Our new video discusses some of the security and compliance concerns companies have when they decide to outsource their non-core business, and how SelmanCo can help ease those concerns.
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So, you have outsourced your non-core business, but your third-party administrator isn’t keeping up with appropriate data security protocols. It is a real problem for the TPA, so what do you do? Well, throwing money at the problem isn’t always a good solution, and it can quickly get expensive. Not to mention the fact that the liability exposure can become so terrifying that you can end up spending more time double checking the TPA’s work than completing your own.
It is tough to know whether a given insurance TPA has the advanced security and compliance capabilities an insurance company requires. And, today’s regulatory environment means added uncertainty, and the need for constant upgrades. If a TPA starts cutting corners to help their bottom line, too often, those cuts hit data security. No wonder people worry.
SelmanCo on the other hand, makes data security a priority, with continuing significant investments that align with our carriers’ needs. That’s how we function as a trusted partner of the insurance company. Regular, deep auditing of our data security is your assurance that SelmanCo will be ready to go, with all necessary controls in place.
At SelmanCo we take the privacy of our insureds and clients very seriously. We have Information Security policies which include data security requirements for data storage, appropriate equipment use and incident response. The physical server of our administrative system is located at a state of the art SunGard facility that will provide maximum protection for your customer information. Multiple firewalls, routine network scanning and a full array of intrusion-detection sensors ensure security. Our intrusion detection is running at all times; constantly monitoring traffic to see if an intrusion event is being attempted. Employee access is controlled at role level based on privileges assigned and functions performed. In addition, we maintain a Business Continuity Plan and receive an annual SSAE 16 SOC 1 Type II audit.
As an insurance carrier looking to outsource your non-core business, choosing SelmanCo as you partner can limit your liability exposure, allow you to focus on your core revenue generating activities, and provide a level of cost containment that will put your mind at ease.
Contact us to see how we can help you with your outsourcing needs today.