Helping Lloyd’s of London with its compliance procedures.

Lloyd's of London

Managing financial crime risk is an important compliance consideration for an insurer, particularly when delegating its underwriting authority.  Within the Lloyd’s Market those entities delegated authority by managing agents are known as Coverholders and are required to understand the anti-financial crime obligations that apply to them and those on behalf of whom they underwrite; and implement robust and comprehensive compliance procedures.

To assist Coverholders, Lloyd’s has for a number of years used a suite of e-Learning modules to describe the issues Coverholders should be aware of around Anti-Money Laundering, Bribery and Sanctions.

Developed by Exari and Tier 2 Consulting, these modules step Coverholders through a 30 minute educational program to set out and test their knowledge and obligations in respect of the prevention of money laundering, sanctions and bribery and the reporting of suspicious transactions when conducting business on behalf of Lloyd’s syndicates.  Once the tests are successfully completed the user receives a Certificate that proves they have completed the course.

The modules have been translated into French, German, Italian and Spanish and have each been run by over 22,000 individuals at Coverholders, Brokers and Lloyd’s themselves.

Exari’s DocGen engine drives the information pages, the tests and the generation of the Certificate while their partner, Tier 2, were responsible for custom user interface, the Lloyd’s branding and all integration requirements.

Sean McGovern, Chief Risk Officer & General Counsel at Lloyd’s comments, “This initiative is a great example of the success that can be achieved when proven technology combines with a skilled team.  Exari’s multi-language document generation capability is of great interest as Lloyd’s reaches out to emerging markets.”

Martin Kett, VP of Insurance Industry Solutions at Exari comments: “This has been a very rewarding project to be involved with and it’s exciting to provide such a successful solution to the world’s leading insurance market.  It’s a great example of the type of work we are doing for Brokers, Lloyd’s Syndicates and Insurance Companies to make their documents more compliant and safer.”

The sites can be seen at the following addresses:

http://lloyds.exari.com/elearning-test/moneyLaundering/info

http://lloyds.exari.com/elearning-test/bribery/info

http://lloyds.exari.com/elearning-test/sanctions/info

About Exari

Exari is a market-leading Contract Lifecycle Management platform that unifies the processes of generating, managing and analysing expansive document and contract portfolios.  Exari solutions are used by hundreds of thousands of users worldwide.

Exari is headquartered in Boston with offices in London, Melbourne and Munich. Learn more at www.exari.com.