Helvetia
Case Study
Website: www.helvetia.com
Locations: Switzerland, Germany, Austria, Italy & France
Sector: Insurance
Solutions: DetectX-NC
About Helvetia
The insurance solutions cover the entire spectrum for private individuals and companies. In addition to its own sales organisations and direct sales, Helvetia works with networks and partners such as brokers and banks. Helvetia accompanies customers along the entire life and demand cycle.
The Helvetia Group is based in St. Gallen and Basel, Switzerland. For more than 160 years, Helvetia has grown into a successful international insurance group. Helvetia is the leading Swiss utility insurer.
In addition to its strong domestic market, Helvetia has profitable market positions in other European countries such as Germany, Austria, France, Italy and Spain. In the Specialty Markets segment, Helvetia offers tailor-made insurance solutions 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 and PEP (politically exposed persons) databases. In addition to a user-friendly workflow for processing hits, it is crucial for the efficiency of compliance that the software solution used for the monitoring achieves maximised true positive while at the same time minimising false alerts.
Solution
In a conducted benchmark test, the Prospero DetectX-NC solution achieved the best results. The solution was implemented at Helvetia Switzerland with only a few days effort.
Today it is also used at Helvetia Germany, Austria, Italy and France. DetectX-NC contains the single online name checking, which is integrated in the onboarding process system at Helvetia and is also available for individual queries. In the batch name checking, all Helvetia customers and partners are periodically checked against the latest list versions. Delta checks of new customers and changed list entries are processed daily. In addition to first and last names, DetectX-NC takes into account all additional information available, such as date of birth, nationality, place of residence, etc.. DetectX-NC is also applied in the asset management to check the assets.
«We easily map the individual requirements of our national companies with the flexibility of the Prospero solution.»
Christophe Filliol,
Solutions Engineer, Helvetia Group
The applied fuzzy string-matching algorithms are optimized for this task. They maximise the true positives and minimise the false alerts. A web based, user-friendly workflow is available to the 140 Helvetia users for the processing of the alerts. The workflow steps are freely configured according to the needs of Helvetia. Standard reports are available in the flexible OLAP reporting and the user can define his own reports with drag and drop. In order to become aware of risks at an early stage before a person is entered in a risk person database the Media Search functionality is available for searching in news and business databases.
Reliable «know your customer» check with DetectX-NC
Name Checking
