To ensure that their customers are well-intentioned, insurance companies must identify them through KYC procedures.
An intuitive mobile messaging interface is one of the quickest methods of customer service and enables them to seamlessly interact and transact with organisations. This allows organisations to deliver services in the channels that customers prefer, as and when they need assistance. This also provides customers with a paperless solution and the added benefit for organisations of eliminating manual data entry on their side.
A KYC system should achieve the following objectives:
Identify customers and verify their identity
Understand the customer profile and associated money laundering risks
Assign a risk rating to customers
Conduct ongoing monitoring of customer risk and renew due diligence based on changes to information and activity that is different from what is expected
Make informed decisions about customers based on perceived risks
However, a traditional KYC process involves the verification for a multitude of documents at various touchpoints involving personnel from different departments. This means the whole process is long and time-consuming, resulting in an exasperating customer experience.
The advantages of implementing an intelligent and automated KYC solution include:
Freed-up capacity for employees to focus on other important tasks
Improved customer experience and a seamless onboarding process
Reduced costs and improved compliance
Streamlined and more efficient processes
Reduced time of KYC due diligence
The Sybrin Intelligent KYC and AML offering is a complete intelligent solution for onboarding customers, automating KYC procedures, and performing CDD and Enhanced Due Diligence (EDD) investigations to prevent fraud and ensure regulatory compliance.
ID Capturing and Digital Onboarding
Our seamless, real-time ID capture product enables the rapid ID capture, data extraction, and validation of over 4500 global IDs. While our frictionless and fast AI-powered onboarding solution enables you to verify and onboard both businesses and consumers digitally. This involves a very effective automated process that leverages machine learning, AI, liveness detection, as well as facial and other biometrics to verify an identity by matching a user’s live selfie with the photo shown on their government-issued ID. Other features include verifying residential addresses using geolocation or utility bills, as well as digital signatures.
Sanction, Watchlists, and PEP Screening, as well as Continuous Monitoring
Not only does our solution offer real-time matching and monitoring against national and international lists, it also incorporates intelligent fuzzy matching algorithms designed to create fewer false positives. It also allows you to define your own real-time monitoring schedules as well as the capability to create your own ‘black and white’ lists.
Our real-time Politically Exposed Person (PEP) screening uses machine learning and offers global coverage for automated tracking of entities based on their risk, formulated from predefined risk rating modules while also providing adverse media screening.
Our solution offers you the ability to set predefined investigation workflows for CDD and EDD so that you will always have the information on hand when the need arises. Easily consolidate customer information, documents, comments, and findings into a single case while enjoying integrated holistic KYC views through dashboards and reports from the management cockpit.
Sybrin was recently tasked with providing a solution to a large insurance company in Southern Africa involving customer onboarding, remote biometric KYC, and intelligent automation of CDD and EDD lookups.
What the Customer Needed
Remote biometric onboarding and KYC.
CDD and EDD KYC workflow automation.
Benefits to Customer
Enabled remote customer onboarding during the COVID-19 pandemic.
Automated compliance checking.
Why We Won
Our ID capture and biometric capture software development kits (SDKs) were affordable and performed well in their proof-of-concept testing.
Speed to market – the solution went live in under 30 days.
What We Delivered
A mobile app for performing remote biometric onboarding using intelligent ID capture, liveness and facial biometric enrolment, and automated verification against government identity database.
Automated back-office operations to perform CDD and EDD to ensure customers are onboarded automatically.
CDD Sample Data
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