Banks and insurance companies that are subject to anti-money laundering obligations must optimise the management of their digital onboarding and Know Your Customer (KYC) related processes, files and data sets, if they want to stay competitive.

Insurtech Harmoney focuses primarily on banks and insurance companies and offers the first real end-to-end compliance solution for the financial industry. Harmoney offers perpetual KYC-management and client lifecycle management. In a nutshell, this means that efficiency brought about by automation and straight-through processing (STP) allows insurers and banks to be in control of AML risks, while reducing the cost of compliance and simultaneously improving customer journey.

By bringing digital elements into KYC-processes, financial institutions can potentially become more agile, significantly improve customer experience, reduce processing time and costs, all the while maximising their operational efficiency across the board.

Harmoney’s compliance engine lets banks and insurers manage and enforce compliance policies and scenarios via customisable, pre-formatted risk models, AML-screening strategies, KYC-services, UBO scenarios and more. Harmoney’s solution is built on existing modules and expertise, easy to integrate and can be implemented swiftly.

How it works

Harmoney is a modular platform, which means that clients are able to pick out the components and modules they need. There are twelve modules available (See picture 1.)

By being able to make a selection of these twelve modules, insurers and banks can create hyper-personalised, end-to-end client and employee experiences. Each module is ready-to-use and can be used by financial institutions to design tailored, frictionless and efficient digital compliant user journeys that adapt to their specific compliance needs.

To help illustrate how the Harmoney platform works, we will take one of their use cases featuring ALD Automotive, part of Société Générale Group. ALD offers full-service leasing, car rental and fleet management solutions to companies and individuals. ALD’s wished to digitise and automate the manual and time-consuming process of checking potential new clients’ backgrounds, connections and activities. In short, ALD had to overcome the challenge of complying with the latest – and highly complex – rules in a more efficient and digitised way, as the manual process was not scalable and would have inevitably led to an expanding compliance team.

With the use of modules 2, 3, 6, 7 and 12, Harmoney managed to enrich legal entity data and instantly screen related parties, causing KYC/AML acceptance of low-risk clients to be performed within seconds. Harmoney’s solution has thus allowed ALD’s compliance team to be in control of the risks in a fast and efficient way without increasing manual labour and at the same time, the digitised process increased customer satisfaction.

Why did we select Harmoney for ITC DIA Europe?

Harmoney is a RegTech platform designed specifically for the insurance sector, aimed at improving the accuracy and completeness of customer data for both business and regulatory compliance purposes. With its advanced KYC Lifecycle management features, the platform offers a reliable and secure solution to meet the ever-increasing compliance and risk management requirements of the industry.

At DIA Munich 2022, Harmoney presented the KYC/AML reboarding of a life insurance private individual. During ITC DIA Europe 2023, they will focus on a hot topic in the European market, which is to digitally identify and validate data and documents of the Ultimate Beneficial Owners of legal entities. Thomas van Maele, CEO & Co-Founder and Thierry van Alphen, Head of Business Development will showcase how Harmoney digitally simplifies this process which is often experienced as tedious for all stakeholders: clients, relationship managers and compliance officers.

Who is Harmoney?

Harmoney was launched in 2016 and the platform started off in 2018 as a response to the appearance of extensive Midfid II questionnaires in the financial sector. The questionnaires made the onboarding process time consuming, annoying and suboptimal for customers and relationship managers.

Since then, their team comprised of 1. domain experts with years of experience in compliance, insurance and banking, 2. skilled developers and delivery managers have added new functionalities and made continuous enhancements to optimise the entire customer due diligence and lifecycle management process. All for their mission to deliver financial sector business value through technology.

Their mission is to enable financial services business to move beyond repetitive, manual tasks that often rely on paper-based processes, by providing digitalisation and automation solutions. Harmoney’s platform aims to streamline the onboarding, reboarding, offboarding and continuous customer due diligence processes, making them more efficient and effective.

“Coming from the financial industry, I was confronted with low quality of customer data in the systems and the impact of regulation on internal processes asking for more accurate and up-to-date customer data. With Harmoney, we increase the quality and completeness of customer data in such an efficient way that you can truly focus again on your customer relationship and on building trust.”

Thomas van Maele, Co-founder & CEO of Harmoney