Helvetia
How a leading Swiss insurer operating across five European countries integrated DetectX® Name Screening into customer onboarding, periodic re-checks and asset management, with one configurable workflow serving 140 users.
One screening solution, five national companies
Helvetia's insurance solutions cover the entire spectrum for private individuals and companies. Alongside its own sales organisations and direct sales, Helvetia works with networks and partners such as brokers and banks, accompanying customers along the entire life and demand cycle.
At a glance
- Sector
- Insurance
- Locations
- Switzerland, Germany, Austria, Italy and France
- Solution
- DetectX® Name Screening
- Website
- helvetia.com
The story, as Prospero publishes it
About Helvetia
A Swiss group with positions across Europe
- The Helvetia Group is based in St. Gallen and Basel, Switzerland. For more than 160 years it has grown into a successful international insurance group, the leading Swiss utility insurer, with profitable market positions in Germany, Austria, France, Italy and Spain. In the Specialty Markets segment, Helvetia offers tailored insurance and reinsurance in selected niches worldwide.
Starting position and challenge
A legal obligation, and an efficiency problem underneath it
- To prevent potential money laundering, financial institutions are legally obliged to align their customer relationships with the official sanctions lists, embargo lists and PEP databases, PEP being politically exposed persons. Beyond a user-friendly workflow for processing hits, it is crucial for the efficiency of compliance that the monitoring software maximises true positives while minimising false alerts.
Solution
Online checks at onboarding, batch checks on a cycle, delta checks daily
- In a conducted benchmark the Prospero DetectX® Name Screening solution achieved the best results, and it was implemented at Helvetia Switzerland with only a few days of effort. Today it is also used at Helvetia Germany, Austria, Italy and France. Single online name checking is integrated into the onboarding process system and is also available for individual queries. In batch name checking, all Helvetia customers and partners are periodically checked against the latest list versions, and delta checks of new customers and changed list entries are processed daily. Beyond first and last names, the solution uses all additional information available: date of birth, nationality, place of residence and more. It is also applied in asset management to check assets.
The workflow
Configured by Helvetia, reported on by Helvetia
- The applied fuzzy string-matching algorithms are optimised for this task, maximising true positives and minimising false alerts. A web-based, user-friendly workflow serves 140 Helvetia users for alert processing, and the workflow steps are configured freely to Helvetia's needs. Standard reports are available in flexible OLAP reporting, and users can define their own reports with drag and drop. To become aware of risks early, before a person is entered in a risk-person database, the Media Search functionality is available for searching news and business databases.
What Helvetia also said
- Martin Weckerle, Technical Business Partner and Spezialaufgaben Corporate IT Solutions, Helvetia Versicherungen
- With the change from on-premise to SaaS, Helvetia benefits from Prospero's professional SaaS services; we have optimised processes and focus on our core business.
What Helvetia runs today
Two statements the source makes as results, and one count taken from its prose. Prospero footnotes none of the three.
Published result
140 users
Helvetia users across five countries process alerts in a single workflow, with the workflow steps configured to Helvetia's own needs.
Days, not months
The initial implementation at Helvetia Switzerland was completed with only a few days of effort, as the source states it. No start or end date is published.
Five countries
Switzerland first, then Germany, Austria, Italy and France, on the same solution rather than on five of them.
We easily map the individual requirements of our national companies with the flexibility of the Prospero solution.
Prospero publishes no false-alert figure for Helvetia and no date for any of the five deployments. What the source states is what appears above, and nothing has been added to fill the gaps.
Where to look next
The module this deployment runs on, the sector page behind it, and the other insurance story.
- Name Screening
- The module Helvetia runs, and how a screening alert is evidenced end to end.
- Insurance
- What insurers answer to, and which modules answer it.
- Generali Switzerland
- The other named insurer, and a two-decade move into real-time payment screening.
Prospero also publishes this case study as a PDF. That file is not held in this site's assets, so there is no download here yet, and nothing above is taken from it.