Leveraging real-time data for risk management
This international medical insurance provider is trusted by millions of customers around the world to offer access to high quality global health cover, whenever and wherever they need it. Their key challenge was how to deliver swift, clear and consistent risk decisions in a fast-evolving global landscape.
They recognised that data has a huge part to play when it comes to remaining compliant with regulations (including the avoidance of financial-crime related activities) and creating the best outcomes for the customer. As such, they wanted to be data-driven in their decision-making going forward.
Balancing risk and fast decisions
Insuring customers with global footprints and ownership means that this organisation needs to comply with a complex range of regulatory standards across lots of countries.
Today, a lot of the risk team’s focus is on managing emerging financial crime risks, as well as avoiding breaching sanction requirements related to the Russian invasion of Ukraine. Despite having to carry out significant risk assessments, they also wanted to provide swift, clear responses to prospects and customers as to whether they could offer cover.
Real-time data for risk management and mitigation
Like many organisations, this major player has been thinking about how data could help its business make better decisions, at scale, with greater speed: a big differentiator in fast-moving global insurance markets. They also wanted their underwriters to have visibility of any risks posed by their customers, throughout the insurance value chain, in real time.
Ultimately, they needed an efficient and effective tool that gives them the ability to confidently and quickly provide a quote, whilst ensuring they are not taking on business that they ultimately couldn’t write due to sanctions risk.
They decided to provide their compliance teams with global data through Dun & Bradstreet solutions. These solutions allow the teams to verify, identify and screen insureds against continuously-updated data on over 550 million organisations around the world. This enables them to achieve enviable visibility into risk in real-time. Furthermore, they can automate key processes to make swift, smart decisions.
Assessing risk confidently and at speed
Global events move quickly. Ownership structures evolve at speed. This global healthcare provider is now able to show stakeholders (including customers and internal and external auditors and regulators) that they can respond to those changes very quickly too, by understanding linked risks and screening suppliers against current sanctions watchlists.
The Dun & Bradstreet solutions help them provide customers with insurance protection shaped by essential risk checks and due diligence, and without breaching any local or global regulations. That’s vital to upholding the brand’s great reputation amid increasing complexity of third-party risk monitoring.
Outcomes: Automated and real-time risk monitoring throughout the insurance customer lifecycle
The powerful real-time insights that data can unlock now sit front and centre of the organisation’s growth strategy and provides a single point of access to information and tools to research and make compliance decisions more easily.