Name Screening Alert Review for Sanctions and PEP in Insurance

Streamline the process of name screening alert review with WorkFusion’s pre-trained bots and reduce cost and manual efforts involved in determining whether a policy holder, claim payee or vendors is a politically exposed person (PEP) or on a sanctions list.

Why it is important

Insurance companies must handle thousands of alerts every day from their name-screening software, list providers, and databases – with the majority of them being false positives – and spend a substantial amount of manual effort to review and resolve them.

Thousands of daily alerts that must be manually resolved by analysts inside to determine an individual’s risk profile. Mistakes and failure to comply can lead to heavy penalties and allow bad actors to access policies and products that are inappropriate or put more risk on the insurer.

In case of a true PEP alert, the person’s risk rating must be increased or escalated for review and the customer’s account may need to be blocked.

How WorkFusion can help

WorkFusion’s pre-trained bots determine if an alert on a claimant or policy holder name is a true match or a false positive.

The bot makes this judgment using an insurance company’s internal customer data, including age, gender, and location, as well as external data sources for confirmations, such as connecting to government information portals.

Automating the PEP and sanctions alert reviews helps drastically lower the number of false positives a person must review manually, thus reducing time and manual effort required while increasing accuracy and auditability.

Document types

  • Alerts generated by screening software and databases

Supported integrations

  • Accuity (RELX Group)
  • WorldCompliance (LexisNexis)
  • Lexis Diligence (LexisNexis)
  • World-Check (Refinitiv)

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