Harmoney at Plug & Play Insurance Munich

Key Harmoney takeaways

• Comply with existing and future financial crime and reporting regulations.
• Screen your clients with automated AML, KYC, sanctions, embargo and adverse media checks.
• Compliance and client management integrated with third-party tools, making it sceasy to adapt to existing workflows.
• Streamlined onboarding and case management for improved customer experience.
• Monitor clients throughout their lifecycle, automate renewals and generate reports for your teams.

Simplified compliance, enhanced experience: introducing Harmoney

Harmoney platform introduction

The Harmoney cloud platform offers instant compliance, designed to provide complete peace of mind to the financial industry. Our compliance software addresses the growing complexity of financial crime regulations and helps to fight money laundering. Large insurance players, banks and leasing companies – including Baloise, Swiss Life, MACIF, and ALD Automotive – rely on our platform. Over the past year alone, our software has screened more than 10 million companies and individuals for our customers worldwide.

Harmoney solution: overview

Harmoney drives change, both in back-office and front-office operations across the entire spectrum of financial institutions. Screening for AML, KYC, sanction, embargo, and adverse media is combined with case management and risk-based workflow automation.

Our cloud solution enables you to customise all of your compliance processes for client lifecycle management, onboarding and remediation. Our API enables you to connect with almost any third-party tool or integrate with your own internal custom software. Every step along the way of your internal processes can be automated through the use of our different modules, allowing you to customise your workflow to fit in with the approach of your teams.

Modular approach tailored to your business model

The financial institutions we work with want the onboarding of their end clients and their internal case management to run as smoothly as possible. Typically, tedious KYC and anti-money laundering procedures risk getting in the way, leading to a negative first impression and a suboptimal customer experience.

Financial institutions want their onboarding and case management process to be smooth and easy. However, tight KYC and anti-money laundering regulations may hamper these processes, leading to a negative first impression and a poor customer experience. Our Harmoney platform makes your compliance checks and updates entirely digital-first, enabling a perfectly smooth case management experience while effectively managing risks from day one of your client lifecycle.

Here's how it works:

• Let’s take the example of an organisation looking to apply for a life insurance contract with an insurance company that runs their operations through Harmoney.
• Immediately after receiving the application through the website, the broker’s Harmoney-powered environment searches all relevant external databases and pre-fills essential data on the potential client organisation. Example data include the client company’s deed of incorporation and the ultimate beneficial owners (UBOs).
• The organisation digitally identifies itself and can check or adjust pre-filled data. They also confirm the UBOs, who are then notified to confirm their identity online.
• Harmoney immediately checks the validity of all submitted ID documents. Meanwhile, it asks the organisation additional questions related to its activities and source of funds. ID and ESG investor profile questionnaires are also launched. All information that the organisation shares is signed digitally.
• Once the onboarding file is complete, Harmoney screens all contract stakeholders against the external watchlists and internal blacklists. The platform automatically calculates the risk score according to the insurance company’s internal risk matrix.
• A low risk score allows for immediate approval of the requesting organisation. Alternatively, Harmoney automatically initiates and manages the necessary workflows for client acceptance. If the automated analysis shows a higher risk, for example, Harmoney can trigger a warning with the compliance department to carry out a manual risk assessment.

Beyond onboarding

Once the organisation is accepted and the contract is signed, the company is monitored through the Harmoney-powered client lifecycle management tool. Prior to each periodic renewal, Harmoney sends out the related questionnaire, pre-filling it with all available information. The organisation's data are automatically added into the insurance company’s reporting and analytics system.

Interested in making your client onboarding process and case management future-proof? Contact us!