Compliance challenges for Insurers

By: Click2Sure

Insurers across the country currently face major challenges as they attempt to adapt to the latest updates to the Policy Protection Rules (PPR), which are being enforced by the Financial Sector Conduct Authority (FSCA).

In an effort to up consumer protection and keep Insurers accountable, these PPR reforms are much tougher on Insurers than ever before, and threaten non-compliers with drastic legislative consequences as well as severe penalties.

The rules enforce greater stringency across the sector, and the final deadline is 1 January 2020. In a nutshell, the Insurer is now responsible for a plethora of regulatory requirements, including the maintenance of comprehensive, accurate member databases, for both individuals and group life members.

While this may sound like acceptable terms for the consumer, it’s not as simple as it seems.

It is likely that the cost of premiums could increase, as all compliance solutions require additional expenditure. Major process reforms must be implemented, staff compliments bolstered, and comprehensive technology solutions must be resourced.

One such solution has presented itself, in the form of Click2Sure’s data management platform. As of 1 January 2020, all Insurers must have robust, secure data management protocols that allow 24/7 access. Compliant with Project Delta and POPI, Click2Sure’s secure, cloud-based application is a full stack digital insurance platform, designed to allow businesses to administer their products online quickly and easily, thus meeting the data management requirements of PPR.

Click2Sure guarantees that cell-captive owners can become compliant with the PPR and Short-Term Insurance Act Regulations in as little as a week. The product is reliable, scalable and easy to customise. It is an affordable solution to an escalating problem – the longer Financial Service Providers (FSPs) wait to update their methods, the higher the risk of penalties for non-compliance.

“We have been operating at the cutting edge of the Insuretech sector for nearly 4 years and we’re ready to help transform the way other businesses do insurance. This data management platform is a simple solution to an urgent problem most South African insurers are facing”  says Daniel Guasco CEO Click2Sure

Part of Click2Sure’s offering is assisting FSPs in adhering to Treating Customers Fairly (TCF) principles, by ensuring that they are able to easily communicate all terms and conditions, costs, exclusions, claims management procedures and complaint channels to their policyholders.