Services
About Mphasis
The client was a leading European insurer with primary business in sanctions screening. The main objective of the company was to enhance the effectiveness of its sanction screening process by overcoming the existing business challenges.
The client’s sanction screening process was ineffective and plagued by a large number of false positives, rudimentary technology, and labor-intensive processes. It needed a cutting-edge solution that could enhance cost savings and reduce full time equivalents.
To address the challenges of the client, we leveraged artificial intelligence (AI) for sanctions services. The solution was structured as follows:
• Used DeepInsights™—A cognitive computing platform to develop intelligent business process management
• Deployed natural language processing to check for phonetically similar names and misspelt names
• Developed an effective sanction screening system
• Built a client policy database
• Enabled a machine learning-based resolution of potential hits
• Developed additional rules to improve resolution confidence
• Implemented an audit trail for resolving false hits
The client achieved significant improvements to the sanctions screening process through:
• Reduction of 52 percent in full time equivalent (FTE)
• Savings of over US$2.4 million in costs
• Implementation of industry-standard sanction operations
• Development of cost-effective managed service model
• Reduction in risk and real-time screening