AI-ML Solutions to Safeguard Insurance - Wipro

Harry1221 Jan, 2022Technology

In 2015, the UK government announced the workplace pension scheme, sometimes also called the occupational or work-based pension. The scheme mandates that employers provide pension plans for all employees. The scheme is good for employees and, admittedly, creates new business for insurers. However, it also created an unprecedented problem: a vast number of employees suddenly started registering for pension plans and had to be quickly cleared using Anti Money Laundering (AML) checks and a Jurisdiction Index Check (JIC). The index ranks jurisdictions according to their secrecy.