A survey indicates that mixed or manual procedures are still prevalent, making automation a key focus.
Insurance companies are facing demands tomodernise complianceScreening is problematic, with 75% indicating issues with data updates, according to an LSEG Risk Intelligence survey of compliance professionals.
The industry highlights rigid assessment methods at 80% as a significant issue.
Operational stress is emphasized by an 81% manual correction burden and a 75% rate of incorrect alerts.
Although there are these operational challenges, 98% of insurance professionals consider immediate data access to be essential.
More rapid onboarding is highlighted as a key advantage by 58% of companies, a percentage that exceeds other industries studied.
Nevertheless, advancement is currently obstructed by an ongoing dependence on manual or hybrid processes, which makes automation a top concern for the sector.
When selecting new screening technology, companies emphasize real-time data access with 65%, followed by automation support at 60% and ease of integration at 54%.
Key reasons for changing service providers are the requirement for instant access, which accounts for 26%, and better accuracy with reduced incorrect alerts, at 17%.
LSEG Risk Intelligence highlights that insurance companies are progressively looking for solutions that offer both rapidity and accuracy to enhance user satisfaction while ensuring adherence to regulations.
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