Sydney’s Sanctions Check joins Hannover Re hub

Sydney-based SanctionsCheck.co has been added to Hannover Re’s Equarium innovation platform.

Ben Webster, co-founder of insurtech Agile Underwriting Services, designed Punishment Checking as a cost-effective way to manage this compliance requirement.

Launched late last year, it was built for brokers, MGAs, insurers and insurers looking for an affordable way to find, track and report on regulatory audits. punish.

The technology is already embedded at Agile, and Lloyd’s insurers, policyholders and UK customers have signed up as customers, with testing embedded in the processes helping them stay compliant.

“Performance and follow-up can be a real pain and you have to provide proof that you did it when going through the annual audits,” Mr. Webster recently told insurance.NEWS.com.au. “We scratched and built the app ourselves.”

The team has daily updates on eight different listings each day in Australia, the United Kingdom, the United States, the European Union, the United Nations, and Switzerland, and is reviewed by insurers and some policyholders. used by Lloyd.

Requiring members of the insurance industry to ensure their transactions do not involve organizations registered on anti-money laundering lists – a difficult task when this information changes rapidly.

Hannover Re recently opened the Equarium platform, which is likened to a “dating service for singles” to all interested parties to provide insurers with direct access to public funds. insurance companies worldwide. It offers more than 160 solutions in areas such as cyber, telecommunications and parametrics.