Coverys Selects Sanctions Service for Automatic Sanction Screening Checks
London, 05 September, 2019 –. Coverys Managing Agency Ltd (CMAL), a leading provider of medical professional liability insurance protection in the London insurance market and the United States, has signed an agreement with AdvantageGo, the commercial insurance and reinsurance product family from NIIT Technologies, to deploy Sanctions Service across its UK and US operations.
Designed to ensure adherence to international sanctions regulations, Sanctions Service is available as a fully system-agnostic Microservice that can be integrated into any platform or system and is available as a fully integrated service within the AdvantageGo Navigator Policy administration system and the new Underwriting platform.
Leveraging curated knowledge by leading data providers to enable real-time compliance, Sanctions Service provides CMAL the ability to automate the process of checking clients and individual organisations against international sanctions lists for potential matches.
Results for each screened party are automatically stored on their party record. The clearance status on each record indicates if the party has passed or failed the screening, or whether the check is still in progress. Reports can be run to identify sanctioned parties that are on contracts and can be manually re-checked based on an elapsed duration.
The Sanctions check can be set to run automatically when a new party record is created through the Party Screen and authorisation rules can be created in the service to align with an organisation’s compliance process and the results of the sanctions check. The authorisation rule can be used to provide additional operational benefits, aligned to the compliance process, such as:
- Stop a contract from being saved if a party is added to a contract, and has failed sanctions
- Stop a contract from being bound if a party is on a contract, and subsequently fails sanctions
- Stop the entry of payments if a party is sanctioned
“We recognised the need to deploy innovative technology that would enable us to easily perform real-time sanction checks from trusted sources. In our line of business, we need to be immediately informed when an entity’s status changes, so we are fully compliant with our legal and regulatory obligations,” said Arthur Chopourian – Director of Operations at CMAL “The use of this technology not only enables us to reduce cost and increase efficiency by automating a manual process, it enables us to set routine automated checks at Quote, Submission, MTA, Renewal and Claim to ensure that we fulfil our legal and regulatory responsibilities”.
“Sanctions obligations apply to everyone, including insurers, and misinterpreting regulation will not avoid penalties being imposed,” said Adrian Morgan, Executive Vice-President and Head of AdvantageGo at NIIT Technologies. “Our Sanctions Service easily enables insurers to perform real-time sanction checks from trusted sources and to automatically trigger a compliance workflow process if an entity’s status changes. Our service seamlessly integrates into the pre-bind underwriting processes to provide underwriters with a real-time status to support the compliance and certainty process.”
AdvantageGo is the innovative commercial insurance and reinsurance product family from NIIT Technologies. It harnesses the power of proven, functionally-rich core solutions and augments it with the energy and culture of being an InsurTech leader. AdvantageGo enables insurers and reinsurers around the world to fuse the traditional with digital, helping them to rapidly adapt, drive change and succeed with agile software and Microservices. For further information, please visit www.AdvantageGo.com.
AdvantageGo – revolutionising insurance software.
About NIIT Technologies
NIIT Technologies is a leading global IT solutions organization, enabling its clients to transform at the intersect of unparalleled domain expertise and emerging technologies to achieve real-world business impact. The Company focuses on three key verticals: Banking and financial services, Insurance, Travel and Transportation. This domain strength is combined with leading-edge capabilities in Data & Analytics, Automation, Cloud, and Digital.
With over 10,000 employees serving clients across Americas, Europe, Asia, and Australia, NIIT Technologies fosters a culture that promotes innovation and constantly seeks to find new yet simple ways to add value for its clients.
Learn more about NIIT Technologies at www.niit-tech.com.
About Coverys Managing Agency Limited
Coverys Managing Agency Limited is a fully authorized Lloyd’s managing agency. It delivers the services necessary for the management and oversight of existing syndicates, including Coverys Syndicate 1975 and Syndicates 1991, 1110, and 3330. As a third-party managing agent, it also assists businesses in launching underwriting activities at Lloyd’s through new syndicates. For further information about Coverys, please visit www.coverys.com.
Certain statements in this release are forward-looking statements. The business involves various risks, and uncertainties that could result in the actual results to differ materially from those indicated here. All forward looking statements made herein are based on information presently available to the management of the Company and the Company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the Company.