3 ways to drive innovation while achieving compliance

AI Governance & Assurance
Risks & Liability
AI Innovation - image

Finding the balance

Compliance and risk management are often seen as the enemy to innovation. This has become more and more of a challenge as companies today have to move fast in order to react to market changes. Given the speed at which the world is changing, innovation can’t continue to be bogged down (by compliance or other internal processes) in order for companies to survive.

We recognize the balance between risk management and technical progress. We built our product to streamline machine learning model development by creating an environment where cross-functional internal teams - like compliance and data science - collaborate from the beginning of a model project to the end.

Our software also grounds model development and governance in data, reducing opinion-based interference. Monitaur creates harmony between technical groups and corporate oversight teams ensuring that risks are understood and mitigated without disrupting the speed modern businesses need to operate at.  

Here’s how our platform helps create an environment for effective technical innovation while reducing risk and supporting compliance.

Data-driven AI governance

Optimize a scarce and expensive resource by limiting costly meetings with your data science team. The socialization of models is taxing, time-consuming, and counterproductive to technical innovation. 

We alleviate this pain by centralizing model documentation into one location and fostering collaboration and feedback from risk and compliance teams throughout the development and lifecycle management of models.

Internal teams can review standardized documentation, comment, and receive feedback all without scheduling a meeting or requiring a total project update.

Models can go from idea to production without technical teams preparing a single slide or conducting an in-person meeting. This is the beauty of standardized documentation for the purposes of cross-functional collaboration.

Bottom line: Monitaur improves efficiency by streamlining processes and reducing risk to make model development a collaborative process from beginning to end.

Proactive risk management

Understand the risk your underwriting and pricing models are introducing into the business before it's reflected in the loss ratio. The pace of change is accelerating and insurance companies need to adapt underwriting and pricing to changes in weather patterns, inflation, and lifestyle changes as a result of the pandemic lockdowns.

To counter these changes insurers are increasingly building models that are adaptable and easily modified as external data changes. But this doesn't cover everything. The missing element for carriers is awareness of external factors and need directional feedback on how to reduce the external risk before it hits profitability ratios.

This is where monitoring and model performance alerts come into play. Model performance needs to be validated, feedback ingested, and action plans developed. Model performance alerts create company-level awareness that drive action and a proactive approach to risk management. 

Bottom line: Monitaur improves model performance by providing proactive alerts that notify and inform the organization when external factors change and models drift.

Touch-free model reviews

External regulators are showing an increasing interest in model development, data inputs, and model outputs. We understand that any audit is a hassle and takes you away from the needs of the business.

Monitaur reduces the disruption through the organization of documentation and model performance into a centralized location where auditors and regulators can review evidence of compliance. This creates a touch-free audit/review with minimal disruption to your business. 

Bottom line: Auditors and regulators are going to be an inconvenience that disrupts how you run your business. Limit the disruption by having a tool that organizes documentation and model performance.

Model governance is here. 

Monitaur is the only software that is focused on alleviating pain points for technical teams by streamlining compliance and risk management oversight. We fundamentally believe risk and compliance oversight are necessary but how those teams interact and engage with technical teams must evolve and not come at the expense of progress.

We solve this problem for your organization and provide a positive ROI through business efficiency and risk segmentation.

Monitaur software is not an expense item but a business improvement tool that has a profound impact on how you conduct business, react to the external market, and interact with regulators. 

Bottom Line: Monitaur will allow you to deploy code faster, keep pace with the changes of the external environment, and ensure long-term competitive advantage.

About the author

Chris Hull | Monitaur General Manager, Insurance 

Chris has been in the insurance technology business for over 10 years. His most recent experience was launching and leading Root Enterprise, an insurance technology company servicing carriers in Asia, LATAM, and the USA. Before joining Root, Chris was a Director of Product Development at USAA, leading the development of USAA’s first telematics application called SafePilot. SafePilot has over a million drivers currently using the app and a 5 star rating in the app store. Chris earned his Masters from Harvard. He is a Bronze Star U.S. Army veteran and Eagle Scout.