MAPFRE MSV Life has significantly enhanced its anti-money laundering (AML) processes by adopting KYC Portal CLM, aiming to streamline compliance and improve customer onboarding.
The journey began in August 2022 with a detailed RFP to find a system that could automate AML tasks and strengthen customer risk assessments.
While the insurer already had compliance tools in place, manual workflows slowed down onboarding and monitoring. The goal was to build an integrated, fully automated process with real-time screening and risk analysis.
KYC Portal CLM was selected in June 2023, and the initial rollout for retail customers is now live. The new setup allows walk-in clients to complete onboarding, undergo screening, and—if low risk—receive a policy on the same day.
The impact has been significant. Previously fragmented systems have been consolidated into one platform, cutting manual work and improving efficiency. The platform links MAPFRE MSV Life’s core systems, screening tools, and customer risk assessment processes in real time.
The implementation team earned high praise for responsiveness and ease of use, with staff adapting quickly to the new system. Key features such as instant screening, automated compliance updates, and detailed audit trails have further strengthened the company’s regulatory posture.
Future plans include extending the solution to corporate clients and donation recipients, alongside improving reporting frequency. Though internally referred to as an “AML System,” MAPFRE MSV Life now sees KYC Portal CLM as a core client platform.
For more information on the implementation, visit RegTech Analyst.
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