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Industry Challenge

Complaint management procedures are increasingly falling under the scrutiny of regulators of the insurance industry. As a result, insurers must demonstrate a systematic methodology for addressing consumer complaints in a timely fashion.

A manual process in which email, spreadsheets, and decentralized communication are the primary tools for execution is difficult to manage to deadlines imposed by regulators, and is unlikely to produce adequate responses and resolutions. Such an approach unnecessarily increases exposure to risk.

Insurers must establish an optimized process for complaint management that is efficient for Compliance and business employees, while reducing non-compliance and reputational risks.

RegEd Solution

CODE Consumer Complaints DiagramCODE Consumer Complaint Management, powered by the Comply On Demand Enterprise (CODE®) Platform, streamlines the end-to-end process of complaint resolution throughout the organization. The solution installs a best practice methodology for complaint management that mitigates reputational and non-compliance risks associated with complaints.

CODE Consumer Complaint Management enables the firm to systematically capture and track complaints that are reported directly to the insurer or to regulators. The solution provides configurable consumer complaint communication templates to facilitate consistent and compliant communications with the insurer’s customers. Robust workflow and task management capabilities enable an efficient process for the timely resolution of consumer complaints. Full documentation related to complaints and their resolution, along with a full audit trail of the firm’s complaint management practices, is captured in a central repository, enabling ready preparedness for market conduct exams.

To satisfy internal stakeholders and examiners, CODE Consumer Complaint Management provides comprehensive reporting, including standard and ad-hoc reporting capabilities. Customizable dashboards give Compliance and business stakeholders real-time visibility into complaint resolution activities, enabling the identification of potential risk.

Distinguishing Capabilities

  • Systematically capture and track complaints that are reported directly to the insurer or to regulators.
  • Robust workflow and task management capabilities enable an efficient process for the timely resolution of consumer complaints.
  • Configurable consumer complaint communication templates facilitate consistent and compliant communications with the insurer’s customers.
  • Central repository maintains all documents and communications related to complaints.
  • Report on the status of pending complaint resolutions, including deadline notifications.

Key Benefits

  • Establish a streamlined, consistent process for complaint tracking and handling.
  • Ensure timely complaint responses and remediation, avoiding missed deadlines and regulatory scrutiny.
  • Mitigate risks associated with decentralized communication and insufficient accountability.
  • Ensure ready preparedness for market conduct exams, and improve the firm’s ability to withstand scrutiny of its complaint management practices.

CODE Platform Capabilities

Comply On Demand Enterprise (CODE), RegEd’s Enterprise Insurance Compliance Management Platform, enables financial services firms to effectively and efficiently meet compliance obligations and proactively manage their compliance program, dramatically reducing the risk of non-compliance and related consequences.

The CODE Platform and its suite of integrated, for-purpose applications and proven, robust, compliance-optimized capabilities drive extraordinary efficiency and oversight and enable firms to establish consistent, repeatable compliance processes and ensure closed-loop compliance.

CODE’s rich task management capabilities provide visibility into the fulfillment status of compliance obligations to ensure that gaps are closed across the compliance lifecycle. Platform capabilities also include robust workflow management, automatic notifications and exception management, business process automation, compliance surveys and attestation management.

Applications present in a common interface, optimizing usability across the application suite. Compliance data is reused across multiple solutions and presented in consolidated dashboards that enable efficient execution of work processes and management by exception. Built-in audit trails, robust reporting and risk profiling enable ready preparedness for regulatory exams and position firms to better withstand the scrutiny of regulators.

CODE is fully configurable, scalable and extendable, to enable companies to cost-effectively build on the initial investment as their needs expand and evolve.

  • Regulatory Change Management
    Delivers actionable regulatory intelligence and enables insurers to be aware of, comply with, and demonstrate compliance with all relevant regulatory changes.
  • Policies and Procedures Management
    Provides enterprise workflow, work-process and task management to enable comprehensive, end-to-end administration and oversight of all elements of the firm’s policies and procedures.
  • Consumer Complaints Management
    Enables the firm to systematically capture, track and efficiently manage the resolution of consumer complaints..
  • Market Conduct Exam Management
    Provides the ability to effectively manage all tasks undertaken during the course of a regulatory examination.
  • Incident Management
    Enables the firm to capture, assign and track all incidents and installs an efficient process for undertaking remedial actions.

CODE Diagram, Consumer Complaints