Improving client screening at Swiss Life Luxembourg
Discover how Swiss Life enhances its client screening with the Harmoney-powered KYC Manager.
About Swiss Life Luxembourg
Swiss Life is one of Europe’s leading providers of life insurance and pension plans. Operating under the Swiss Life Global Solutions brand, its Luxembourg office specializes in custom private wealth solutions and employee benefits assistance for large organizations.
Challenge: streamlining screening with a flexible platform
The team at Swiss Life was looking to improve its client screening process and establish regular, automated reviews based on a robust, risk-based approach (RBA). With increasing regulatory requirements, it was essential to ensure high-performance screening of the organisation's entire customer base. In addition, their new screening platform needed to be deployed across two other locations in their global insurance network: Liechtenstein and Singapore.
Solution: fast and flexible screening platform integration
The Luxembourg branch of Swiss life overhauled its screening approach in two stages. First, they implemented KYC Manager (powered by the Harmoney platform) to address its specific screening use case. Our Harmoney integrations team quickly customized the platform to align with Swiss Life’s internal workflows, and we imported the existing customer base into KYC Manager. This was all the prep work that was needed to successfully conduct a first comprehensive screening of all client profiles.
In the second stage, Swiss Life moved its ongoing lifecycle management and screening to the Harmoney-based platform. This transition allowed their teams to remain fully up-to-date and compliant with the company’s internal risk policies. Screenings are now automated at pre-set intervals, using their organisation-specific RBA parameters.
Modules used
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M.06 AML, PEP, sanction, embargo and adverse media screening
Whether it’s in the onboarding acceptance process or as part of client lifecycle management, Harmoney caters for automated screening. Screening providers such as LexisNexis, Refinitiv, and Dow Jones are already integrated within the Harmoney solution. Financial institutions can keep their screening providers of choice and Harmoney easily links to them via an integration layer.
This brings all the benefits of integrating the Harmoney solution while maintaining risk screening continuity, with features such as ‘fuzzy matching’. Detailed reports on ‘hits’ can be automatically generated and linked to the private individuals or legal entities concerned. In many cases, institution-specific blacklists are also included in the automated screening.
M.07 Comprehensive risk scoring engine
The risk scoring module can be configured according to the risk matrix of the individual financial institution. The scoring engine can manage a high level of complexity and can include a range of risk parameters relevant to every stakeholder involved, whether UBOs, insured persons, company groups or other related parties, or related to the type of contract or product.
Depending on the risk scoring outcome, a range of workflow configuration types can be defined to meet your exact needs: from automated approval processes and requests for further information via the client outreach module, to escalation workflows and the acceptance/rejection decision-making process.
A clear track of the screening as well as every decision and interaction is retained to provide a continuous audit trail in the contract or client file.
M.08 Case management and continuous risk monitoring
Harmoney has been built to provide financial institutions with an all-encompassing client lifecycle management tool. Continuous risk screening and monitoring, including AML, PEP, and adverse media, can be organised at a frequency to suit your risk policy, and adapted to whether the risk profile is low, medium, or high.
Continuous screening can provide extra reassurance as well as process efficiency.
The potential hits arising from continuous screening can trigger additional workflow such as collecting further digital information from the client via the Harmoney client outreach module with a subsequent new risk assessment and compliance decision.
Unfortunately, continuous screening exercises can sometimes generate a significant number of false positives. The Harmoney platform has built-in intelligence to manage this phenomenon while staying in control of the risks, thus reducing the workload of the compliance and commercial teams.
Outcome: fully compliant screening and lifecycle management from day one
With ready-to-use lifecycle management tools and a seamless digital customer onboarding workflow, organisations save time while ensuring full compliance with both internal policies and external regulations. Using our modular approach, Swiss Life managed to implement change and digital transformation without disrupting existing workflows or processes. Thanks to our specialised expertise in the insurance sector, companies like Swiss Life can streamline their entire customer lifecycle and carry out checks that enhance accuracy and team efficiency. Automated KYC workflows, AML checks and reporting features allow agents to focus on their core business and USPs, maximising their productivity and customer impact.
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