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Fiserv to Enhance Risk Management for Pan-American Life

Pan-American Life Insurance Group (PALIG), a provider of insurance and financial services throughout the Americas, has selected Fiserv technology to strengthen the efficiency and effectiveness of its anti-money laundering (AML) compliance and risk management program in multiple countries, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).

PALIG sought a provider with insurance industry expertise, a global footprint, and flexibility to help streamline AML compliance and fraud and risk management processes. The company selected Fiserv to provide a solution that accommodates country-specific regulations and reporting requirements.

The firm hopes this will improve efficiency for PALIG by enabling it to execute and monitor risk management processes in multiple countries through a single platform.

PALIG is initially deploying the Fiserv solution for use in Panama, the Cayman Islands, Colombia and Costa Rica, with plans to expand to more of the 22 countries where it has operations.

“Effective risk management is an important part of how we do business,” said Steven A. Friedman, executive vice president, chief investment officer, corporate development and strategy, Pan-American Life Insurance Group. “Working with Fiserv will optimize our ability to manage risk in an increasingly complex world so we can continue earning our customers’ trust.”

AML Risk Manager from Fiserv incorporates advanced capabilities that address four areas of an AML risk management program: know your customer (KYC) monitoring, detection and alerts, case management, and reporting.

Fiserv was founded in 1984, and is based in Brookfield Wisconsin. The company partnered with Samsung SDS last year at FinovateSpring to demo the Fiserv Commercial Center: Security & Samsung SDS Nexsign. Earlier this year, Fiserv announced plans to merge with First Data.