hyperexponential is on a mission to build a best-of-breed tech ecosystem for the insurance market. hx Connect offers seamless integrations for data insights, workflow management or pricing. As a result of our latest integration with Sanctions Search, a complete audit trail of the compliance workflow for a policy can be kept within Renew, reducing administration time and the possibility of costly errors.
The international nature of specialty insurance lends itself to weird and wonderful risks in all corners of the world. It is every insurer’s legal requirement to ensure that the individuals or entities it does business with are not on any sanctions lists. In addition, the insurer is responsible for demonstrating continuing adherence to this requirement. Compliance is a core tenet of any insurer - underwriters, actuaries, management and operations all play a part.
However, keeping track of the myriad of international sanctions obligations can be challenging. Worse yet, failure to comply with international sanctions can result in considerable penalties, including:
- The insurer being an unwitting party to sanctions breaches
- Criminal penalties which include imprisonment and or fines
- Regulatory penalties
- Forced restructuring of the business
- Severe reputational damage
Thankfully for hyperexponential customers, hx Connect partner Sanctions Search has a solution! Sanctions Search is focused on evidence. It allows a compliance process to:
- Show that a sanctions check was initially carried out on a client
- Demonstrate that the client continues to be screened as changes to sanctions lists occur
Sanctions Search currently screen against a comprehensive number of sanctions lists, comprising:
Australian DFAT Sanctions List
Canadian Justice for Victims of Corrupt Foreign Officials List
Canadian Special Economic Measures List
Canadian OSFI Sanctions List
EU Sanctions List
HM Treasury Sanctions List
HM Treasury Ukraine Securities List
OFAC Consolidated (Non SDN) List
OFAC Specially Designated Nationals List
Swiss SECO Sanctions List
In addition to sanctions lists, Sanctions Search also offers a number of other services. Through the Disclosure and Barring Service (DBS), eligible users can conduct background checks with the minimum of effort. Valid ID also allows firms to carry out anti money-laundering checks on clients, in compliance with the Joint Money Laundering Steering Group guidance.
Sanctions Search and hyperexponential share a common goal of building a process once and using it many times. Now that this integration is built, it is possible to carry out a compliance workflow from within Renew. For each policy, the underwriter can conduct a search for a single individual or entity, or conduct a bulk search.Because all of these features are now directly available through Renew Connect, insurers can save time and effort in compliance checks, and prevent bad players from falling through the cracks.
“SanctionsSearch.com are very pleased and excited to be working closely with hyperexponential. We can see that hyperexponential take issues of regulatory compliance seriously and as a result have built a platform that delivers a good user experience but also aims to ensure that all the appropriate boxes are ticked on the way through.“
Chris Clare, Managing Director at Professional Office Ltd.
If you are interested in learning more about the Sanctions Search platform, contact firstname.lastname@example.org or visit https://sanctionssearch.com/. A member of the team will be in contact to learn more about your requirements. They can also provide an API key for use in the Renew Connect platform.
If you are not a Renew client and you are interested in a demo of how our powerful integration capabilities can assist your business, please contact email@example.com and we will arrange a session.
This integration is one of many partners available within Renew Connect.