KYC for insurance companies:
Efficiently check, update, and monitor customer data
Automate your KYC processes, keep customer data up-to-date, and reduce manual effort. From identifying beneficial owners to screening and monitoring, all the way to updating existing customer databases. This creates a reliable data foundation for today's requirements and the AMLR from 2027 onwards.
KYCnow: Your solution for compliance and efficiency in the insurance industry
Imagine being able to fulfill all your compliance obligations with just one click – efficiently and in a completely audit-proof manner.
With KYCnow, we have developed a platform specifically tailored to the requirements of anti-money laundering legislation. Our digital solution automatically checks and updates your customer data, ensuring you are always up to date.
Exclusive access to SCHUFA data
Over 68 million natural persons in Germany, precise and reliable.
Global Reach
Access to 380 million international corporate and business customer records through our global partners.
Insurance expertise
Experience from real KYC projects with insurance companies and a sound understanding of their regulatory and operational requirements.
Cover core KYC tasks with KYCnow
Customer file in 60 seconds
Automated creation of a digital KYC file including risk assessment in just 60 seconds.
Beneficial owners
Reliable identification of the beneficial owners of a company.
Update
Regular review and updating of address data in your contract portfolio.
Name and Adverse Media Screening
Checked against over 1.200 warning lists and watchlists, as well as for negative news.
Monitoring
Ongoing monitoring of all relevant customer data, including beneficial owners.
Audit-proof
Audit-proof storage of the collected data, including tracking of adjustments.
KYCnow inventory update
Efficiently update large customer databases
Many insurers have large, historically grown customer databases. Missing or outdated KYC data can quickly lead to significant manual review efforts. The KYCnow database update makes it possible to identify where updates are needed and which cases can be processed automatically.
In practice, three main challenges emerge:
High manual inspection effort
Additional customer contact
Lack of transparency
With the KYCnow inventory update, you create transparency about your inventory and can plan updates in a targeted manner.
Here's how the inventory update works:
1. Transmit inventory
You provide us with your customer database in a mutually agreed format.
2. Matching
We compare the transmitted customer data records with the available SCHUFA data and check which persons can be clearly assigned.
3. Optional: Completeness analysis
We analyze which relevant data is available for the assigned customers and where gaps still exist. This reveals which data sets can be updated based on data and where further clarification is needed.
4. Data delivery
The available current data is provided in a structured manner. At the same time, it becomes transparent which cases still require further processing.
5. Optional: Monitoring
Upon request, the updated inventory data can then be integrated into the monitoring system. This will allow relevant changes to be identified early in the future.
Update your inventory today. Create a reliable foundation for the AMLR.
With the KYCnow inventory update, you create a current and reliable data basis for your existing customer relationships. This fulfills a key requirement of the upcoming AMLR regulations . You reduce regulatory risks caused by outdated customer data, identify follow-up needs early on, and can focus internal resources specifically on audit-relevant cases. This allows you to align your KYC processes in a structured way with increasing regulatory expectations.
AMLR in focus:
What insurers face
The AMLR (Additional Product Liability Regulation) changes the requirements for customer data, verification processes, and existing business relationships. For insurers, this makes it particularly relevant how complete and up-to-date KYC (Know Your Customer) data is and how efficiently reviews can be conducted in the future.
KYCnow helps to provide relevant KYC data in a structured manner, keep it up-to-date and integrate it efficiently into existing audit processes.
✓ More requirements for KYC data
Additional information must be structured and verifiable.
✓ Higher update requirements
Existing data and processes must be gradually prepared for the new requirements.
✓ Adjustments to exams and reviews
The new requirements affect new audits as well as regular and ad hoc reviews.
How one of Germany's largest insurance companies revolutionized its compliance
Gothaer is one of the largest German insurance companies. For many years, it relied on the assistance of an external service provider in the area of money laundering compliance.
Due to the increasingly complex requirements, a new solution was needed that would allow compliance with AML obligations to be automated and digital.
Read our case study to find out how Gothaer solves its challenges with KYCnow.
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and get to know KYCnow
We can help you with your KYC process. Schedule your free appointment now and get to know KYCnow without obligation.
