MAPFRE MSV Life Enhances AML Compliance with Innovative KYC Portal in Major Digital Transformation

MAPFRE MSV Life Enhances AML Compliance with Innovative KYC Portal in Major Digital Transformation

MAPFRE MSV Life has taken significant strides in enhancing its anti-money laundering (AML) processes through the integration of the innovative KYC Portal CLM. This initiative aims to improve compliance and streamline customer onboarding, ensuring a more efficient experience for clients.

Overview of the KYC Portal CLM Implementation

The journey towards improved AML processes began in August 2022 when MAPFRE MSV Life initiated a comprehensive request for proposal (RFP). The objective was to identify a robust system capable of automating AML tasks and enhancing customer risk assessments.

Challenges with Previous Compliance Tools

Prior to this upgrade, the insurer relied on existing compliance tools. However, manual workflows considerably slowed down the onboarding process and ongoing monitoring efforts. The primary aim was to establish an integrated, fully automated system that offers:

  • Real-time screening
  • Comprehensive risk analysis

Successful Selection and Rollout

In June 2023, MAPFRE MSV Life selected KYC Portal CLM as their preferred solution, and the initial rollout for retail customers is now operational. This new setup enables walk-in clients to:

  • Complete onboarding quickly
  • Undergo screening
  • Receive a policy on the same day if deemed low risk

Significant Impact on Operations

The implementation of KYC Portal CLM has resulted in a remarkable transformation for MAPFRE MSV Life. Previously fragmented systems have now been consolidated into a single platform, which has:

  • Reduced manual work
  • Enhanced operational efficiency

This platform seamlessly connects the insurer’s core systems, screening tools, and customer risk assessment processes in real time, significantly improving the overall compliance framework.

Feedback and Key Features

The implementation team has received commendations for their responsiveness and the user-friendly nature of the system. Staff members have adapted swiftly to the new platform, which boasts key features such as:

  • Instant screening
  • Automated compliance updates
  • Detailed audit trails
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Future Plans

Looking ahead, MAPFRE MSV Life plans to extend the KYC Portal CLM solution to include:

  • Corporate clients
  • Donation recipients

Additionally, there are intentions to enhance reporting frequency to further improve compliance measures. Although internally referred to as an “AML System,” MAPFRE MSV Life now recognizes KYC Portal CLM as a central platform for client engagement.

For further insights into this implementation, check out RegTech Analyst. You can also read the full case study here.

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