Insurance

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Most of the insurance industry uses call recording as a standard business practice with well known benefits in the areas of training, coaching, and as a way to improve the quality on calls to customer care.  Call Recording is also used to prove regulatory compliance in the insurance field, for risk management, and for dispute resolution.  Insurance companies also use call recording in the cases where they might need to assess a security threat if an employee, location, or another person were to be threatened. 

Often call recording is used only in the larger call centers due to the traditionally high cost of the technology.  The larger centers needed call recording in order to prove regulatory compliance or address specific security issues, but it wasn’t financially feasible to have the equipment at every location.  This meant smaller centers, agents’ offices, and many other departments within the industry didn’t have systems or were forced to use inferior technology. 

To find out more about our call recording solutions, click here

Call recording systems provide a vital technological component needed for today’s financial and insurance institutions to succeed.  These two industries need to focus on compliance issues as they impact all aspects of their operations.  Complying with the various regulatory requirements can be very difficult if not impossible without a supporting technology like call recording.

The financial and insurance industries must meet ever-changing rule and regulatory issues.  Many of their business practices have become standards based and they need to formalize their compliance programs to meet these specific requirements. 

The following is a partial list of the regulatory issues in the United States and/or EU that the Finance and Insurance industries might need to adhere to and show compliance with:

AML (Anti-Money Laundering)

Basel II Accord

ECOA (Equal Credit Opportunity Act)

FDCPA (Fair Debt Collection Practices Act)

GLBA (Gramm-Leach-Bliley Act)

MiFID (Markets in Financial Instruments Directive)

PCI DSS (Payment Card Industry Data Security Standards)