Why it is important for an insurance company to have a quality inspection catalogue 

23. April 2020 / Topic: 

The insurance segment is undergoing constant change and insurers are repeatedly looking for an efficient way to operate. There are increasing pressures from supervisory authorities, competitors, changes in business networks and, last but not least, the constant evolution of technology and insurance products.

If we understand our business, we understand its risks. And if we are clear about what can happen, we can look at how to control it. Control is a systematic activity. That's why we need to have a plan. The fact that we keep control of the risks of our business is an important signal of our reliability. A reliable insurance company offers maximum assurance to its clients. And reliability is highly valued in the market. Let's take a look at how a good catalogue of insurance company controls can help us do that and how it should be designed.

A well-functioning compliance program is an important prerequisite for a properly set up control catalogue. The role of the compliance program is to set the exact compliance of internal rules with legal regulations, which all employees of the insurance company must be familiar with and comply with.

As part of a well-functioning compliance program, it is important, among other things, to consistently monitor and control regulatory compliance. These are specific steps that must be recorded. We are concerned with long-term control and do not want to start all over again. A catalogue of these steps - checks - will serve us for this very purpose.

A well-functioning insurance company prepares, manages and maintains a catalogue of controls for its individual departments. This includes the operational department (policy administration, claims handling), the commercial department, the product department, the finance department, the IT department, etc. The catalogue of inspections should therefore contain at least the inspection number, the title of the inspection, the description of the inspection (test), the sample, the category of inspection, the form of inspection, the person responsible, the frequency of inspection. Of course, the control catalogue is always tailored to the requirements of each individual insurance company.

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