Compliance screening concerns all insurance processes. Gain insight into Ultimate Beneficial Owners (UBOs) and become compliant with the latest legislation and regulations. Knowing and screening your customers will prevent image loss and avoids high penalties. This will enhance the quality of your underwriting process. Furthermore, administrative burdens will be reduced to a minimum.
The obligations to which insurance companies must comply derive from three articles of law:
- Anti-Money Laundering Act (AML)
- Combating the Financing of Terrorism Act (CFT)
- Sanctions Act
These laws are characterized by the obligation to carry out a client research, to identify the Ultimate Beneficial Owners (UBOs) and to take extra measures in case of ‘Politically Exposed Persons’ (PEPs). FRISS provides an extensive screening of the customers you are dealing with (Know Your Customer / Customer Due Diligence). This way, image loss and high penalties will be avoided and administrative burdens will be reduced to a minimum.
Real time UBO and Compliance check
With the real time FRISS® solution you are compliant with this legalisation in a quick and efficient manner. Due to the direct connection with the trade register, you have constant access to up-to-date Chamber of Commerce information. Besides real time, it is possible to screen business relations in batch or manually.
Prevent image loss and high penalties
By implementing automatic risk estimation in the underwriting process, straight through processing is being realized wherever possible. This allows your operation and process for underwriting to become significantly more efficient.
The follow-up and investigation of possible fraud or high risk cases is also supported by FRISS®, through an integrated case management module. Become more effective at investigation by working and sharing cases at one place with all related information available.
In addition, the FRISS® UBO check does not stop at the country borders, but is capable of worldwide screening in over 50 countries. At FRISS® it is exclusively possible to determine and screen UBO’s fully automated for companies in Belgium, France and Germany.
As a proven standard, the FRISS Score is the core of the solutions and indicates the risk for each policy application or claim. It provides a white box, holistic view on fraud and risks, delivering actionable insights. The FRISS Score is based on a hybrid detection method. It combines insurance expert business knowledge, out of 10+ years of experience, with external data sources and AI.
The detection system provides an accurate estimation of the fraud and risks with the aid of expert rules, profiles, predictive models, text mining and link analysis together with all available information in more than 100 external data sources. Based on this estimation, a risk score is given (FRISS Score). The higher the score, the higher the potential risk of fraud.