Banking & Insurance Finance & Accounting

Automating the process of PEP checks at an insurance company

A large insurance group is obliged to perform customer due diligence before a new business relationship is established. Our solution automated this due diligence process for 100%, nearly increasing the service level to 100%, reducing the workload, errors and thereby increasing the satisfaction of the administrative staff.

Use case

Since 2008, Dutch financial institutions must obey to the Money Laundering and Terrorist Financing (Prevention) Act (Wwft). The purpose of this legislation is to prevent or combat money laundering and terrorist financing.

Financial institutions have to carry out customer due diligence before a business relationship is started or a transaction is carried out. At this stage, Justice Political Exposed Person (PEP) checks are carried out. PEP checks are carried out daily by the administration department of a Dutch insurance group. All new policies that require a Justice PEP check are collected in an Excel file. For each of these policies, a Justice PEP check is carried out in the FRISS risk assessment application. If the check is positive, the transaction can continue. If the check is negative, the policy is forwarded to the appropriate people which will handle the high-risk policy. This process is highly repetitive, time-consuming and time-sensitive. The department is not always able to finish all PEP checks on time, which makes this an ideal case for Robotic Process Automation (RPA).

Applied technologies
3 weeks delivery time

100%

Of effort automated

1.2

Year to ROI

260

Hours saved annualy

100%

Error reduction

Our solution

We created a digital workforce using RPA technology to automate the process of performing customer due diligence. Our goal was to empower the administrative employees so that all Justice PEP checks are carried out in time. The robot is scheduled twice a day and performs the following tasks:

  • Read input Excel (generated by administrative personel)
  • Perform all necessary PEP checks in the FRISS web application
  • Save results and screenshots of checks
  • Report results to the process owner in Excel file
  • Send mail to stakeholders when result is negative

Since the process has a time-sensitive nature, our solution is able to increase the service level significantly, freeing up valuable time of the administration department. Our solution is effective, reliable and able to automate this complete process, saving over 260 hours on a yearly basis.

Integrated applications

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