“One of the growing concerns among multinational risk managers is global insurance program compliance,” a bulletin from Lockton notes. As a result the global insurance broker has launched a new online system called “Lockton Compass” to help finance executives and risk managers take a significant step forward in understanding global insurance compliance.
Lockton described the system as a “unique tool that provides its client companies with a specific compliance analysis for their exposures and insurance program details.” It’s designed to help “clients navigate the confusing array of laws and regulations when creating a global insurance program.”
The Compass analysis tool “makes it easier for risk managers and finance executives to identify errors and gaps, avoiding costly fines and penalties,” Lockton said. “Most typical compliance tools only provide general information on insurance requirements and regulations country by country. Lockton Compass allows users to audit their compliance effort.”
Lockton explained that it has “worked closely with Axco for the past two years to develop Lockton Compass, a pioneering online platform for assessing global insurance compliance. Axco is the leading supplier of global insurance market information with more than 40 years of experience in researching and publishing industry intelligence on insurance and employee benefits.”
Maggie Moore, an executive with Lockton’s global client services team, said: “In an environment where insurance compliance is one of the foremost concerns among multinational risk management professionals, Lockton recognized the need for additional compliance assessment tools. This collaboration with Axco helps companies improve compliance, creating a meaningful solution to one of the industry’s most vexing issues. It will help multinational companies run their risk management programs more effectively and efficiently.”
Tim Yeates, Axco’s Business Development Director added: “Compliance on a global scale is a significant challenge for the (re)insurance industry. As a specialist provider in this field, Axco is delighted to have been able to collaborate so effectively with Lockton in developing this innovative professional compliance tool for their multinational clients.”
The bulletin also explained that “Compliance data is linked in real-time to Axco’s industry standard database for insurance compliance, so executives can have confidence that they are basing decisions on the latest available information. The summary reports available through Lockton clearly identify and explain gaps or inconsistencies in compliance by country, by line of coverage.”
Source: Lockton
Topics Risk Management
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