Beam Strengthens Insurance Compliance by Selecting Wolters Kluwer Solution

Rhea-AI Summary

Beam Technologies has selected NILS™ INsource® from Wolters Kluwer Compliance Solutions to enhance its compliance capabilities. This selection aims to address challenges in managing complex insurance regulations across different states and product lines. The NILS INsource solution offers a cost-effective, efficient approach to regulatory requirements. It’s a widely-used tool for insurance compliance professionals, utilized by nearly 7,000 professionals across the U.S. and its territories.

Positive

• Beam enhances compliance capabilities by choosing NILS INsource, improving efficiency and regulatory management.
• NILS INsource is a trusted tool used by nearly 7,000 insurance professionals, showcasing its effectiveness.

Negative

• None.

Beam, a digitally enabled employee benefits provider, chooses NILS™ INsource® offering to further enhance its compliance capabilities

BOSTON--(BUSINESS WIRE)-- Ohio-based Beam Technologies Inc, an employee benefits provider, is further strengthening its insurance compliance program capabilities through its selection of NILS™ INsource® offered through Wolters Kluwer Compliance Solutions.

“Effectively managing ever-changing insurance regulations and rules that differ, depending on the states in which you operate and further by product line, has continued to present challenges to our employee benefits business,” said Kyle Kizer, Compliance Manager — Insurance Products, Beam Technologies. “The NILS INsource solution helps us address those challenges head on, offering a cost-effective and more efficient approach to managing regulatory requirements with a compliance-first focus.”

“NILS INsource has long provided insurers a trusted and valued resource to help consistently manage complex and ever-changing compliance and regulatory obligations across the insurance landscape,” said Steven Meirink, Executive Vice President and General Manager, Wolters Kluwer Compliance Solutions. “We are pleased Beam Technologies is utilizing the NILS INsource platform to help improve its compliance program productivity and reduce compliance-related risk.”

NILS INsource is a web-based tool for efficient and effective research, allowing insurers to monitor the vast array of regulatory content and to readily assess compliance ramifications of evolving insurance obligations. Insurance compliance professionals can obtain focused, accurate content in significantly less time by leveraging the tool’s uniquely indexed insurance content, thus providing greater accuracy and more relevant search results, and vastly enhancing their compliance efforts.

NILS™ INsource is used as a definitive primary content resource by nearly 7,000 insurance professionals and departments in all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands.

Wolters Kluwer Compliance Solutions is a market leader and trusted provider of risk management and regulatory compliance solutions and services to U.S. insurers, banks, credit unions and securities firms. The business, which sits within Wolters Kluwer’s Governance, Risk & Compliance (GRC) division, helps these financial institutions efficiently manage risk and regulatory compliance obligations, and gain the insights needed to focus on better serving their customers and growing their business.

Wolters Kluwer’s GRC division provides an array of expert solutions to help financial institutions manage regulatory and risk obligations. Wolters Kluwer Compliance Solutions’ OneSumX® for Regulatory Change Management tracks regulatory changes and organizes them to create structured, value-added content through a single data feed that is paired with an easy-to-use software solution. Compliance Solutions’ iLien Motor Vehicle provides for the processing and management of motor vehicle titles and liens, helping solve the most unique and complicated challenges in title perfection. Wolters Kluwer Finance, Risk & Regulatory Reporting (FRR), meanwhile, is a global market leader in the provision of integrated regulatory compliance and reporting solutions. The division’s legal solutions businesses are Wolters Kluwer CT Corporation and Wolters Kluwer ELM Solutions.

About Wolters Kluwer Governance, Risk & Compliance

Governance, Risk & Compliance is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to help ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes. GRC offers a portfolio of technology-enabled expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance.

Wolters Kluwer (WKL) is a global leader in professional information, software solutions, and services for the healthcare; tax and accounting; governance, risk and compliance; and legal and regulatory sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2021 annual revenues of €4.8 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 19,800 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.

About Beam

Beam is a digitally native employee benefits company that provides the industry’s most innovative dental insurance product. Beam Dental combines an easy-to-use online insurance platform, AI-powered underwriting, and the connected Beam Toothbrush^* for better overall wellness. Beam has raised over $170 million in venture capital funding and is the only digital company within the $100+ billion employee benefits category. Beam also offers vision^** insurance, and group life^** and disability^** coverage for employers of all sizes. Beam is available in over 43 states around the U.S. and is accepted at over 400,000 access points nationwide. For more information, visit www.beam.dental.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220504005081/en/

Media Contacts for Wolters Kluwer GRC

(Including Wolters Kluwer Compliance Solutions; Wolters Kluwer Finance, Risk & Regulatory Reporting; Wolters Kluwer ELM Solutions, and Wolters Kluwer CT Corporation)



Paul Lyon

Senior Director, Global Corporate Communications: Global Marketing, Communications & Planning

Governance, Risk & Compliance Division

Wolters Kluwer

Office +44 20 3197 6586

Paul.Lyon@wolterskluwer.com



David Feider

Corporate Communications Manager, Banking & Regulatory Compliance

Governance, Risk & Compliance Division

Wolters Kluwer

Tel: +1 612-852-7966

David.Feider@wolterskluwer.com

Source: Wolters Kluwer

FAQ

What is the significance of Beam Technologies choosing NILS INsource?

Beam Technologies selected NILS INsource to strengthen compliance capabilities, addressing the complex challenges of insurance regulations.

How does NILS INsource help Beam Technologies?

NILS INsource provides a cost-effective solution for effectively managing insurance regulatory requirements, improving compliance efficiency.

What impact does the use of NILS INsource have on Beam Technologies' operations?

Utilizing NILS INsource enhances Beam's ability to adapt to changing regulations, reducing compliance-related risks and improving productivity.