The Special Relationship – How US Markets Can Benefit from UK Expertise

Working in a relatively stringent regulatory environment may be second nature to companies operating in the United Kingdom and Europe, but elsewhere in the world the increase in the regulatory demands for compliance and auditability provides a new set of challenges for many companies.

Working in a relatively stringent regulatory environment may be second nature to companies operating in the United Kingdom and Europe, but elsewhere in the world the increase in the regulatory demands for compliance and auditability provides a new set of challenges for many companies.

In particular, the challenge in ensuring that business processes and the systems that support them are sufficiently transparent and flexible to deliver this compliance can be a daunting one. We are seeing the United States market increasingly experiencing this pressure.

Solving the challenges for diversification and growth on the one hand and tighter regulatory compliance on the other can be facilitated by turning to systems suppliers with expertise in these areas.  Also, the benefits provided by having a robust and proven system and service support mean that US insurance businesses will more readily be able to enter new markets.

Some of the changes to the target markets in insurance and reinsurance mean that insurers need to be able to use features such as regional and language localisation and multi-currency support.  In our opinion, those US based vendors which have concentrated on the domestic market are less likely to have the relevant and requisite experience of these features.

In short, in the search for a robust and proven solution to aid compliance and assist growth, US based insurers and reinsurers need a systems supplier who has “been there, done it, and can do it again”.

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