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The insurance industry’s response to fast-changing regulatory and corporate governance business demands is characterized by a primary reliance on manual processes and ad-hoc measures, according to survey results from the Association for Cooperative Operations Research and Development and ILOG, a software manufacturer based in Mountain View, Calif.

Although specially appointed compliance officers generally have been assigned to manage the impact of regulatory demands, the industry is failing to fully embrace the value of information technology when addressing regulatory requirements, such as HIPAA, and corporate governance demands, such as those driven by the Sarbanes-Oxley Act, the study found.

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