Risk and Compliance Software for the Insurance Industry
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Compliance for insurance and banking industries aren’t comparable, despite apparent similarities. Siron®One is configured for the insurance industry, and IMTF’s 20+ years of industry-specific expertise will future-proof your insurance compliance while reducing costs and effort.
Challenges
Reduce Compliance Risk & Prevent Insurance Fraud
Insurance companies face significant compliance risks, from money laundering through high-value life insurance policies to fraudulent claims. Insurers risk involvement in financial crimes, regulatory sanctions, and reputational damage without a robust risk-based approach.
Conduct Necessary Due Diligence Across the Entire Insurance Ecosystem
In addition to direct policyholders, insurance companies must conduct KYC for all partners across sales channels, agents, brokers, and beneficiaries. Siron®One simplifies insurance compliance by automating KYC, sanctions screening, and risk-based due diligence for all counterparties.
Streamline Customer Onboarding with Integrated Data & Automation
Siron®One simplifies onboarding and KYC with its sophisticated workflow and case management automation. The Document Management capability integrates data from multi-source systems and shows a verifiable single view of related information for any policy number for greater accuracy and efficiency.
Mitigate Life Insurance and Pension Policy Risks
There’s an uptick in insurance scams, like overpaying premiums or canceling before the term date. Siron®One monitors payments, changes in beneficiaries, and high-risk geographies for ongoing due diligence and risk mitigation.
Automatically Enforce Tax Compliance
Insurance tax compliance rules are fragmented and vary with policies and jurisdictions. Siron®One creates an audit trail and dedicated tax identification to help fulfill FATCA for claims and settlements.
Our Solution
Integrated Risk & Compliance Management Software for the Insurance & Re-insurance Industry
Siron®One is a flexible, scalable, and highly configurable compliance platform, fully integrated with all the modules that ensure insurance and re-insurance compliance, from issuance to renewal to claim.
Onboarding
Siron®One onboarding solution is a category leader capable of handling complex insurance industry KYC for light, medium, or complex onboarding processes.
Continuous KYC and CLM
Siron®One lets you define events based on changes in beneficial owners, premium overpayment, jurisdiction change, and policy cancellation before a term to trigger perpetual KYC automatically.
Enhanced Due Diligence
Siron®One Enhanced Due Diligence helps you establish an automatic EDD monitoring plan based on client risk, changes in risk scores, and ongoing requirements.
Transaction Monitoring
Powered by the most advanced AI and ML, Siron®One’s transaction monitoring detects and prevents suspicious activities, reduces false positives, and automatically fills regulatory reports to save you time and effort.
Adverse Media
Siron®One Adverse Media Screening capability utilizes natural language processing and generative AI to scan the web in seconds and provide a one-sentence summary of events and context for rapid decision-making, from the point of breaking news to reputational risks.
Sanctions Screening
Siron®One can be configured with all commercial and public watchlists including Dow Jones, Lexis Nexis, Moody’s and EU, UN, OFAC, HM Treasury, and ICIJ lists to prevent all criminal workarounds and near-invisible financial crimes.
Tax Compliance Reporting
Siron®One includes one-click regulatory reporting for life insurance companies, such as FATCA and CRS, based on the insurer’s jurisdiction, saving you time and increasing efficiency.
Over the past 20+ years, IMTF has empowered leading insurance companies to manage insurance risks and compliance obligations smoothly.
20+ Years of Serving the Insurance Industry
IMTF has 35+ years of experience deploying software and 20+ years of insurance industry experience, making our insights an indelible part of the compliance journey.
Reduce the Cost of Compliance
Siron®One reduces the cost of insurance compliance by digitalizing and automating manual processes with RPA.
Trusted by Leading Insurance Companies
Leading insurance companies rely on Siron®One for their compliance operations.
Our Insights
