Vendor risk management for insurance
Insurance carriers and brokers now operate inside sprawling ecosystems of third parties – reinsurers, MGAs, TPAs, cloud platforms, core system providers, data enrichment services, and more. When one fails, the impact isnât abstract: outages, regulatory findings, and shaken policyholder trust land on you.
Why third-party risk looks different in insurance
Cloud and SaaS at the core
Underwriting, rating, policy admin, billing, CRM, and customer self-service now run on SaaS and cloud platforms deeply integrated into legacy systems through APIs.
Third parties drive most incidents
The majority of insurance-sector breaches trace back to vendor or service-provider failures. Attackers exploit shared data pipelines and dependency chains across multiple carriers and brokers.
Breach fallout goes beyond IT
A compromised claims processor, document vendor, or TPA can expose thousands of policyholders, trigger NYDFS or NAIC scrutiny, and disrupt operations across multiple lines of business.
Programs lag behind expectations
Many carriers still use spreadsheets and email questionnaires to manage hundreds of vendors – creating limited visibility into data flows, control gaps, and vendor performance.
The New Reality: Continuous Oversight
Every stage of the insurance value chain – from policy issuance to claims settlement – now relies on third-party technology and data partners.
Core platforms, TPAs, reinsurers, MGAs, cloud hosts, document services, and data-enrichment APIs accelerate growth, but they also multiply exposure.
Regulators have made their position clear: outsourcing doesnât transfer accountability.
Laws and guidance, such as NYDFS 23 NYCRR 500, GLBA Safeguards, DORA, and interagency outsourcing framework,s require insurers to exercise continuous oversight and maintain proof of governance.
ORSA filings, SOC exams, and board audits increasingly focus on third-party cyber resilience and data-protection controls.
Most security teams, however, remain small, and traditional TPRM processes canât keep pace.
VISO TRUST changes that with an AI-native approach built for regulated industries.
Regulatory & framework coverage for insurance
Insurers must show that vendors and outsourced providers are governed with the same rigor as internal operations.
VISO TRUST helps you assess vendors and organize evidence in ways that align with the regulations and frameworks you already work under.
Insurance & financial regulatory expectations
NYDFS 23 NYCRR 500 (including Section 500.11 Third-Party Service Provider Security Policy)
DORA and EBA Guidelines on Outsourcing Arrangements (for EU operations)
Interagency Guidance on Third-Party Relationships (for groups with banking operations)
GLBA safeguard expectations for financial institutions
Security & control frameworks
AICPA SOC (including SOC 2)
ISO 27001 / 27002
NIST Cybersecurity Framework
Privacy & data protection
GLBA
EU GDPR
CCPA and related privacy statutes
VISO TRUST automatically maps vendor evidence – SOC reports, ISO certificates, PCI documentation, policies, test results, cyber-insurance certificates – across these frameworks so you can show consistent, defensible oversight to regulators and examiners.
The continuous TPRM loop for healthcare
TPRM in insurance isnât a one-time vendor check; itâs a continuous loop across the full lifecycle.
VISO TRUST operationalizes that loop with AI so lean teams can keep up.
Without VISO TRUST vs. With VISO TRUST
| Without VISO TRUST | With VISO TRUST | |
|---|---|---|
| Vendor data | Spreadsheets and email lists scattered across IT, compliance, and business units | Centralized inventory auto-discovered from domains and IDP |
| Evidence collection | Manual chases and inbox tracking | AI Agent automates artifact requests, renewals, and validation |
| Assessments | Point-in-time, inconsistent, reactive | Instant Assessments with explainable risk and framework mapping |
| Monitoring | Limited or ad-hoc | Continuous breach and news correlation and Impact Reports |
| Audit prep | Weeks of document gathering | Examiner-ready Smart Summaries in minutes |
| Monitoring | Limited or ad-hoc | Continuous breach and news correlation and Impact Reports |
| Team capacity | Small team juggling speed vs rigor | Same headcount, full portfolio coverage at scale |
Use cases for insurance
Audit Readiness
Meet examiner and board expectations with centralized assessments, BAAs, evidence, and reporting aligned to NYDFS, GLBA, DORA, SOC, PCI, and ISO frameworks.
Collecting Vendor Documents
Automate intake of SOC 2s, ISO certs, PCI AoCs, cyber-insurance certificates, IR plans, and privacy agreements. The AI Agent handles renewals and expiration alerts.
Continuous Vendor Monitoring
Go beyond point-in-time reviews. Correlate breach/news signals to TPAs, platforms, and insurtech partners, then act using auto-generated Impact Reports.
Act on vendor breaches in real time – not after the headlines
Lean Team Enablement
Enable small security and compliance teams to manage enterprise-scale vendor ecosystems with AI-assisted workflows and prioritized exceptions.
Evidence-First Assessments
Flip the model: start with vendor artifacts and mapped controls, not 300-question forms. Targeted follow-ups improve accuracy and response speed.
Vendor Onboarding
Instantly assess new TPAs, reinsurers, MGAs, or platforms. See inherent/residual risk mapped to frameworks before signing contracts â keeping deals on schedule and compliant.
Value for every team that owns thirdâparty risk
CISOs and Heads of Security
End-to-end visibility into third- and fourth-party exposure across claims, policy admin, customer portals, and shared platforms
Explainable AI Risk Assessments and Smart Summaries you can take directly to the board, risk committee, or ORSA process
Confidence that continuous monitoring and impact analysis are running in the background, not just at annual review
TPRM / Vendor Risk Leaders
A single system of record for all vendor relationships, evidence, risk scores, and remediation work
The VISO TRUST AI Agent removes manual vendor chase and renewals, so your team focuses on judgment, not inbox triage
Standardized workflows that align with NAIC-driven expectations, NYDFS 23 NYCRR 500, DORA, and other supervisory guidance
For Compliance and Internal Audit
Live framework mapping to GLBA, NYDFS 23 NYCRR 500, SOC, PCI DSS, ISO 27001, NIST, and more; ready to export to examiners
Immutable audit trails showing who approved what, when, and based on which evidence
The ability to answer, âShow us your oversight of third-party service providersâ with dashboards, reports, and underlying documentation in minutes
For Line of Business Leaders (Underwriting, Claims, Distribution, Operations)
Faster, clearer answers to âCan we use this vendor or platform?â with risk-based decisions instead of opaque red/yellow/green
Transparency into which critical processes rely on which vendors – and how those vendors are being monitored
Confidence that regulatory and security requirements are handled without slowing new product rollouts, partnerships, or channel initiatives
For Procurement and Vendor Management
Integrated intake and risk steps so pre-contract due diligence happens automatically, not as an afterthought
Clear, consistent risk summaries to inform negotiation, renewal, and exit decisions across carriers, lines, and partners
Better vendor experience through concise, evidence-based requests instead of bespoke questionnaires for every engagement
Integration-ready
Streamline and automate complex workflows and decision-making across your entire enterprise stack â seamlessly integrating with tools like Jira, Coupa, ServiceNow, Archer, Slack, Okta, and thousands more.
