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Insurance Companies

Protect your insurance business

Insurance companies are increasingly at risk of facing money launderers and illicit financial activities. The requirements for robust AML programmes, processes and verification of the policyholders are vital. Make sure you know the parties involved from the start.

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Safeguard your insurance business against money laundering threats

The variety of players and products in the insurance market opens up numerous ways for criminals to commit illicit acts and launder money. Knowing your customers is a challenge, especially for insurance agents and brokers who often solely rely on information provided by the customer.

Insurance companies must quickly identify the hidden risks and comply with regulations. Know-your-customer (KYC) regulations are essential for insurance companies. They ensure that all parties involved in the insurance contract are thoroughly identified, including the owner, policyholder, beneficiary, and insured, who are not always the same person.

From screening to transaction monitoring for your insurance business

PEP and sanctions screening

Customer screening is essential for your insurance business. It allows you to spot and avoid customers with a high risk of involvement in illegal activities. You can screen your customers effectively using data from sanction lists, politically exposed persons (PEP), relatives and close associates (RCA), watchlists, and UBO sources.

Customer onboarding and due diligence

To onboard new customers smoothly and quickly, you need to know your customers well. With Trapets, you can design, approve, and manage customer surveys on a single platform and deliver a secure and seamless customer experience.

Transaction monitoring

Monitor unusual or suspicious activities within and outside your insurance plans. You can set up and customise rules that suit your insurance needs and identify any potential threats quickly.

How to meet the compliance needs for insurance companies

  • Screen your customers against various watchlists such as PEPs and sanctions to remain compliant

  • Automate and collect KYC information at customer onboarding and ongoing monitoring to same time

  • Combine KYC answers with actual behaviours for up-to-date risk profiles

  • Manage customer cases and keep records in one place to avoid duplication of work

  • Work more efficiently in one integrated solution to save time and money

Switching to Trapets has made us feel safer and more confident in managing our client’s needs. And since everything is registered in Trapets, it’s easy to follow each case from start to finish.”
Elisabet Dahlberg, Fund administrator at AMF
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For a demo and more in-depth information, features and pricing about our solutions, please complete the form, and our team will contact you shortly.

Read more about our AML solutions

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    Screening

    Access reliable data sources to check your customers for sanctions, PEP/RCA lists, and UBO information. Concentrate on identifying and managing high-risk customers to prevent the harm of illegal activities to your business.

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    Transaction Monitoring

    Comprehensive transaction monitoring helps you follow regulations, detect suspicious activity, and streamline your AML processes.

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    Customer Due Diligence

    Effortlessly onboard customers with customisable customer due diligence solutions. Create, manage, and store KYC questionnaires in one place.