The Role and Significance of Compliance in the Insurance Sector: A Case Study of Selected Insurance Companies

This thesis focuses on the significance of compliance in the insurance industry, both from a theoretical and practical perspective. The main objective was to evaluate the role and benefits of compliance within selected insurance companies operating in the Czech market. The theoretical part defines key concepts, the function and position of compliance within a company, its legal framework, and potential consequences of non-compliance, with special attention given to the insurance sector as one of the most heavily regulated industries. The practical part of the thesis is based on qualitative research conducted through structured interviews with selected employees from compliance department. The research concentrated on three main areas: the perception and practical implementation of compliance, the influence of compliance on strategic decision-making and handling non-compliance situations, and the role of compliance as an integral part of corporate culture. The findings indicate that compliance is widely recognized by insurance companies as a crucial tool for protecting reputation, managing risks, ensuring legal and regulatory adherence, and supporting the long-term prosperity of the business. Furthermore, compliance programs increasingly influence strategic decision-making, particularly when introducing new products or services. The research also confirmed that compliance is firmly embedded in the corporate culture of all examined insurance companies, with employees regularly trained and informed about its importance. The results of this thesis thus confirm the growing importance of compliance as an indispensable element of modern management within the insurance sector.