From anti-money laundering (AML) policies to know-your-customer (KYC) mandates, the need for transparency and regulatory adherence has never been more critical. Insurers must stay compliant to safeguard their operations, protect consumers, maintain trust in the industry, and at the same time keep their business not only running, but growing.
Achieving and maintaining compliance is no small feat for insurance companies. They must navigate complex regulatory frameworks while addressing the evolving threats of financial crime, fraud, and data security. Meeting AML and KYC requirements, as well as combating financial crime, requires constant vigilance, advanced technologies, and streamlined processes – all of which can prove challenging to implement and maintain effectively, especially without the right tool in their hands.
To accomplish the goal of holistically addressing financial crime, Fadata has teamed up with LexisNexis® Risk Solutions, providing insurers with access to a powerful, integrated solution. This collaboration provides access to the market-leading compliance and risk management tool, LexisNexis® Bridger Insight® XG, within Fadata’s core insurance platform, INSIS, which excels in insurance process management. Through this integration, insurers will benefit from seamless access to Bridger Insight® XG from within the INSIS platform, enabling them to conduct KYC checks and AML screenings efficiently. For more specific cases, clients will still have the option to access Bridger Insight XG directly.
Additionally, a compliance score generated by Bridger Insight XG will be made available within INSIS, giving insurers a clear and actionable risk assessment without having to switch between systems. This streamlined process ensures faster decision-making and enhances the overall efficiency of regulatory compliance.
Together, these solutions empower insurance companies to meet regulatory obligations with greater efficiency, accuracy, and confidence, ultimately ensuring a more secure and compliant future for the industry.
About LexisNexis Risk Solutions
LexisNexis® Risk Solutions harnesses the power of data, sophisticated analytics platforms and technology solutions to provide insights that help businesses across multiple industries and governmental entities reduce risk and improve decisions to benefit people around the globe. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information-based analytics and decision tools for professional and business customers. For more information, please visit risk.lexisnexis.com and www.relx.com.
About Fadata
Fadata is a leading provider of software solutions for insurance companies globally. We are on a mission to empower the insurance industry to drive customer engagement, innovation and business value. Together with our customers, we are on a journey to build the future of insurance and impact millions of people’s lives every day.
