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News

NTT DATA partners with Eigen Technologies plus Global RADAR and Outsystems to Launch a new Sanctions Compliance Service for the Insurance Market

New York/London – April 25, 2023, Eigen Technologies (Eigen), the global intelligent document processing (IDP) provider, has joined a team led by NTT DATA and including Global RADAR and Outsystems to launch a new Sanctions Compliance Service (SCS) designed specifically for the Specialty and Reinsurance market. Eigen is powering the document processing and data extraction components of SCS, enabling users of this new service to rapidly determine potential exposure to sanctions risks.

The SCS 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 1,600 times faster than human manual processes and significantly more accurate, meaning customers can enjoy improved cost efficiencies and, as a result, expand their coverage.

We know from our clients that the SCS has long been needed in the insurance market. This is just the type of market-leading automation that we excel at, and we are delighted to be providing our market-leading AI-powered document processing and data extraction capabilities to the team led by our friends at NTT DATA,” said Chris Mullan, Eigen’s SVP of Product. For my entire career in insurance, consulting and now tech I have seen the problem of how manual and slow many processes continue to be. Sanctions has been desperately in need of a solution to this for years, a need thrown into stark relief over the previous 12 months as we’ve seen the sanctions landscape change on an hourly basis at times, and we believe this solution will reduce risk and cut cost. It is a great example of the type of automation that can be done in the London and Global Speciality market to modernise and update the industry.”

Contact

Thomas Cahn, Eigen Technologies

Email: [email protected]