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insurance

Digital transformation is high on the agenda across the insurance sector.

However, legacy technology and more stringent anti-financial crime regulation are often cited as barriers to achieving this.

With the right solution, insurers can address customer demands while enhancing their ability to comply effectively with Know Your Customer (KYC) and Anti-Money Laundering requirements (AML).

KYC automation from encompass addresses this challenge. We offer multifaceted support for your global organisation.

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KYC operations and customer onboarding

KYC operations and customer onboarding

Increased regulation has made the KYC process more complex for insurance companies. Without a single view of the customer, KYC operations and customer onboarding teams face a number of challenges:

  • internal Service Level Agreements for customer onboarding times are not being met
  • adverse media screening generates an unmanageable volume of false positives
  • deadlines for urgent and large-scale KYC remediation projects are being missed

automated KYC discovery from encompass

Using an innovative blend of intelligent process automation, artificial intelligence and business logic, encompass automates KYC discovery, making it quick and easy to build a full picture of a customer using all required internal and external data sources.

Using a company’s existing KYC policies and procedures, as well as trusted sources, we automatically complete KYC discovery on policy holders and beneficiaries for faster, more accurate decisions at onboarding, when processing claims and throughout the entire customer lifecycle.

Our results speak for themselves. In a side-by-side proof of value exercise run with a leading Australian financial institution, encompass completed the KYC discovery process on average eight times faster than a senior KYC analyst using their existing process.

Click the table to enlarge.

compliance

A robust KY process is critical for insurance companies. However, more complex KYC compliance cannot come at the expense of customer-focused digital transformation.

The need to improve KYC analyst productivity is hampered by the inaccessibility of data, outdated legacy systems and siloed under-resourced teams. This has led to:

  • skilled analysts being burdened with low-skilled tasks and losing focus on key compliance activities
  • deadlines for urgent and large-scale KYC remediation projects being missed

automated KYC discovery from encompass

Using an innovative blend of intelligent process automation, natural language processing and business logic, encompass automates KYC discovery to reduce the manual burden on analysts and, ultimately, significantly increase productivity.

Intelligent process automation from encompass ensures KYC policies are consistently adhered to across a bank’s global operations, and bulk remediation makes bringing existing customers in line with new standards fast and simple.

Our results speak for themselves. In a side-by-side proof of value exercise run with a leading Australian financial institution, encompass completed the KYC discovery process on average eight times faster than a senior KYC analyst using their existing process.

Click the table to enlarge.

compliance

A robust KY process is critical for insurance companies. However, more complex KYC compliance cannot come at the expense of customer-focused digital transformation.

The need to improve KYC analyst productivity is hampered by the inaccessibility of data, outdated legacy systems and siloed under-resourced teams. This has led to:

  • skilled analysts being burdened with low-skilled tasks and losing focus on key compliance activities
  • deadlines for urgent and large-scale KYC remediation projects being missed

automated KYC discovery from encompass

Using an innovative blend of intelligent process automation, natural language processing and business logic, encompass automates KYC discovery to reduce the manual burden on analysts and, ultimately, significantly increase productivity.

Intelligent process automation from encompass ensures KYC policies are consistently adhered to across a bank’s global operations, and bulk remediation makes bringing existing customers in line with new standards fast and simple.

Our results speak for themselves. In a side-by-side proof of value exercise run with a leading Australian financial institution, encompass completed the KYC discovery process on average eight times faster than a senior KYC analyst using their existing process.

Click the table to enlarge.

relationship management

relationship management

Corporate and investment bank sales teams are under tremendous pressure to win more business and maximise customer profitability. However, a recent survey found that 57% of bank sales professionals spend more than 1.5 days per week onboarding customers, due to the increasing complexity of Know Your Customer (KYC) requirements. This has a detrimental effect on a bank as:

  • onboarding times do not meet customer expectations resulting in lost business
  • a poor initial onboarding experience directly impacts customer profitability
  • KYC quality is inconsistent due to a lack of understanding and resources

automated KYC discovery from encompass

By utilising the latest in intelligent process automation and artificial intelligence, alongside our demonstrated expertise, encompass automates KYC discovery, reducing reducing costs while enhancing compliance with global AML and anti-bribery and corruption regulation.

Intelligent process automation from encompass ensures policies are consistently followed, and every search, action and decision is dynamically recorded in a comprehensive audit trail for demonstrable compliance.

Our results speak for themselves. In a side-by-side proof of value exercise run with a leading Australian bank, encompass’ automated KYC discovery process identified more complete ownership and control information than a senior KYC analyst following the bank’s existing manual process – over eight times faster.

Click the table to enlarge.

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discover what encompass can do for you

Ready to learn how encompass can accelerate your client onboarding and compliance checks?

Fill out the form to request your personalised consultation on how encompass can help your business.

Alternatively you can contact our team directly on +44 (0) 333-772-0002.