Insurance Industry
Streamline Risk Management to Effectively Manage Cyber and Compliance Risk
Insurance Industry
Measure Your Program Outcomes
- 67%
improvement in risk reporting visibility and efficiency for the executive management and board
- 90%
compression in compliance management timelines
- 60%
faster response time to regulatory changes
Enhance Governance, Risk Management, and Compliance (GRC) Processes
The insurance industry faces multi-dimensional risks including cyber risk, operational risk, and compliance risk, which are not only constantly evolving but also leading to strict regulatory measures across the globe. Traditional ways of managing them will not work as the risks today are becoming increasingly complex and interconnected with the accelerated pace of digital transformation. MetricStream enables insurance companies to embrace a connected approach to managing enterprise risk, regulatory compliance, internal audit, third-party risk, and cyber risk. Our products and software solutions support effective decision-making by standardizing GRC processes, improving visibility into top risks, providing real-time insights on risk, compliance, internal controls, and more.
How MetricStream Software Solutions Help You
Gain an Integrated Approach to Enterprise Risk
Implement an integrated and automated approach toward managing enterprise risks faced by insurance companies. With MetricStream Enterprise and Operational Risk Management products, strengthen risk management programs by improving risk identification, risk tolerance, and risk assessment in accordance with the organizational risk appetite. Transform risk into strategic advantage and make well-informed business decisions with enhanced risk visibility and foresight and a better understanding of risk exposure.
Strengthen Regulatory Compliance
Stay compliant with various federal and state regulations with MetricStream Regulatory Compliance to support operations spanning multiple geographies and insured product types. Proactively identify potential gaps and areas of concern by mapping policies to regulations, risks, and controls. Simplify and streamline the compliance process by quickly adapting to regulatory changes and efficiently managing compliance assessments, control testing, policies, case investigations, and regulatory engagements.
Stay on Top of Cyber Risks
Identify, aggregate, analyze, and manage IT and cyber risks, threats, and vulnerabilities while ensuring compliance with regulatory requirements such as NAIC, PRA, FCA, and industry standards like ISO 27001, COBIT, and others. Evaluate cyber risk exposure in monetary terms with cyber risk quantification. Strengthen cyber resilience by transforming raw risk data into actionable IT risk intelligence, providing comprehensive visibility and deeper insights into the top cyber risks affecting the enterprise.
Effectively Manage Third-Party Risks
Enhance visibility into security and compliance across all third parties including vendors, suppliers, and contractors. With MetricStream Third-Party Risk Management, gain an integrated, real-time view of the third-party risks and protect your business from third-party or fourth-party risk exposure. Effectively manage third-party risks throughout their lifecycle, from onboarding through offboarding. Leverage historical data on third parties to confidently make sourcing and negotiation decisions.
How MetricStream Benefits Your Business
- Reduce risk exposure, minimize compliance violations, and build confidence with regulators and executive management
- Unify risk and compliance activities to enable full risk visibility across the enterprise
- Real-time visibility into IT and cyber risks and exposure in monetary value, effectiveness of controls, and progress of mitigation action plans
- Enable integrated assurance and better collaboration across compliance, audit, and risk management teams
Related Resources
Frequently Asked Questions
Insurance providers face a complex and rapidly evolving risk landscape shaped by rising customer expectations, climate-related losses, economic uncertainty, and emerging digital risks. Digitization across underwriting, claims, distribution, and third-party ecosystems has expanded risk exposure, particularly in cyber risk, data privacy, model risk management, and fraud. Insurers must also navigate strict oversight from regulators such as state insurance commissions, EIOPA, and the NAIC, and comply with frameworks such as Solvency II and ORSA requirements.
MetricStream's AI-first Connected GRC solution helps insurance providers achieve operational resilience by unifying risk management, compliance, and cyber risk oversight in a single platform. The solution delivers real-time, enterprise-wide risk visibility and streamlines adherence to regulatory frameworks, enabling insurers to proactively manage risk and compliance across all lines of defense, from front-line business units to executive management and the board.
MetricStream's Regulatory Compliance solution helps insurance organizations stay compliant with federal and state regulations across multiple geographies and insured product types. The platform enables teams to proactively identify potential gaps by mapping policies to regulations, risks, and controls, and simplifies compliance management by supporting regulatory change tracking, compliance assessments, control testing, policy management, case investigations, and regulatory engagements.
MetricStream's Cyber GRC solution enables insurance organizations to identify, aggregate, analyze, and manage IT and cyber risks, threats, and vulnerabilities while ensuring compliance with regulatory requirements such as NAIC, PRA, and FCA, and industry standards including ISO 27001 and COBIT. The solution supports cyber risk quantification, evaluating risk exposure in monetary terms, and transforms raw risk data into actionable IT risk intelligence, giving insurers comprehensive visibility into the cyber risks most likely to affect the enterprise.
MetricStream's Enterprise and Operational Risk Management solution helps insurance companies implement an integrated and automated approach to managing enterprise risks. The platform strengthens risk management programs by improving risk identification, risk tolerance assessment, and risk appetite alignment. Organizations gain enhanced risk visibility and foresight, enabling them to transform risk into strategic advantage and make well-informed business decisions based on a clear understanding of risk exposure.
MetricStream's Third-Party Risk Management solution gives insurance organizations an integrated, real-time view of risks across all third parties, including vendors, suppliers, and contractors. The platform protects organizations from third-party and fourth-party risk exposure, manages third-party risks throughout the full lifecycle from onboarding to offboarding, and enables teams to leverage historical data on third parties to make more confident sourcing and negotiation decisions.
MetricStream enables integrated assurance by connecting compliance, audit, and risk management teams on a single platform, ensuring that findings and insights flow across functions rather than remaining siloed. This connected approach gives insurers a unified view of risk and compliance posture, supports better collaboration across lines of defense, and helps organizations demonstrate a robust, enterprise-level approach to risk management to regulators and executive management.
According to MetricStream customer responses and the GRC Journey Business Value Calculator, insurance organizations using MetricStream have achieved a 67% improvement in risk reporting visibility and efficiency for the executive management and board, a 90% compression in compliance management timelines, and a 60% improvement in response time to regulatory changes. These outcomes demonstrate the platform's impact on reducing compliance burden and improving risk governance at scale.
MetricStream's Regulatory Compliance solution enables insurers to respond more quickly to regulatory changes by centralizing compliance management and automating the process of tracking, mapping, and acting on new obligations. According to MetricStream customer responses and the GRC Journey Business Value Calculator, organizations have achieved a 60% improvement in response time to regulatory changes, giving compliance teams the speed and agility needed to adapt internal processes without disrupting operations.
AI capabilities in MetricStream's insurance GRC solution enable proactive risk detection, smarter controls, and automated compliance, reducing the manual burden on risk and compliance teams. The platform uses AI to accelerate routine GRC tasks, including predictive insights, automate risk assessments and regulatory tracking, and provide forward-looking visibility into the risks most likely to affect an insurer's financial stability and customer confidence. This allows insurance organizations to shift from reactive to proactive risk management.
