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Compliance

The Regulatory environment has become increasingly complex in wake of the financial downturn. Regulatory landscape presents significant challenges, with carriers facing new or modified regulations owing to multiple regulatory bodies.

LTIMindtree has been helping leading insurance companies comply with myriad regulatory requirements. Our regulatory services credentials include the following implementations:

FATCA : Implementation of FATCA regulations for individual & corporate customers across a variety of Life, Capital Redemption, Pensions & Unit-linked products, for leading insurers in UK and the Scandinavian region.
Solvency II: Configuration of internal model formula for Solvency II Compliance, and maintenance of systems pertaining to various investment channels, for one of the leading UK-based Life & Pensions Insurers.
RDR : RDR Commission and Advisor Charges changes – Implementation of RDR changes to existing systems, new charging platform, quotes & documentation, and external & internal websites, for one of the leading UK-based Life & Pensions Insurers.
IRDA Compliance: LTIMindtree’s e-Filings offering provides Indian insurers a simple, yet convenient platform to handle all their IRDA products & financial results filing needs.

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Our Solutions

BUREAU MAINTENANCE SERVICES

BUREAU MAINTENANCE SERVICES

With LTIMindtree’s ReFORM, carriers and insurance software vendors experience Bureau (ISO, AAIS, NCCI) Rate and Forms compliance certainty through a lean process model enabled by proprietary solution accelerators. Our clients have typically benefitted from ReFORM services with the following business outcomes:

Cost Savings: Over 50% cost savings due to uniform, efficient and optimized service.
Speed-to-Market: 20-30% faster rollouts of products due to accelerated implementation of Rate & Form changes.
Quality Improvement: Improved product quality and compressed testing cycles due to dedicated teams for handling circulars.
Focus on Innovation: Allows company personnel to focus on core competency & business growth activities.

ACORD STANDARDS COMPLIANCE SERVICES

ACORD STANDARDS COMPLIANCE SERVICES

Implementation of ACORD Standards, the first of its kind in India, for Reinsurance & Large Commercials (RLC), for one of the leading Indian Reinsurers, establishing a two-way communication between Reinsurer and Broker for Accounting & Settlement.