Automated AML, KYC & Due Diligence Solutions for Insurance Firms
Insurers might assume financial criminals such as money launderers do not have them in their sights, but there is no room for complacency. It is true that they represent a less direct means to legitimise dirty money and to pursue suspicious transactions; unlike banks, which provide an ongoing service, insurers tend to sell products in one-off interactions. However, bad actors are continually on the look out for new opportunities, particularly where they think their endeavours will be less obvious.
Arachnys understand some of the challenges insurance firms face and can offer them cloud-based solutions that align with their risk policy and reduce the burden of manual, laborious and inefficient processes.
Backed by unparalleled global data sources, we provide the tools to help you automate and accelerate manual effort in supply chain due diligence, customer and vendor onboarding, monitor adverse media and mitigate reputational risk.
A 2018 survey found that 62% of global insurers had been exposed to fraud or financial crime over the previous 24 months, up from 37% in 2016 and 35% in 2014.
Insurance firms have to manage risk for third parties, brokers and agents, cross-border policies, high net worth individuals, false claims, scams and money laundering schemes.
Regulators have taken enforcement action against wholesale insurance intermediaries for failure to adequately manage corruption risk, also causing reputational damage.
Automated AML & Investigations
Surface the content that matters, reduce duplication, manual effort and increase data re-use.
We act as a single lens, accessing and enriching the best KYC & AML data from global sources, which connects your compliance ecosystem to the data you need to make more confident compliance decisions.
Better data: Unparalleled global source coverage enables you to run 100% of your external data gathering process through a single set of tools
Less noise: Capture only the relevant information that matters, removing the noise associated with manual search techniques
Localized: Surface content in 98 languages, supported in multiple scripts including Arabic, Chinese and Cyrillic, across 220 jurisdictions
Audit control: Prove your findings with consolidated reports which include heat maps, summaries of completed steps and supporting research
Reduce duplication: Curation tools for your external research processes with the ability to share and reuse data across your organisation
Integrate: Connect your organization's workflow applications directly to the external data they need to make better, faster decisions
Global data search: Continuously search across 23,000+ risk-relevant, open-source and premium providers in over 98 languages supported in multiple scripts (incl. Arabic, Chinese & Cyrillic) across 220 jurisdictions
Configurable investigative process management: Investigative policy configuration and execution, guides your analysts in accordance with AML alert clearing and KYC/CDD/EDD processes
Automated screening tools: Reduce investigative cycle time using automated content-acquisition methods, and reduce false positives using automated screening tools for risk categorisation and assessment
Risk identification, categorization and evidencing: Providing fast, accurate and consistent risk determinations with automatic audit trail for simple or complex investigations
Structured report creation: PDF report generation and export capabilities (with or without appendix, translated and non-translated)
Research conducted by PwC suggests fraud and financial crime against insurers has been spiking upwards in recent times. Its 2018 Global Economic Crime Survey found 62% of global insurers had been exposed to fraud or financial crime over the previous 24 months, up from 37% in 2016 and 35% in 2014.
We caught up with Linda Baskett, Financial Crime Director at Aon UK who kindly took some time to tell us about her role, her top three challenges in fighting fincrime for a large insurance firm and what effect some recent regulation changes have had.