London, 25 April 2023 – NTT DATA UK&I, a leading innovator for the insurance industry, has today officially announced the launch of its new Sanctions Compliance Service. The solution, which was developed in partnership with Eigen Technologies, Global RADAR Solutions and Outsystems, has been designed for the Specialty and Reinsurance market and is available for immediate implementation.
The Sanctions Compliance Service provides customers with the ability to extract all sanctionable subjects beyond typical insured and reinsured items. This includes enabling the analysis of any document type loaded to the service and conducting a sanctions screening process, before a skilled Business Process Outsourcing (BPO) team then squares away false positives. As a result, the service can identify and return any items where the customer’s compliance professionals need to take action. The initial results have shown that the service is up to 1600 times faster than human manual processes and significantly more accurate, meaning customers can enjoy improved cost efficiencies and, as a result, expand their coverage.
The strength of NTT DATA’s partnerships has helped to build out this offering for market. Eigen Technologies provides market-leading AI-led data extraction capabilities, while Global RADAR provides market-leading AI-based sanctions screening capabilities, and Outsystems has built a modern flexible low-code platform to host these other technologies as a single solution. NTT DATA will provide advice and guidance on how to maximise the new solution for Specialty insurance players, as well as assist with implementation.
The Sanctions Compliance Service is specifically designed to help insurance practitioners within the London and Global Specialty market to address the ever-increasing challenge of conducting detailed and accurate sanctions checking. This is particularly critical for insurers working in a highly complex and ever-changing regulatory environment. NTT DATA will look to expand the service across several other markets over the next few months.
Dave Brooks, Head of Insurance practice at NTT DATA UK&I commented: “Our new Sanctions Compliance Service will be a critical tool for ensuring our customers are meeting the regulatory sanctions requirements and protecting their businesses. We are proud to be working with Eigen, Outsystems, and Global Radar, and our close collaboration with these providers has helped us deliver new innovation for our Specialty insurance clients. NTT DATA prides itself on being an innovative and trusted partner to the insurance industry, and this is just one example of our team finding new solutions to improve services for the insurance market.”