Automated KYC 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.
Industry Problems
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.
Arachnys Solutions
Automated AML & Investigations
Automated KYC & Onboarding
Automated Enhanced Due Diligence
We channel data into your ecosystem
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.
Benefits
Features
Why insurers must get to grips with due diligence and financial crime
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.
Q&A with Linda Baskett, Financial Crime Director at Aon UK
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.
