January 29th, 2020 5:24pm | Call Recording, Compliance, Insurance,

By Ian Bevington

Increasing market and regulatory pressure has made compliance a key function within the insurance sector with wide ranging changes increasing pressure to capture and address all risks. The closer compliance officers can get to the heart of their business, the more effective detection and prevention can become.

  • Anti-Money Laundering
  • Anti-Bribery and Corruption
  • Anti-Trust
  • Complaints and Claims Management
  • Conflict of interests
  • Data Security and Privacy
  • Distribution and selling practices
  • Fraud Management
  • Payment Card Industry compliance
  • Quality certification
  • Transparency of contracts
  • Taxation on premiums

To make matters worse, over recent years the pace of change has increased and looks set to continue. The compliance role is further complicated by the degree of freedom afforded by regulators to fit with scale, structure and market characteristics. In addition, the availability of cloud-based services has simplified deployment, but brings more partners into scope. Looking ahead, increasingly connected systems, together with artificial intelligence will help to provide meaningful insight and highlight trends through clever notification mechanisms to keep organisations on the right side of regulation.

The role of call recording

The telephone continues to be a key method of communication within the sector. If you’re handling important calls a simple mis-understanding could have significant consequences. Making notes during a call can be a distraction, rarely results in a complete and accurate record and doesn’t form an audit trail for detection and prevention. A call recording is an accurate, tamperproof and can be stored and referenced for the long term.

Here’s how Oak can help

  1. Avoid mistakes
    Search and listen to one or more recordings to make sense of communication. Listen to the whole conversation or playback each side of the conversation independently* to understand who said what with clarity.
  1. Protect your company’s reputation
    Call recording enables compliance officers to get to the heart of operations, check the facts and resolve issues before they escalate, consume valuable resources or damage reputation. All calls are stored in a tamper proof format and can be used in a court of law as evidence.
  1. Improve client service
    Identify call scenarios, develop call tactics and share best practice to improve consistency and performance. Create playlists of routine and exceptional best practice calls to get new starters up to speed faster.

To learn more about call recording download our ‘Should We Be Recording Calls?’ white paper.

Payment services

Card Not Present (CNP) payments can represent a significant risk within the insurance sector, especially where customers are speaking card data over the phone. In this scenario front line staff are an integral part of the process and exposed to sensitive card data. They may be required to work in a ‘clean room’. Call recording must be paused and resumed while sensitive card data is being spoken.

Here’s how Oak can help

Oak’s secure payment services descope the office environment from sensitive card data and offer a range of secure payment options

  1. Agent assisted
    In the agent assisted model, your client enters their card data using a touch tone key pad. The DTMF tones are suppressed to allow continuous call recording. A screen view provides the agent with an indication of payment progress and allows them to prompt for information and confirm payment success.
  1. Self Service
    In the self-service model, your client is transferred or dials in to a secure payment service. A bespoke IVR service prompts the client for card information, accepts payment and confirms success.
  1. Click to Pay
    A unique payment link is sent to your client by email, SMS or webchat. The client completes payment using their own device in their own time. Payment success notification is returned.

To learn more about secure payments download our ‘Payment Card Industry Compliance’ white paper.


*The ability to playback each side of a conversation is dependent on your business telephony provider.

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