CASE STUDY
REGULATORY COPILOT
Regulatory compliance is a challenge everywhere in the world. In most cases, businesses are forced to hire expensive advisors who often don’t know all the answers given the complexity of the laws, procedures, guides, and updates. This can cost valuable time and generate needless mistakes.
However, being able to quickly and effectively navigate a regulatory landscape can reduce risk, mistakes, and time to market. It can also be a competitive advantage when designing regulated products, services, and ventures.
THE CHALLENGE
A large client in the insurance industry contacted us to help them build a new venture in the InsurTech industry. They wanted to develop a new type of insurance product with cutting-edge artificial intelligence powering the platform. However, during the engagement, the client was unsure how to approach certain regulatory questions in the given market, or even where to start looking.
This was a challenge for the engagement in terms of time, compliance, and budget.
THE PROCESS & SOLUTION
We broke the engagement into two separate categories: Constraints and Preferences. Getting the right insights into what a client could or couldn’t build and how they should go about getting it approved was the most mission-critical issue they were facing.
We suggested a fast sprint to build a Regulatory Copilot for the country they wanted to launch in. In a few short weeks, we had a fully operational Regulatory Copilot for the client and their advisors to query. The combination of the human experts on the team and the Regulatory Copilot dropped the information cycle from days to minutes.
THE RESULT
Sprint had two major impacts. One for the client and the other for us at Emergent Line.
For the client, they were able to increase their development cycle with confidence drastically and able to find the right information to structure and build their product within the constraints of a highly regulated industry like insurance. They were also able to be better prepared for questions, concerns, etc., that regulators might have.
For Emergent Line, we were able to validate the usefulness of regulatory copilots for business clients of all sizes. This was the third regulatory copilot we built for engagements and laid the foundations for future developments in this area for us.
