New research sheds light on strained relations within the region
By Mika Pangilinan
The relationship between marketing and legal/compliance teams within the insurance sector has been particularly strained, according to new research conducted by software company Red Marker.
The study, which surveyed 336 senior professionals working in insurance companies with more than 5,000 employees in the UK, US and Australia, found that 80% of respondents viewed their relationships with their counterparts in the antitrust department as adversarial and that “we Marked as “and”. Them” mentality.
One of the primary sources of frustration identified by marketing professionals is the legal/compliance approval process.
According to the study, 75% of marketers said that legal and/or compliance hinders their ability to do their work efficiently, while 74% found the review process to be overly lengthy, involving too many bureaucratic steps.
Meanwhile, 85% of compliance and legal insurance professionals said marketing didn’t understand the need to follow complex compliance rules and 83% thought marketing was too eager to shift blame when their content faced external challenges. .
Additionally, 86% of legal and compliance professionals reported that their marketing colleagues described compliance regulations as “on top,” just as 93% said they believed the review process would be more efficient if They don’t have to verify the basics again and again.
“Compliance teams and marketers need to find better ways to work together to ensure that content is produced and approved efficiently – but also in a way that minimizes risk,” he said.
According to Wood, the marketing compliance process has traditionally suffered from a “lack of customization”, which can now be addressed with the help of technology.
“Many organizations have created quick solutions or outsourced this process, but new technology means there is no longer an excuse for inefficiency and indifference,” Wood said.
Can AI simplify the review process and compliance issues?
To address tensions between marketing and compliance teams, most respondents (80%) said the ideal review process should minimize human subjectivity. Many saw artificial intelligence (AI) as a solution, with 94% of marketing, legal and compliance experts agreeing that AI capable of intelligently scanning and highlighting marketing content for compliance and brand risks – based tool will enhance the review process.
Of the benefits they expected to get from AI, 36% wanted automated checks for standard content such as disclaimers, sources, and terms and conditions. However, concerns over the technology still remain, with 31% of respondents worried that it won’t be able to review all of their content and that it won’t integrate seamlessly with their existing systems.
“Giving marketing teams the training and tools to consider compliance issues early and often can lead to more symbiotic partnerships,” Wood said. “However, collaboration is paramount and both parties agree that they need to work together more efficiently to help the business improve and meet its overall goals. This means creative conversations – and it can also mean using AI-powered technology to enhance processes by focusing on automation and standardization.
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