Keeping Pace with Industry’s Changing Risk and Regulatory Climate
Organizations providing life and annuity insurance products face unique challenges in managing financial crimes, including disparate systems, risks of working with numerous third party agents and rapidly increasing levels of financial crime. Insurers worldwide need comprehensive yet cost-effective solutions to avoid penalties and reduce fraud-related losses. Actimize solutions enable clients to:
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Improve investigator efficiencyEasily access and monitor a customer’s entire history from a single integrated view across multiple, disparate systems, ensuring a holistic, enterprise-wide view of all insurance activities. Automate reporting, case management and audit tracking; analyze relationships between individuals, policies and intermediaries without IT support. |
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Reduce losses and penaltiesScreen all transaction types, including payments, rollovers, loans, transfers, surrenders, partial withdrawals and death claims against industry watch lists to prevent business with high risk entities. Lower false positive ratios and pinpoint high-risk threats more accurately with advanced filtering analytics and a centralized case management system, ensuring analysts spend time investigating high-risk transactions.
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Customize to meet changing organizational needsFine-tune thresholds and risk scoring formulas, suppress scores for unusual peer groups and elevate selected accounts or activities to high-risk status. Adapt monitoring levels on highest risk accounts or add access to additional data sources to keep pace with the ever- changing regulations and increasing demands from rating bureaus, consumers and investors. |
Actimize Solutions for the Insurance Industry
A complete suite of best-in-class solutions tailored to insurance-specific Suspicious Activity Monitoring, Watch List Filtering and Customer Due Diligence needs across all covered products, including term and whole life insurance, fixed and variable annuities, brokerage and more.
Proven solutions that combine industry best practices with easily customizable models to detect and prevent claims fraud and employee fraud. Solutions leverage peer and behavioral analysis and rules to identify the highest risk claims and employees involved in the claims process.
A comprehensive platform that consolidates a firm’s AML and fraud investigations, workflow, case management, analytics and reporting into an intuitive enterprise-wide view. Firms are able to find synergies between compliance, risk management and security and improve the level of accuracy in identifying financial crime events.
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