Insurance firms are experiencing some of the highest delays in data updates and report widespread use of inflexible compliance tools, according to a survey by LSEG Risk Intelligence.
The survey, which polled a host of compliance professionals, found that 75% of insurance firms face delays in data updates and 80% cite rigid screening tools as major challenges, both well above the global averages of 64% and 67% respectively.
Additional operational pressures include manual remediation workloads (81%) and high false positives (75%), highlighting the strain on compliance teams.
Despite these challenges, insurers recognise the importance of speed and accuracy. Almost all respondents (98%) said real-time data access is important, while 58% identified faster onboarding as a key benefit—higher than in other sectors. Yet many firms still rely on manual or mixed workflows, slowing progress and reinforcing the need for automation and integration.
When evaluating compliance screening tools, insurance firms prioritise real-time data access (65%), automation and workflow support (60%), and ease of integration (54%). The main reasons firms switch providers reflect these priorities: 26% cited real-time access and 17% cited precision or fewer false positives.
Vishal Relhan, EMEA Lead for LSEG Risk Intelligence, said, “Insurance firms are clear about their priorities: real-time screening and automation to reduce delays and improve customer experience. But the data shows inflexible tools and stale data remain major obstacles. Our focus at LSEG is delivering solutions that combine speed, precision, and seamless integration – helping insurers onboard customers faster while staying fully compliant.”
The survey underscores the growing operational pressures on compliance teams and highlights automation, integration, and real-time data access as critical factors for insurers seeking to modernise their processes.
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