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Insurance Regulatory Compliance

RegTech software solution for insurance and reinsurance companies to enable them to achieve demonstrable regulatory compliance with Pillar II Solvency II compliance

Demonstrable Compliance

NAViG8 - Insurance Regulatory Compliance demonstrates how directors and officers of insurance and reinsurance undertakings satisfy their compliance with regulatory risk requirements in a clear, structured, evidenced fashion.

Robust methodology

NAViG8 - Insurance Regulatory Compliance goes further by ensuring that key stakeholders have live access to relevant information so they can monitor (and show) their compliance and track the progress made on actions (by individual and/or grouped actions and accountable parties) to bring them to full compliance.

Oversight from regulatory and IT experts

NAViG8 - Insurance Regulatory Compliance was designed and delivered by a team of regulatory, industry and IT experts. Ongoing support is provided by an experienced team to guide users through the process and to ensure the toolset is maintained to adapt to changing regulatory requirements and/or expectations.

Identify the regulatory requirements and expectations

The NAViG8 solution helps you chart a course through the regulatory landscape, identifying for you the regulatory requirements and expectations, and then bringing you through them in a guided, structured fashion that builds up the full picture of your system of governance, how it operates and where (and how) it might be enhanced.

Assess your degree of compliance

NAViG8 enables risk and policy owners to conduct an initial self-assessment of their degree of compliance, with regulatory requirements in accordance with the EIOPA system of governance and the Central Bank of Ireland. That assessment is then benchmarked, validated and monitored, identifying any gaps for remediation.

Demonstrate your compliance

By allowing you to upload supporting evidence where required, NAViG8 - Insurance Regulatory Compliance shows you exactly where you are at any point, thus accelerating your organisation’s journey to compliance, and allowing you to evidentially support and demonstrate your compliance.

Features

Demonstrating regulatory compliance can be complex - with our solution that challenge is easily met

The content of NAViG8 – Insurance Regulatory Compliance is split into different sections, directly correlated to and underpinned by the EIOPA system of governance for Solvency II.

Each section is bookmarked to relevant sources e.g. legislation and each question (where relevant) is referenced to the specific requirement that the section addresses in the EIOPA guidelines documentation.

Within each section, the user can click to expand it and see all the requirements relevant to the section. With this view, the user gets to see the depth of the product and the necessary detail needed for to demonstrate how you have satisfied your regulatory requirements.

Detailed expanded view with colour coding

  • View sections in detail, with the question and sub question expanded.
  • Immediately see via colour coded boxes the compliant / non-compliant / not answered status of all areas.
  • Measure your progress towards compliance over time through the columnised time bounded view.

Full audit trail

The Solution has full audit trail functionality built in, which:

  • documents who was assigned & completed each section;
  • documents when the section was completed; and
  • the content itself is all recorded.

Updated policy uploads, and reassignment of sections are all recorded as part of the audit trail.

Action Tracker

The action tracker functionality allows users to keep track of their status at all times and to send reminders at scheduled stages, or as needed.

Document manager

Document manager – relevant documents are uploaded to NAViG8 – Insurance Regulatory Compliance, facilitating examination of policies and procedures against regulatory requirements. Guidelines and regulatory requirements for the benchmarking exercise are bookmarked and linked to relevant modules.

Reporting and Board Packs

  • The dashboard and tables show the policy, level of compliance, degree of importance and rationales to support conclusions.
  • Reports show a point-in-time assessment.
  • The dashboard can be filtered to the users’ desired view.
  • Filter reports to particular modules and easily export to PDF or Excel as needed.
  • Reports rate compliance across high, medium and low priority areas.
  • Users can produce an Executive Summary and Recommendations through the reporting module.

Multi-User Functionality

  • Administrators can allocate and / or restrict user access to meet your needs.
  • No restrictions on the number of users.
  • Users can create custom views.
  • Allocate actions to any individual, internal or external, without compromising data integrity.

 

Tech specs

  • Cloud based
  • ISO 27001 certified platform
  • PC / Tablet / Mobile compatible
  • Admin controlled multi level user access
  • Security led read only access for reporting
  • Date and time stamped audit trail for all data inputs
NAViG8 Insurance Regulatory Compliance

Pricing

Please contact sales for pricing and tech specs.

Learn more

Ready to take a closer look?

Become compliant. Stay compliant.

Give our expert team a call to find out more about us and how our software can help you +353 1 90 73410.

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We stand by what we deliver

The benefits to you and your organisation

  • Oversee ALL aspects of your organisation’s progress towards Solvency II compliance
  • Deep dive into any aspect of the legislation and your organisation’s compliance to it
  • Know instantly any area of non-compliance that needs immediate attention
  • Have instant access to the answer to any question asked in a compliance inspection

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