and implementing a management system, insurers can increase compliance effectiveness and reduce risk in today’s changing insurance landscape.

  1. Conduct regular risk assessments

Conducting regular risk assessments is another key tip in today’s changing landscape. Risk assessments can help insurers identify potential compliance risks and vulnerabilities. They can also help prioritise compliance efforts and allocate resources more effectively. By conducting regular risk assessments, insurers can identify compliance issues before they become problems, which can help prevent violations and reduce compliance risk.

  1. Engage with regulators

Engaging with regulators is critical. Regulators can provide valuable guidance and insight into compliance requirements and expectations. By engaging with regulators, insurers can stay informed on regulatory changes and expectations, receive feedback on compliance efforts, and build stronger relationships with regulators. Building strong relationships with regulators can help reduce compliance risk and ensure compliance efforts are aligned with regulatory expectations.

Navigating regulatory and compliance requirements in the insurance landscape can be challenging. By taking these steps, insurers can ensure compliance efforts are aligned with regulatory expectations and remain competitive in an increasingly complex industry. To alleviate this pressure altogether, turn to Gallagher Bassett’s experienced compliance team to stay ahead of the industry’s rapidly evolving regulatory obligations.

Gallagher Bassett’s compliance team is well ahead of the industry standard. After recently undergoing an independent audit of our internal compliance and governance structure, it was revealed that our compliance proragmme is ‘gold standard’. Our Compliance Team of experts are on hand to discuss how they can help you navigate today’s changing regulatory and compliance landscape.

Alternatively, head to our “Regulatory Compliance Under Control” and explore how we can help you navigate today’s changing regulatory and compliance landscape.

Beth Povey

Chief Compliance Officer

More Posts


Setting the Standard in Loss Adjusting

The past few weeks have seen adverse weather hit the UK, and floods pose unique challenges, demanding insurers tailor response plans specifically for these scenarios. As the UK contends with extreme weather conditions, we bring you five tips to preparing a robust storm surge support plan.

Read more

The Role of Collaboration in Compliance

Collaboration is the word of the moment when it comes to managing compliance related concerns, from cybersecurity and data breaches to consumer protection laws and regulatory reporting. As Beth Povey explains in this new article, the data reveals more than 40% of UK insurers are planning to leverage external expertise to ensure they remain compliant.

Read more

Elevating Strategic Decision-Making through Data Insights

Data is key to transforming your strategic decision making. Dive into how Gallagher Bassett’s Senior Business Development Manager, Stephen Bevan, is enhancing confidence in data-insights to help client partners achieve their objectives. Explore our proven practices that ensure you can harness advanced data insights.

Read more

Introducing the Carrier Perspective for Your 2024 Outlook

We are excited to launch “The Carrier Perspective: 2024 Claims Insights” whitepaper. Based on a global survey of 150 carriers, delve into the transformative shifts impacting insurers, from technology advancements to regulatory changes and global trends. The Carrier Perspective is a comprehensive exploration that offers invaluable insight into trends, challenges, and opportunities to drive success for carriers this year. Read on to stay ahead of the curve in 2024.

Read more

Keep your finger on the pulse of the latest industry news and insights.

Sign up to our monthly newsletter today.

Download Our Global Insurance Industry Whitepaper

Hi there!

Want to drop us a line?  You can get in touch by filling out the form below and we’ll get back to you as soon as possible!