Capita Managing Agency Ltd is one of only two third-party managing agencies in the Lloyd’s Market. It provides the services of a managing agent to Lloyd’s syndicates underwriting live or run-off business.
Having experienced issues around functionality and support with its existing sanctions screening solution, Capita Managing Agency sought an industry-recognised solution. It required a system which would be able to meet its requirements for robust sanctions screening while simultaneously maintaining a fast onboarding process for its customers. The chosen solution must be reliable, quick to integrate into existing systems, and cost effective. It must also be able to provide a clear audit trail and give the compliance team a clear oversight of all screening operations.
Having reviewed a number of alternatives, Capita Managing Agency settled on LexisNexis® Bridger Insight® XG for sanctions screening. It cited extensive use in the Lloyd’s Market and its ability to run through an API – eliminating product installation and system maintenance – as key reasons for doing so.
Peter Laws, Director of Risk & Compliance said "We picked Bridger Insight® XG due to its unparalleled reputation in the Lloyd’s Market. We required a setup which was easy, hassle free and reliable. We were confident from speaking to others in the Lloyd’s Market that Bridger Insight® XG could provide us with this."
Since implementing LexisNexis® Bridger Insight® XG, Capita Managing Agency has been able to maintain a robust sanctions screening programme and significantly improve the speed of internal processes. Due to a better user interface and easier to audit alerts, it has been able to generate a 20% time saving from not conducting needless investigations.
Due to LexisNexis® Bridger Insight® XG’s API capabilities, the set-up process was extremely fast and Capita Managing Agency were up and running within a month from contract signing. Muhammad Chamaa, Compliance Analyst, claimed the training and onboarding experience offered by LexisNexis® Risk Solutions was one of the main reasons for such a smooth onboarding:
"We were up and running within a month, which is incredible. I found the LexisNexis® Risk Solutions team to be supportive, very helpful and always on hand for follow-up. Thorough training was provided for the team – as was advice on the correct calibration settings. In my experience, whenever implementing a new system and a new way of working, there is always at least one complaint from system users but when implementing Bridger Insight® XG, there were none. That can only be testament to the truly thorough onboarding process provided by LexisNexis® Risk Solutions."