Know Your Customer (KYC) Software Insurance Companies | TONBELLER

Risk Classification at Customer Acceptance - Online and in Real-Time

Insurance companies are also subject to enhanced due diligence when concluding new contracts. They are obliged to check the customers' and the beneficial owners' identities, to know their economic background and to continually check their business relations for risks.

The software solution of FICO TONBELLER enables insurance companies to enter policy holder, beneficiary or other personal data in dynamic insurance questionnaires and to match it with PEP, embargo and other lists in real-time. This allows a first risk classification of the new customer before conclusion of the contract. The entire customer base is also matched with sanction lists on a regular basis. Since the solution also provides interfaces to research systems, customers and process data can be checked for money-laundering and fraud scenarios according to the risk-based approach. Integrated management cockpits grant an overview of the overall risk situation, provide key figures, and facilitate the management of the corporation.

Our solution offers:

  • Easy integration with contract conclusion processes and CRM systems
  • Workflow for risk classification for new and existing customers in real-time
  • Automatic forwarding of customer information to the systems for money laundering and fraud detection (e.g. Siron®AML).
  • Close monitoring of customer acceptance information (ongoing due diligence)
  • Audit-proof documentation

Siron®KYC Know Your Customer

Integrated Monitoring of Customer Information (New and Existing Customers)

Know Your Customer (KYC)

To protect insurance companies from risks resulting from their customers, it is useful to include policy holders in compliance programs but also all other persons linked to the contract (e.g. claimants). In combination with Siron®KYC, a workflow-based application for continuous monitoring of customer information, compliance with statutory regulations is secured upon conclusion of the contract. Integrated solutions for customer due diligence allow seamless integration with existing processes or systems. Standardized interfaces to third-party databases, sanction and other public lists allow fast implementation of the solution.

Key functions:

  • Continual matching of customer information with sanction lists and PEP databases
  • Automatic retrieval of the beneficial owner for legal entities
  • Real-time risk classification for customers
  • Custom risk features through business rules
  • Easy integration in contract conclusion process
  • Designer to create dynamic questionnaires for policy holders
  • Standardized interface to the core banking system to check existing customers

Siron®RCC Risk & Compliance Cockpit

Visualization, Management and Control of Risk Measures

The growing complexity of basic statutory conditions is a continual challenge for insurance companies in their effort to combating risks efficiently. The active management of risks for all connected national and international departments and subsidiaries requires an up-to-date central overview of the most important variables. Through cockpits designed according to the latest findings of perception psychology, Siron®RCC grants insurance companies a holistic view on their risk analyses including preventive measures and their status. Based on consolidated data from integrated risk-assessment and research systems (e.g. Siron®KYC), measures are calculated and presented using sophisticated visualization techniques.

Key functions:

  • Fast, daily management overview in accordance with the GRC approach
  • Early detection of shortcomings of and risks in the internal control system
  • Analysis and comparison of trends and risk development
  • Drill-down (e.g. per country, subsidiary, customer category, risk factor)
  • Configurable charts
  • Key performance indicators (KPIs) that can be adjusted to the insurance company's risk situation