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LexisNexis Unveils Innovative Insurance Compliance Solution
Helping Insurance Companies Stay in Regulatory Compliance to Avoid Billions in Fines
DAYTON, OH, February 20, 2006 - In order to help insurance companies stop the hemorrhaging of multi-millions of dollars paid for inadvertent violations of complex compliance regulations, LexisNexis U.S., a leading provider of information and services solutions, today announced the launch of LexisNexis® Insurance Compliance. This solution combines industry-leading content with insight, expertise and analysis in a single easy-to use Web-based application.
"Insurers are paying millions in penalties and suffering significant productivity losses due to compliance related activities. These potential financial impacts combined with the number of different sources needed to understand and ensure compliance drove LexisNexis to build the singular compliance solution for the insurance industry," said Darrell Huntsman, vice president and managing director at LexisNexis. "Bringing together legal and regulatory resources with custom innovations and industry expertise, we’re working with our customers to remove the guesswork from regulatory compliance."
LexisNexis Insurance Compliance empowers compliance professionals, at every level, to respond effectively to the challenges in an expanding and changing regulatory environment across all 50 states and territories. That means offering more than the best sources—it means integrating those sources with analysis and insight that helps today’s insurance companies understand how to comply with rapidly changing legal developments.
Bringing together innovative information technologies, industry expertise, and the most comprehensive content collection, LexisNexis Insurance Compliance brings insurance companies a combination of advantages unavailable anywhere else.
- Compliance Index: A new domain-specific compliance index that ties together seemingly disparate concepts across jurisdictions so that compliance users can find what they need quickly and easily.
- Expert Insights: To understand how to respond to legal developments, summaries and highlighted actions are available to help users see and respond to critical compliance issues.
- Advisory Board: A professionally-diverse Advisory Board consisting of prestigious regulatory practice attorneys, prominent current and former insurance regulators and distinguished insurance executives was established to address the compliance needs of insurance companies.
- Expert Blog: Whether through insights into regulatory changes or discussions on the most perplexing compliance issues, insurers can review or participate in Advisory Board discussions through a subscriber-only blog.
While the direct costs of non-compliance are staggering, the indirect costs are equally damaging. Bad publicity, class-action litigation, and the reaction of the financial markets can be nothing short of catastrophic for individual companies and have a far-reaching impact for the entire industry.
"LexisNexis Insurance Compliance gives insurers confidence that their teams can understand the constantly changing rules and regulations. Our solution delivers legal developments and context, as well as real-time discussions by industry experts on developments that will affect a company’s ability to comply," said Molly Miller, director of Insurance Product Strategy. "We essentially bring experts to the desks of insurance compliance professionals trying to do high pressure work on deadline, every day."
Last week, LexisNexis announced alliance relationships with Corpedia and Compliance 360 to help general counsel and chief compliance officers protect their companies from the risks of violating changing laws and regulations. These relationships combined with LexisNexis Insurance Compliance make LexisNexis a leading provider of information and solutions for companies seeking to respond to today’s dynamic compliance environment.
For more information on LexisNexis Insurance Compliance, visit www.lexisnexis.com/experts.
About LexisNexis
LexisNexis® (www.lexisnexis.com) is a leading provider of information and services solutions, including its flagship Web-based Lexis® and Nexis® research services, to a wide range of professionals in the legal, risk management, corporate, government, law enforcement, accounting and academic markets. A member of Reed Elsevier Group plc [NYSE: ENL; NYSE: RUK] (www.reedelsevier.com), the company does business in 100 countries with 13,000 employees worldwide.
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