AdvantageGo, the commercial re/insurance software provider from NIIT Technologies, has been selected to help Coverys Managing Agency Ltd (CMAL) adhere to international sanctions regulations.
CMAL, a provider of medical professional liability insurance protection, will deploy AdvantageGo’s Sanctions Service across its UK and US operations to help mitigate risk and remain compliant via automatic sanction screening checks.
Sanctions Service will enable CMAL 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 its party record, and the clearance status on each record indicates if the party has passed or failed the screening, or whether the check is still in progress.
Additionally authorisation rules can also be created to align with a company’s compliance process, such as preventing a contract from being saved or bound if a party is added to a contract and has failed sanctions, or stopping 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,” said Arthur Chopourian – Director of Operations at CMAL.
“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,” he continued.
“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.”
Adrian Morgan, Executive Vice-President and Head of AdvantageGo at NIIT Technologies, also commented: “Sanctions obligations apply to everyone, including insurers, and misinterpreting regulation will not avoid penalties being imposed.”
“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,” he added.
“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.”
