Insurance market practitioners need to get their data in order if they want to ensure compliance, according to data and analytics advisory company DataTick. The firm said this was a pressing concern ahead of the forthcoming implementation of the Financial Services and Markets Bill.

Simon Asplen-Taylor, CEO of DataTick, said: “Insurance companies are subject to a wide range of regulations and guidelines at the local, national, and international levels. These regulations are designed to protect consumers, ensure financial stability, and promote market transparency. Complying with these regulations means being able to avoid costly penalties, lawsuits, and reputational damage.

“The incoming changes to regulations comes down to one crucial hero: data. It is now a driving force pivotal to claims, compliance, risk, and underwriting. Insurance companies need to address their data strategies now to maintain a competitive edge in addition to responding to compliance bodies accordingly.”

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