About Helvetia
Helvetia’s insurance solutions cover the entire spectrum for private individuals and companies. In addition to 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.
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 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
To prevent potential money laundering, financial institutions are legally obliged to align their customer relationships with official sanctions lists, embargo lists, and PEP (politically exposed persons) databases. Beyond a user-friendly workflow for processing hits, it is crucial for compliance efficiency that the monitoring software maximises true positives while minimising false alerts.
Solution
In a conducted benchmark, the Prospero DetectX® Name Screening solution achieved the best results. 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.
DetectX® Name Screening provides single online name checking, integrated into the onboarding process system at Helvetia and also available for individual queries. In batch name checking, all Helvetia customers and partners are periodically checked against the latest list versions. Delta checks of new customers and changed list entries are processed daily. Beyond first and last names, DetectX® uses all additional available information — date of birth, nationality, place of residence, and more. It is also applied in asset management to check assets.
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; 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.