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risk monitoring checklist
Regulatory Compliance
Review changes in insurance regulations and ensure adherence
Verify that all policy documents comply with current laws
Assess the impact of new legislation on existing products
Conduct periodic audits to ensure compliance with industry standards
Train staff on regulatory requirements and updates
Operational Risks
Evaluate the effectiveness of current operational processes
Identify potential process bottlenecks and inefficiencies
Monitor claims processing for accuracy and timeliness
Ensure robust data security measures are in place
Assess the adequacy of disaster recovery plans
Financial Stability
Analyze trends in premium collection and payout ratios
Monitor the solvency margin and capital reserves
Evaluate investment portfolio performance and risks
Review reinsurance agreements for adequacy and risk transfer
Assess the impact of economic changes on financial projections
Customer Satisfaction
Survey policyholders to gauge satisfaction levels
Track and analyze complaint resolution times
Review customer service protocols for efficiency
Ensure clear communication of policy terms and conditions
Monitor social media for customer feedback and brand perception
Technological Advancements
Assess the need for software updates and system upgrades
Evaluate the effectiveness of current digital platforms
Monitor emerging technologies for potential integration
Ensure cybersecurity protocols are up-to-date
Train employees on new technology implementations
