Insurance covers a wide range of products like healthcare, auto, home, life, and business protection to name a few. While these insurance products may vary in the coverage they provide, the common thread is that they collect personal information. This information necessitates the need for security compliance. Enter the compliance officer.
But making sure personal data is handled properly isn't the only thing needs overseeing. Insurance companies also have employee payroll information and claimant payout information. Plus, the various vendors that work within the insurance industry like appraisers and inspectors. And then, you have the state and federal regulations pertaining to insurance that must be followed. Whew.
As you can see a role in the insurance compliance sector is a complex one. And not only requires extensive insurance knowledge but an understanding of all the different regulations. The bottom line is that as a compliance officer you are responsible for making sure the company you are working for is being run legally and ethically.
The Role of Insurance Compliance Officer
While it may be considered relatively young compared to other trades, the compliance officer in an insurance company still holds a large amount of accountability for the firm. The constant evolution of technology particularly has indicated a considerable shift in how this responsibility is to be carried out moving ahead.
Days when the compliance office would offer a simple tick on a piece of paper before moving onto the next point, are gone. As the changing needs in Due to arising issues in the documentation, regulations, external influences, and other factors this job more complicated than ever. But thanks to this next level of responsibility, the insurance compliance officer is getting more praise from management which may seem unprecedented.
The one thing that you can count on in a compliance officer’s role is that the rules and regulations governing the insurance industry are in constant motion. The change comes in the form of the number of new rules to follow. Back in the day the auditing and reporting was sent directly to management, but now many outside groups require this information too.
As valued members of the management team, insurance compliance officers can give accurate advice on where the company should be heading based on their knowledge of the changing regulations and issues. This position can be a trusted partner to keep the business growing. Plus ensuring it stays competitive during periods where there is a lot of turbulence in the market.
Compliance Officer Qualifications
For the most part, a compliance officer will need to possess strong analytical, investigative and decision-making skills. It also requires that you have some experience in the industry.
The salary range for compliance officers depends on skill and experience. Plus, the size of the company you work for. But you can expect to make anywhere from $68,000 to $133,000 annually.
This is part 3 of a multi-post series. Please visit the other Insurance Career posts below:
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