Furthermore, MAPFRE MSV Life sought an orchestration solution to integrate their existing systems. While they had all necessary tools in place from a compliance perspective, much of the workflow remained manual, which impacted on both the customer onboarding process and ongoing monitoring. The goal was to create a smoother, fully automated anti-financial crime process that included real-time screening.
"We wanted to literally have everything talking to each other at the same time."
Implementation of KYC Portal CLM
In June 2023, KYC Portal CLM was selected as the preferred solution, marking the commencement of the KYCP project. The initial phase involved configuring a programme for retail customers, which is now fully operational. As a result, MAPFRE MSV Life can now onboard customers instantly and issue policies on the same day.
With KYC Portal orchestrating their systems and integrating their enhanced CRA, customers can now walk in, complete the onboarding form, undergo immediate screening and risk assessment, and - if classified as low-risk with no triggers for Enhanced Due Diligence (EDD) - walk out with their policy in hand. This transformation has significantly improved customer satisfaction by ensuring an efficient and seamless onboarding experience.
Business Impact
The adoption of KYC Portal CLM has primarily benefited MAPFRE MSV Life from an operational standpoint, delivering substantial time savings. Previously, processes were fragmented across multiple systems and managed manually. Now, all operations are automated within a single platform. KYC Portal is fully integrated with their core system, distribution system, screening provider, and embedded CRA, ensuring a streamlined workflow.
User Experience and System Adoption
MAPFRE MSV Life’s Anti-Financial Crime Unit (AFC Unit) had a highly positive experience with the configuration team, describing Daniel and Graziella as fantastic, responsive, and efficient in providing quick turnarounds. The organisation's expectations were exceeded, particularly in terms of ease of use. The AFC Unit, Operations and the distribution network found the transition smooth, and new employees can be trained with minimal effort.
"There's always a degree of anxiety when you introduce a new system – you never quite know what to expect. KYCP was straightforward. It's relatively easy to use."
Key Features and Benefits
A few of their most valued features of KYC Portal CLM are:
• Instant Screening & Dynamic CRA: A sanction or other material hit triggers an automatic adjustment to the CRA, ensuring real-time risk assessment.
• Automated Compliance Updates: When the system is updated with the new FATF or EU jurisdiction scoring, the CRA is recalibrated accordingly, immediately identifying affected customers.
• Audit Trail & Monitoring: A full audit trail of all system actions, including screening audits, enhances regulatory compliance.
• Operational Efficiency: Automation ensures that the AFC Unit is alerted only when intervention is required, reducing manual effort and improving focus on high-risk cases.
Future Expansion
Looking ahead, MAPFRE MSV Life aims to enhance their reporting capabilities. Previously, risk classification reports were generated infrequently; now, with KYC Portal, they anticipate moving to a monthly reporting cycle. Additionally, they plan to implement two further programmes:
• One for corporate customers, including companies, associations, foundations, trusts, etc.
• Another for suppliers and organisations receiving donations (NGOs, charities) to better manage fraud, bribery, and corruption risks beyond AML compliance.
Final Thoughts
Internally, MAPFRE MSV Life refers to KYC Portal as their "AML System," yet they acknowledge that this title does not fully encapsulate its capabilities. The platform serves as a comprehensive client database, facilitates onboarding, supports video conferencing with biometrics, and offers a broad range of functionalities beyond AML compliance.
"Based on our experience KYCP is highly recommended because, whether for a small or large organisation, it finds its place effortlessly due to its ease of use and extensive features."