Insurance
Accelerate KYC for insurance firms with automation
AML solutions for insurers, brokers and agents to combat the rising, global risk of financial crime and money laundering in the sector.
How NorthRow helps insurance firms
Replace manual processes
Automate KYC and KYB for faster, more effective onboarding to achieve AML compliance for your insurance firm using the very latest technology.
Reduce compliance costs
Streamline your compliance processes into one single platform with easy integration with your existing systems.
Access to global data sources
Interrogate extensive global data across different jurisdictions including scanning them in global sanctions lists, PEP lists, and adverse media.
Compliance consistency
Reduce manual effort in your due diligence processes for customer and vendor onboarding, monitor adverse media and mitigate adverse risk.
KYC, KYB and due diligencE for INSURANCE FIRMS
Due diligence and AML solutions for insurance providers
Global insurers are increasingly exposed to fraud or financial crime with bad actors continually looking for new opportunities to commit insurance fraud, money laundering or other financial crimes as regulation tightens.
Using a cloud-based system allows insurers to deliver compliance quickly while combatting fraud. With a faster route to onboarding, customers will become advocates, and your firm can reduce its risk of exposure to reputational damage.
KYC for insurance firms
Automated KYC for insurers
Remotely onboard your customers and counterparties, build cases for all your compliance checks and store data for a secure audit trail to ensure insurance AML regulations are met for every client.
KYB for insurance firms
Know your business verification
Identify and verify ultimate beneficial ownership (UBOs) faster with access to shareholder information and entity profiles for the most complex corporate structures.
Due diligence for insurance firms
Screening and enhanced due diligence
Capture the information that matters and simplify ongoing monitoring. Automatic alerts for changes of company structures, beneficial ownership, directorships, PEPs, sanctions and adverse media to ensure ongoing compliance to meet AML regulation.
“
"...there has been a positive change towards client onboarding. We have seen a significant improvement from a cost and time perspective. "
Deputy Money Laundering Officer
Knight Frank
Why NorthRow...
500k+ worldwide users
173 active countries
99.99% uptime
WorkStation platform was designed with compliance professionals in mind. We pride ourselves on always putting our users first and ensuring that our software works for insurance compliance teams regardless of the size, volume or complexity of checks required.
As a single platform it delivers all your KYC, KYB and ongoing monitoring in an intuitive end-to-end solution. WorkStation verifies, screens, manages the results, monitors, and provides a record of all transactions for audit purposes.
KYC and KYB screening
Facilitate the complexity of compliance and reduce risk when onboarding new clients by verifying their identity and screening against sanctions lists.
Case
management
Manage each individual and company with our simple case management solution, view results and set alerts where action is required to ensure due diligence.
Easy identity document verification
Simplify ID&V with an easy-to-use case system which allows you to organise, update, and store information securely, and in line with GDPR and data protection regulations.
AML compliance
Keep track of your clients’ risk status using our RAG system and be alerted to any relevant changes, ensuring you meet ongoing insurance AML compliance.
Ongoing monitoring
Automated alerts notify companies and individuals of risk profile changes, so you can keep tabs on political exposure, sanctions or adverse media mentions.
Remediation
Improve efficiency with a risk-based approach to remediation and data collection processes minimising the administrative burden placed on your team.
Ready to get started?
Book your free demo of our comprehensive AML compliance solution for insurance firms today.