In our previous post, we discussed Know Your Customer (KYC) processes in insurance and pain points from a financial crime (FC) perspective. We highlighted key challenges and pain points in protecting insurers, brokers and customers from FC risks.  

This post discusses in more detail how firms can enhance their current processes, better identify and mitigate risks for new or existing customers and how effective use of third-party vendors can provide increased benefits. Together, these measures can help insurers properly identify and mitigate potential sanctions and FC risks, supporting growth underpinned by effective compliance.  

Improving processes

A key reason for process and data inefficiencies within insurance is the wide variation in processes between brokers and insurance providers.  

Solving this data problem can increase opportunities for automation, reducing inefficiencies and manual error. This in turn can support automated controls for insurers, permitting faster tracking of changes to customer accounts and support better identification of emerging risks.  

Automated processes, combined with data hygiene, allow the real-time controls necessary to support digital FC controls, including sanctions screening, where incorrect information can cause delays, increase false positives or obscure true positive matches on your books.1

Introducing innovation

In addition to improved processes, new innovative tools currently used to identify and mitigate FC risks can be applied to insurance as well. These tools cover three areas: Onboarding, ongoing customer KYC screening and FC threat identification. Screening for Sanctions, Politically Exposed Persons (PEPs) and Adverse Media, a key part of KYC processes is one such opportunity area. As discussed in our related post on screeningname matching, tracking appropriate lists automatically and appropriate alerting to focus on true matches are important elements in effective processes.  

Whereas tools today may require manual effort to complete screening and discounting, innovative alliances like Ripjar Ltd can help automate this process, speeding time to screen for Sanctions, PEPs or Adverse Media risk, removing false positives and allowing insurance compliance teams to more effectively identify and mitigate risk.  

Leveraging intelligent operations

In some instances, insurers and brokers may find it more effective to leverage efficient third parties to conduct their KYC, escalating alerts requiring business review or approval, and completing the process on their behalf. Accenture’s Compliance as a Service (CaaS) model is an effective tool for companies looking to outsource elements of their compliance monitoring, investigations and reporting services. Such a model delivers cost-effective risk management using intelligent operations, mitigating risk while allowing firms to continue their focus on strategic growth.  

Insurers and brokers face evolving FC risks due to the nature of their products and services. To better face these risks, firms have an opportunity to improve their anti-FC processes, leveraging innovative tools or working with innovative vendors and alliances. Leveraging the improvements from these changes can help insurers and brokers continue to secure their businesses in a cost-effective manner, without sacrificing adherence to regulatory requirements.  

Accenture’s experience in process transformation and anti-financial crime, with its ecosystem of innovative vendors and relationships, is well positioned to help the industry identify potential risks to their firms and to customers.  

To find out more on the topic or how Accenture can help you strengthen your financial crime capabilities please contact one of our authors. 


  1. “Accenture 2019 Global Risk Management Study – Insurance Report,” Accenture, November 2019. Access at:

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