Paulo Ferreira, Product Management Director at Cleva, explains the advantages and opportunities for insurers when they begin a process of changing their core system.
Cleva Insights
Legal requirements’ management in Cleva software
Paulo Vilela
Engineering Manager
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The insurance market is a highly regulated and supervised industry. Legal, standard, and regulatory changes, such as IFRS, GDPR, DMIS, SAF-T, among others, have become more frequent and complex. Cleva needs to pay close attention to these requirements, both in their identification and interpretation, as well as regarding the solutions provided to clients. In order to respond to these challenges, Cleva has implemented a procedure to search for legal requirements that apply to the markets in which we operate and that can affect Cleva software. An active search is conducted monthly on the websites of regulatory authorities as well as on legal information portals. These sources include every legal requirement associated with insurance, namely, « Decree-Laws », « Executive orders », « Orders », « Standards », « Newsletters » and « Circular letters ». Moreover, Cleva’s clients and partners also notify us of requirements that demand our closest attention. Each requirement is then analysed alongside partners, consultants, or clients in order to establish an interpretation that, sometimes, may not be unanimous among insurance companies, since regulatory texts may be somewhat ambiguous, which may lead to different interpretations. Based on Cleva’s interpretation, we establish our positioning, i.e., our solution’s response to the legal requirement. This response may comprise software changes and/or configuration changes and/or simply providing data. The analysis of the legal requirements and their applicability in their context must always be performed by insurance companies. Cleva’s responsibility lies in providing everything the insurance company needs to address the legal requirement; on the other hand, the insurance company is responsible for implementing the compliance solution that better suits its reality. |
Quelles sont les nouveautés?
Quelles sont les nouveautés?
Numérisation agile des processus d'assurance On parle beaucoup de la numérisation dans les compagnies d'assurance, notamment en ce qui concerne les processus commerciaux tels que la souscription ou la gestion des sinistres. Mais le processus de numérisation est-il facile à mettre en œuvre ? Par ailleurs, une évolution permanente et agile de la numérisation est-elle possible ?
After World War 2, the social security system expanded significantly. In 1962, the Caixa Nacional de Pensões (National Pension Fund) was established, and in 1972, there was a pension reform that unified various social protection regimes. Between 1980 and 1990, the first funds created by large companies and financial institutions began to emerge. Currently, due to population aging and high pressure on public finances, there is a trend toward adjusting retirement age and benefit amounts. Pension funds, in terms of contributions from both companies and individuals, are a good investment solution to prepare for a more stable financial future.
Cleva s’engage dans le développement de solutions logicielles qui stimulent la transformation numérique du secteur de l’assurance grâce à une plateforme logicielle complète et ouverte intégrant une gamme fonctionnelle complète allant de la gestion des polices à l’évaluation des risques et au service client.