Global insurance industry is known for its volatility in terms of regulatory changes. Regulations like SOX, the Model Audit Rule (MAR), Insurance Supervision Law, GLBA, AML, FATCA, Solvency II are being enforced by supervisory authorities. As a technology provider, Tech Mahindra brings to table its experience in helping insurance companies streamline and synergize their processes with minimal disruption. US Regulation FATCA focuses on KYC, European one Solvency II is about stability. Despite these being US and European regulations, their impact has been felt worldwide. FATCA impacts all insurers with US citizens as clients. Solvency II affects insurers with parent companies in the EU. The need is to build and implement solutions that not only meet the regulatory change in context but also equip organizations to adapt to process changes with ease to make insurance companies FATCA compliant.
Tech Mahindra has built a complete solution that is ready for deployment and is being currently implemented. Our Modular Solution is easily adapted for future IRS changes and similar initiatives from other global tax bodies. To aid Insurance companies with effective Solvency II implementation, Tech Mahindra has partnered with market leading product vendors in the GRC space that offer the industry's most advanced and comprehensive suite of solutions designed to meet the GRC needs of insurance companies at multiple levels.