Compliance requirements in the insurance sector are changing as newer regulations are brought in and put through various amendments. Not only must insurance companies adhere to existing regulatory norms, but they must also maintain the agility to deal with newer and more wide-ranging regulatory compliance requirements. As they expand to newer geographies, they must also be prepared to manage diverse regulatory frameworks.

NIIT Technologies offers enterprise-wide solutions to insurance companies, helping them meet existing and new regulatory compliance laws effectively.

Offerings

The Sarbanes-Oxley Act requires internal controls and governance over all financial systems, such as complete audit trails and a variety of regular assessments. NIIT Technologies provides end-to-end solutions for insurance services providers that adhere to all SOX requirements by:

• Providing internal controls at the process, transaction or application level
• Incorporating audit trails in all financial systems

In accordance with a ruling from the Financial Crimes Enforcement Network (FinCEN), insurance companies have to establish effective anti money laundering programmes. NIIT Technologies has expertise in providing automated and enterprise-wide Anti Money Laundering solutions that reduce business risk by providing appropriate alerts to the business in case money laundering is targeted by any of its customers.

We have implemented SSN Remediation, Data Depersonalisation and Basel II compliance for large financial customers. We also support our customers in meeting their OFAC and AML reporting requirements.

We provide support for SOX and Basel II solutions for leading North American and European banks and insurance providers.

Business Benefits

• Compliance with all regulatory norms
• Data protection from both internal and external threats
• Improved risk management
• Increased transparency, better availability of information

Success Stories

Anti Money Laundering Warehouse for a large global insurance company

The client, a global insurance giant, embarked on a large program for creating an enterprise-wide data warehouse for its annuities and retirement plan businesses. The warehouse would accommodate all its applications centrally, integrated with each other in a manner that makes all data available for future analysis of the business and for identifying business trends.

The initiative aimed at shifting the information environment from a multi-silo, non-integrated data environment to one having an Enterprise Information Infrastructure (EII), which would allow different parts and levels of the enterprise to retrieve relevant information for uses ranging from serving customers to decision making.

One of the key projects undertaken by NIIT Technologies as part of this program was to develop an Anti Money Laundering Warehouse using the Actimize suite of products.

Impact

• Provided appropriate alerts to the business teams in case any money laundering was targeted by any of their customers
• Provide the requisite regulatory reports for AML
• Enhanced end user comfort with the newly built user-interface
• Provided Reporting, Dashboards, Analytics and Data Tracking activities

SSN Remediation Solution for a global insurance company

A global financial services company with 150 years of experience in providing a wide array of banking, insurance and asset management services in over 50 countries, needed SSN remediation solutions for its business applications and other database systems.

NIIT Technologies was approached for developing a solution to overcome this. We identified the impacted systems throughout the organisation and modified only those systems that had user interfaces. With this approach the impact on systems across the organization was minimised. Also this approach required lesser testing and was implemented more quickly and inexpensively. The project sought to replace SSN with an internal ID in all the impacted systems and reports.

Impact

• The organization was able to meet legal requirements in information privacy
• Met industry best practices
• Streamlined business processes and workflows for future applications