Helvetia
How a leading Swiss insurer operating across five European countries integrated DetectX® Name Screening into customer onboarding, periodic re-checks and asset management, with one configurable workflow serving 140 users.
Published results
140 users
Helvetia users across five countries process alerts in one workflow, with the steps configured to Helvetia's own needs.
Five countries
Switzerland first, then Germany, Austria, Italy and France, on the same solution.
A few days
The initial implementation at Helvetia Switzerland took only a few days of effort.
Where DetectX® screens at Helvetia
Onboarding
Single online name checks inside the onboarding system, also open for individual queries.
Periodic re-checks
All customers and partners checked in batch against the latest list versions.
Daily delta checks
New customers and changed list entries processed every day.
Asset management
The same solution checks assets in asset management.
Matched on first and last name plus every other attribute available: date of birth, nationality, place of residence and more.
About Helvetia
Helvetia's insurance solutions cover the entire spectrum for private individuals and companies. Alongside its own sales organisations and direct sales, Helvetia works with networks and partners such as brokers and banks, accompanying customers along the entire life and demand cycle.
The Helvetia Group is based in St. Gallen and Basel, Switzerland. For more than 160 years it has grown into a successful international insurance group, the leading Swiss utility insurer, with profitable market positions in Germany, Austria, France, Italy and Spain. In the Specialty Markets segment, Helvetia offers tailored insurance and reinsurance in selected niches worldwide.
Starting position and challenge
To prevent potential money laundering, financial institutions are legally obliged to align their customer relationships with the official sanctions lists, embargo lists and PEP databases, PEP being politically exposed persons. Beyond a user-friendly workflow for processing hits, it is crucial for the efficiency of compliance that the monitoring software maximises true positives while minimising false alerts.
Solution
In a conducted benchmark the Prospero DetectX® Name Screening solution achieved the best results, and it was implemented at Helvetia Switzerland with only a few days of effort. Today it is also used at Helvetia Germany, Austria, Italy and France. Single online name checking is integrated into the onboarding process system and is also available for individual queries. In batch name checking, all Helvetia customers and partners are periodically checked against the latest list versions, and delta checks of new customers and changed list entries are processed daily. Beyond first and last names, the solution uses all additional information available: date of birth, nationality, place of residence and more. It is also applied in asset management to check assets.
The workflow
The applied fuzzy string-matching algorithms are optimised for this task, maximising true positives and minimising false alerts. A web-based, user-friendly workflow serves 140 Helvetia users for alert processing, and the workflow steps are configured freely to Helvetia's needs. Standard reports are available in flexible OLAP reporting, and users can define their own reports with drag and drop. To become aware of risks early, before a person is entered in a risk-person database, the Media Search functionality is available for searching news and business databases.
In their words
“We easily map the individual requirements of our national companies with the flexibility of the Prospero solution.”
“With the change from on-premise to SaaS, Helvetia benefits from Prospero's professional SaaS services; we have optimised processes and focus on our core business.”
Where to look next
- Name Screening
The module Helvetia runs, and how a screening alert is evidenced end to end.
- Insurance
What insurers answer to, and which modules answer it.
- Generali Switzerland
The other named insurer, and a two-decade move into real-time payment screening.
One screening workflow across your group companies
No scripted demo. A working session with a compliance architect, on your own data and your own questions.