Insurance firms hampered by rigid compliance systems

Title: Compliance Challenges for Insurance Firms Revealed in New Survey

Recent findings from a survey conducted by LSEG Risk Intelligence highlight some significant challenges that insurance firms are facing in regard to their compliance processes. The report, which gathered insights from compliance professionals across the industry, shows that many firms are struggling with outdated systems that hinder efficiency.

Key Findings

According to the survey, a staggering 75% of insurance firms reported delays in data updates. These issues can slow down operations and impact decision-making, which is critical in the fast-paced insurance landscape. Furthermore, 80% of those surveyed indicated that they rely on inflexible compliance tools. Such tools can restrict the ability to adapt to changing regulations and make it challenging to implement smoother compliance strategies.

Impact on the Industry

The data suggests that the combination of delayed updates and rigid compliance systems could hinder the industry's overall performance. Insurance firms may find themselves at a disadvantage, particularly when it comes to responding to regulatory changes or managing risks effectively. In an environment where agility is becoming increasingly important, these obstacles could have broader implications for competitiveness and operational efficiency.

Conclusion

As compliance requirements continue to evolve, insurance firms may need to evaluate their current systems and consider updating or replacing their tools to foster better adaptability. This could not only improve data management but also enhance their compliance readiness in the long run.

Original Source: https://fintech.global/2026/01/13/insurance-firms-hampered-by-rigid-compliance-systems/