Insurance companies are keen on working only with those intermediaries who are fully compliant with the corresponding regulations. The EU requirements (GDPR and IDD) act as a benchmark for such regulations. These companies are constantly looking for solutions which could facilitate and simplify the process of their increasingly demanding due diligence in terms of verifying the regulatory compliance of their partners.
In this context, the two innovative companies Think Insurtech and INSquary announce a partnership.
Think Insurtrech, through its SaaS platform, offers insurers, providers and brokers a platform to manage the compliance of the distribution of health insurance with the aforementioned regulations. This platform manages their commitment through a community, along with the digitization of the customer journey from the electronic signature to the online payment.
INSquary has developed an internet platform, accessible in SaaS mode on subscription. This allows distributors and outsourced services to assess the compliance of their practices with the regulations in effect. The process is as follows:
- A questionnaire is followed by the submitting supporting documents in a secure “virtual binder”.
- The risk carriers (insurers) or wholesale brokers then learn about these “virtual binders”.
INSquary has a multilingual platform that presents several versions of questionnaires: a “global” version (based on European regulations) and “local” versions (based on national regulations).
The partnership between the two companies aims to use their complementing features and abilities to help their users, the professionals in the insurance sector, to comply with international compliance regulations in the best possible manner.
Access the press release