Cleva Insights

Legal requirements’ management in Cleva software

Paulo Vilela

Engineering Manager

LinkedIn
Facebook
WhatsApp
Email

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.

What`s new?

3

What's new?

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.

In a world of constant technological evolution, insurers face the challenge of keeping up to date to meet the increasingly specific needs of their clients and remain competitive. This updating is based on several pillars, one of the main ones being the architecture of computer systems, which can either favour or hinder technological transformation. In this article we explore how the modernisation of this architecture can create opportunities for innovation and efficiency within insurance companies, while identifying some of the challenges related with legacy systems.

Cleva is committed to the development of core solutions that boost the digital transformation of the insurance industry through a comprehensive and integrated platform with a complete functional range from managing policies to risk assessment and customer service.

Offices

Ávila Spaces – Av. D. João II Lote 1.07.2.1, Piso 0, 1990-096 Lisboa

Immeuble Le Tangram, 21 Bd des Tchécoslovaques, 69007 Lyon

Calle María de Portugal 9 – 28050 Madrid

7, rue Touzet Gaillard 93400

R. do Zambeze 289, 4250-505 Porto

All rights Reserved - Cleva Solutions