As the world becomes more dependent on regulatory scrutiny, compliance has become more of a challenge for businesses. The team at Albany Group have found a way forward, with a transformational software application that brings 21st Century technology and expertise to the critical functions of insurer supply chain management. We look at how they were awarded Best for Risk and Intelligence Software, 2021 – England in SME News’ rolling series of Business Elite awards for their efforts.
Failure to comply with the latest rules surrounding insurer supply chain management, auditing Risk management and compliance can result in major fines, companies and costs for companies, and it’s often in the supply chain where many of these problems occur.
For insurers, the biggest challenge arises when authority is delegated. There simply aren’t clear arrangements for assessing conduct risks. Some insurers don’t see the delegation of activities such as underwriting or claims handling to third parties as outsourcing, but the regulations involved still apply. This creates a whole new challenge for organisations, with evidence of efforts taken to keep up with compliance spread across a company’s organisational structure.
Many companies simply don’t understand the extent of the product provider responsibilities they had acquired by virtue of acting as the retail manufacturer of the product. The complexity of distribution chains has also increased the demand for companies to provide appropriate levels of oversight. Something new was required to meet the needs of the modern marketplace.
The single multi-layered Hisconect portal is that something new, securing major advances in supplier management and audit control. The system acts as a singular hub of information, which is constantly updated, with secure storage and regulated access. This portal is easily scalable, able to be applied on a cross border basis. The trust that can be gained from these more informed audit practices are of real value to all parties involved.
This impressive system allows for an entire logistics suite for the organisation of audits and management of outputs and action planning, comprehensive tracking of past and current performance and is, of course, an inexpensive and easy to implement solution for a complex and critical function. The result is something truly exceptional, providing a vital addition to any business, in any industry.
This risk intelligence technology is designed to bring true simplicity to supply chain management. Implemented correctly, it will save companies time, reduce costs and embed complete automated compliance into the heart of the system. With such reliance on the supply chain to secure success, automation removes the potential for human error in many different circumstances. The team have made their systems adaptable in order to ensure they meet the specific needs of any individual company.
Complete with a dashboard that allows clients to take a holistic perspective and enables them to see precisely what third parties are doing, it’s possible for companies to adapt quickly to changing circumstances. Instead of seeing business relationships as independent factors, Conect provides an overall view that brings together cover holders, MGAs, brokers, TPAs, lawyers, loss adjusters, and any other third party within the supply chain. It’s a vital resource to have when operating with multiple parties.
Much of the progress achieved by Albany Group is a credit to their commitment to delivering an industry first system, one which will herald a new era of transparency and co-operation to benefit customers, insurers and suppliers alike. By working in this transparent environment, able to develop something that meets a specific demand, the team have been able to provide a much-needed solution to not only the supply chain, but to risk management challenges. Everything is carefully organised and compiled into one place in a process that has been designed by insurers for insurers.
The success of Albany Group is a credit to the team’s work ethic and approach. Each staff member is encouraged to contribute their own perspective. Each is treated with the same level of respect and importance. They are a crucial part of how the firm has not only developed as a business, but how it has been able to develop its impressive solutions.
Looking forward, the team are hoping to implement new and exciting aspects of software that will open the door to fresh opportunities. These include AI integration and API live. Of course, such success for the firm will invite further development to meet an even broader range of business needs. In short, the firm is a success that is sure to continue for years to come.
For further information, please contact Stewart Griffiths at www.albanygrp.com