To automate compliance procedures and decrease manual tracking, the research recommended that insurers implement RegTech solutions.

According to a survey by TeamLease RegTech, Indian insurance businesses must oversee more than 4,500 regulatory compliances annually, including crucial requirements on solvency margins, anti-money laundering, and policyholder safety.

Insurance and other regulators have hundreds of compliance standards that compliance officers of an insurance firm must stay up to date on. When a business develops its activities across many states, these complications are made worse. According to the research, a single-entity insurance firm with a corporate office in one state must handle 2,236 distinct compliances from the federal and state governments each year.

At different phases of the business process, central and state authorities require that new entrants get around 38 certifications, licenses, permits, and approvals under at least 27 Acts and regulations. Approvals under different Insurance Regulatory and Development Authority of India (Irdai) laws are among the essential licenses needed for the insurance industry.

To automate compliance procedures and decrease manual tracking, the research recommended that insurers implement RegTech solutions. Furthermore, maintaining regulatory alignment throughout the organization and guaranteeing conformity to changing requirements depend heavily on cultivating a compliance-driven culture under the direction of capable leadership.

In addition to establishing a centralized regulatory repository, the research suggested that the regulator implement a single-window licensing structure and further streamline regulatory reporting.