Compliance screening strains insurers amidst 81% manual fixes

Survey shows mixed or manual processes remain common making automation a top priority.

Insurers are under pressure to modernise compliance screening as 75% have reported delates in data updates, according to an LSEG Risk Intelligence survey of compliance professionals.

The sector identifies inflexible screening tools at 80% as another major challenge. 

Operational strain is further highlighted by an 81% manual remediation workload and a 75% false positive rate.

Despite these operational hurdles, 98% of insurance respondents view real-time data access as critical. 

Faster onboarding is cited as a primary benefit by 58% of firms, a figure higher than other surveyed sectors. 

However, progress is currently hindered by a continued reliance on manual or mixed workflows, making automation a high priority for the industry.

When choosing new screening technology, firms prioritise real-time data access at 65%, followed by automation support at 60% and ease of integration at 54%. 

The main drivers for switching providers include the need for real-time access at 26% and improved precision with fewer false positives at 17%. 

LSEG Risk Intelligence notes that insurers are increasingly seeking tools that combine speed and precision to improve customer experience whilst maintaining compliance.