Staying current with ever-changing regulatory requirements is one of the most challenging issues facing insurance companies today. And failure to remain compliant with the latest rules can lead to enormous financial and operational losses.
In the health sector, US insurance companies must adhere to the Health Insurance Portability and Accountability Act’s(HIPAA) strict privacy rules when handling people’s personal healthcare information. While necessary to protect patients, HIPPA present a significant complexity for insurance companies to manage. Intelligent automation can help by streamlining the process of identifying and classifying private information and automatically encrypting and securing it. This ensures compliance while freeing employees’ time to focus on higher-level risk prevention measures.