Automating the process of PEP checks at an insurance company

The first step in establishing a new business relationship is to perform the Customer Due Diligence process. This process includes carrying out PEP checks. Our client now enjoys an automated solution for the CDD process. As a result, the service level has increased by 100%, and the administrative staff enjoys a reduced workload and an increased satisfaction level.
3 weeks delivery time

Use case: PEP checks by hand

Before agreeing to a business relationship or carrying out a transaction, financial institutions have to carry out the Customer Due Diligence process. At this stage, Political Exposed Person (PEP) checks are carried out. Our client is a dutch insurance group, and their administration department carries out these PEP checks on a daily basis. New policies that require a Justice PEP check are collected in an Excel file. Then, for each of these policies, a PEP check is performed in a risk assessment application: FRISS. If the check is positive, the transaction can be carried out. However, if the check is negative, the policy is forwarded to the designated persons that will handle the high-risk policy. 

This entire process, from collecting policies to assessing the PEP checks, is one that employees face in their day-to-day tasks. Not only is this process repetitive, but it also requires quite some time to finish. As a result, the department is not always able to finish all PEP checks on time.

Checks performed annually
Of effort automated
Year to ROI
Hours saved annually
Error reduction

Our solution: Implemented solution empowers administrative employees

We presented a digital workforce which automates the Customer Due Diligence process. The dutch insurance group is now using Ciphix’s implemented solution, which empowers their administrative employees, so that Justice PEP checks are carried out in time. The digital employee is scheduled twice a day and performs the following tasks:

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

Our automated solution is able to increase the service level significantly and thereby frees up valuable time for the administration department. With remarkable results, such as saving over 260 hours on a yearly basis and allowing employees to spend their time more efficiently, our solution is effective, sustainable and reliable.

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