Risk Assessment Software Insurance Companies | FICO TONBELLER

Risk Assessment Insurance

Due to national and international regulations (e.g. the third and fourth EU directive), insurance companies are obliged to implement internal security measures. The insurance company's risk analysis is the basis for that. But since risk analyses are but snapshots, risk analyses and prevention measures are to be revised continuously; and results from the measures should in turn be influencing the risks and their assessment.

To implement the statutory requirements, it is useful to employ software to create the risk analysis in combination with existing research systems (e.g. for anti-money laundering and anti-fraud). This enables you to enrich the risk analysis with key figures, check the effectiveness of prevention measures, and continually refine risk evaluation and resulting measures.

You can use the FICO TONBELLER systems to identify, assess, and categorize risks and to specify measures. Integrated workflows facilitate multidisciplinary risk analysis across branch offices and organizations, audit-proof records, and implementation of measures for risk minimization. Cockpits grant a status overview of the situation to the management and specialized departments and make the risk situation transparent.

Our solution offers:

  • A full solution ranging from risk assessment to management cockpits
  • Simple integration in CRM systems
  • Integration with research systems (e.g. Siron®AML)
  • Best practices from existing customer installations

Siron®RAS Risk Assessment

Assess and Manage Risks

Siron®RAS helps insurance companies create and continually develop their risk analyses. Identification, categorization, and the assessment of risks are the foundation of all subsequent activities within the insurance company to initiate and design comprehensive programs against money laundering, terrorism financing and other criminal acts. Targeted organizational steps may be derived and IT prevention measures implemented. This does not only support individual risk management. Focusing on essential risks may also result in savings through efficient resource allocation and more potent check procedures. Integrated workflows for cross-departmental risk assessment, audit-proof documentation, and customer assessment options complete the picture.

Key functions:

  • System-based specification of the organizational and business structure
  • Workflow for identification, categorization and weighting of the insurance company's risks (e.g. policy holder, contract partner, product and process risks)
  • Large database with predefined risks
  • Measures for risk prevention and minimization, including functionality for time and task management
  • Interface to research systems (e.g. Siron®KYC, Siron®AML, Siron®Embargo) to check the efficiency of monitoring measures and for continual enrichment of the risk analysis through up-to-date key-figures

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®RAS, Siron®KYC, Siron®AML, Siron®Embargo), 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
  • Analyses and comparison of trends and risk development
  • Drill-down (e.g. per country, subsidiary, customer category, risk factor)
  • Configurable charts
  • Key performance indicators (KPI) that can be adjusted to the insurance company's risk situation