To succeed in this new environment, insurers are putting regulation on top of senior management's strategic agenda. Regulatory management needs to be handled diligently, and it requires clearly defined roles and responsibilities within the organization.
BCG has developed a universally applicable regulatory management framework as a result of its experience with companies across multiple regulation-heavy industries, such as banking, pharmaceuticals, energy, telecommunications, automotive, and insurance.
The framework’s 12 building blocks cover all regulatory activities, communication channels, and organizational concerns.
Each of these building blocks consists of many detailed analysis, planning, execution, and forecasting activities that can guide an insurance company through the process of understanding and complying with new regulations.