Successful large scale digital KYC client file update campaign with a >50% conversion rate after 2 ½ months
Reduction of KYC data validation and submission process by end-clients to less than 10 minutes
Provision of a 100% digital account opening process with no paper/printing requirements
Doubled conversion rates compared to traditional KYC remediation processes while substantially lowering human error and workload
Find out how KYC Manager helps regulated companies in Luxembourg (by Finologee) and Belgium (operated by our partner Harmoney on its Belgian platform) their KYC priorities with ready-to-use yet tailored solutions. Discover what objectives have been pursued, which components have been opted for and what successes have been achieved.
(Operated & managed by Finologee, with the support of our partner Harmoney N.V.)
Leading Luxembourg life insurer, LA MONDIALE EUROPARTNER (LMEP) has been using KYC Manager to run a client KYC file update campaign, reaching 50% completion in just ten weeks for the client base in scope. Using the platform, LMEP has reduced the KYC submission and validation process to less than 10 minutes.
With Luxembourg’s insurance firms increasingly under pressure to adhere to more stringent and regularly revised regulations, updating client KYC files more regularly was becoming a necessity for LMEP.
LMEP looked to KYC Manager for a digital client file update solution that was future-proof and customer-centric. They also wanted to improve response rates, reduce partial and incomplete data, poor quality documents and use less manpower to process paper forms.
Using KYC Manager, LMEP has been able to shape a flexible and fully customised customer KYC file update campaign. It has moved to a digital, paperless process that optimises the management of KYC files and substantially improves the quality of client data.
LMEP relied on KYC Manager to establish a standardised workflow that benefits the company’s brokers and distributors, its compliance department and of course its customers. Each client has access to a dedicated digital profile to easily update or confirm its personal information, while the LMEP compliance team can live-track the campaign through its KYC Manager dashboard and review customer KYC files’ completeness at the touch of a button in a single location.
More information on how LMEP used the KYC Manager:
Switching from manual to digital: How to better handle KYC & AML processes in 2020?
Presentation of a remediation campaign
Swiss Life Global Solutions, a leading life insurance player, decided to leverage KYC Manager to accompany its client screening processes and ensure the reviews are being performed on a regular basis following a risk-based approach.
With increasing pressure to comply with ever more demanding regulations, performing an up-to-date full book screening exercise of its entire customer base and aligned parties is an essential standard for Swiss Life.
An additional requirement for the company was to deliver a screening solution that could effectively be implemented across their global insurance carriers, namely Luxembourg, Liechtenstein and Singapore.
During the implementation phase, the solution was tailored to Swiss Life’s own internal processes and the customer base was batch imported into KYC Manager. Using KYC Manager, Swiss Life was then able to successfully complete a full screening of client profiles.
In a second phase, Swiss Life performed its ongoing lifecycle management and screenings via the platform to ensure the data remained up to date as per its risk policies. Following a risk-based approach, screenings are automatically being performed at defined time intervals.
(Operated & managed by our partner Harmoney N.V.)
In Belgium, Baloise Insurance relied on our partner Harmoney for a digital data update campaign and quickly achieved a conversion rate of 80% for its 240’000 clients. Choosing a digital setup led to an improvement of the KYC files structure, and Baloise saw a significant increase in the quality of the data provided.
Baloise originally looked for a digital client file update process when new compliance rules came into force in Belgium. Baloise specifically wanted a solution to update client files in a way that would allow the collection of high-quality KYC data as quickly as possible. In particular, the company wanted to remove the roadblocks that typically come with manual KYC data collection processes, such as time-consuming sending and processing of (paper) forms, low response rates and incomplete, partial or poor-quality data being submitted by clients.
Baloise worked with Harmoney for the client file update campaign, using a pre-integrated solution that was ready-to-use for the project in question. Given the time constraints placed on the client file update phase of the project, Baloise sent letters directly to 240’000 customers requesting the additional KYC data required under the new regulations and a large number of these customers chose the option to digitally submit the relevant documents through Harmoney’s white-labelled platform.
The digital solution resulted in KYC files being better structured, and Baloise saw a significant increase in the quality of the data provided.
Baloise later decided to continue to rely on Harmoney’s KYC and AML solution to streamline and manage the compliance processes for all new life insurance contracts. Baloise’s brokers, compliance and operations departments and internal audit teams are all using the platform and benefit from having an efficient, fast and digital onboarding and client file management solution that serves the needs of all stakeholders and allows them to collaborate efficiently.
More information on how Harmoney supported Baloise Belgium:
Strategic compliance solution for Baloise
Striving to offer the very best experiences to both brokers and customers, Securex relied on our partner Harmoney to fully digitise its life insurance workflows. Today, the company uses Harmoney’s solution as a digital KYC, compliance and sales platform, in particular to support its investment life insurance product range.
Before deploying Harmoney’s end-to-end digital onboarding solution, Securex faced two major challenges: Expanding to the investment insurance products brought with it the need for watertight compliance, while brokers’ demand for more digital tools to streamline reporting and make their jobs easier was growing.
Today, Securex brokers can count on a fully digital deal process: Before the physical or virtual meeting, the broker can send the client a link to the portal so that they can enter information or answer a questionnaire. During the meeting, both sides can complete processes, sign documents digitally and access their own portals to view the weekly updated status of the contract at any time.
In terms of compliance, KYC and AML requirements are automatically integrated into broker and client workflows. The client’s risk profile is also included, allowing brokers to initiate offers and provide information that is already aligned with the client’s risk score.
Securex has been using the platform since December 2020, after customising it to the company’s exact needs to ensure a seamless connection between the company’s existing back-office software system and the required functions and workflows.
Read more about how Securex has benefited from Harmoney’s onboarding solution:
Securex goes fully digital with its life insurance workflows
ALD Automotive Netherlands relied on our partner Harmoney to implement an automated risk scoring tool. The vehicle leasing company, which is owned by the French bank Société Générale and thus required to adhere to strict compliance rules, now performs end-to-end KYC checks in seconds – equivalent to the manual work of several full-time employees.
Prior to working with our partner Harmoney and deploying its solution, ALD’s compliance personnel not only had to ensure that both private and corporate leasing clients were financially sound, but also had to thoroughly investigate each client’s background, connections and activities, which required checking a variety of databases and consulting local and international checklists. When its Paris head office submitted a set of updated and highly complex compliance requirements in addition, ALD was faced with the need for an efficient solution to increase the speed and accuracy of their KYC risk assessment.
With the entire risk assessment methodology to be developed already specified in detail by ALD HQ, ALD and Harmoney teams worked closely together to identify the most efficient delivery roadmap leveraging the automated risk scoring tool.
For this, the platform was tailored specifically to ALD’s needs. An API is automatically activated every five minutes, which picks up all of the clients that need to be checked. The platform then runs the screening process, applies the risk scoring method and sends a positive or negative result to the ALD system within seconds. According to the client, the first version of Harmoney’s solution performed the same amount of manual work as several full-time employees.
A second phase of the project is currently being implemented, in which the portal will be upgraded, additional facilities integrated and further functionalities added. For example, if one of ALD’s external data providers does not have enough information for the platform to conduct a thorough risk assessment, ALD’s KYC team can enter the data directly into the portal and then synchronise the assessment process between the Harmoney platform and the back office.
More information on how Harmoney is supporting ALD NL:
ALD NL wins KYC risk scoring speed and accuracy with Harmoney
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