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The Philippines is stepping up its security in the insurance industry. The country’s insurance regulator now prohibits insurance companies from getting outsourced workforce if the job is all about insurance decisions, which include underwriting risks or approving claims, Insurance Business reported.
The move is said to aim in protecting the public by restricting the functions, according to the Insurance Commission (IC). The said functions cover activities, such as solicitation and loss adjustment and even people in the industry — licensed insurers, agents, and brokers.
The decision also clearly states that insurers are responsible for their policyholders when there is outsourced activities or participation from business process outsourcing (BPO) providers. On the other hand, BPO firms that may have access to the client’s private data (or personal information) are required to follow the recent data privacy laws.
“We recognize that insurance companies can benefit from outsourcing their business processes – such as [through] improved productivity of existing operational capacity and trimmed down overall capital expenditures,” said IC head Dennis Funa via Insurance Business.
“We expect insurers to take into account the general guidelines set forth in the new regulation in formulating and monitoring their outsourcing arrangements for the protection of the interests of their existing and potential policyholders.”