AI-Powered Compliance Assistant Enables Smart and Secure Financial Services

FINANCIAL SERVICES

Background

The client is a pan-Asian life and health insurance company with more than 12 million customers across 10 markets, including some of the fastest-growing insurance markets in the world. The client’s customer-led and digitally enabled approach aims to deliver innovative propositions, easy-to-understand products, and a simpler insurance experience.

Challenges

The financial services industry demands remarkable agility and precision due to its dynamic nature and stringent regulatory environment. As an insurance company with operations throughout the Asia Pacific region, the client deals with a wide variety of marketing materials and data with complex acceptance criteria – highlighting the need for preparedness and adaptability to changes by regulators and authorities.

Some major pain points include manual compliance checking related to incoming and dynamic marketing material, which is labor-intensive and prone to inconsistencies; financial and reputational risk exposure from failure to meet the evolving regulations; limitations to document processing volume and scalability; and barriers to effective internal communication between compliance and business teams.

Solutions

The client sought Lenovo PCCW Solutions (LPS) as a technology advisor and AI enabler, seeking to utilize AI practically to reduce manual compliance work processes and streamline workflows. As an official partner of Microsoft Copilot, LPS proposed and implemented an AI compliance checking solution – enabling AI to review marketing content based on a built knowledge base of industry guidelines and regulations.

Leveraging our partnership with Microsoft, we deliver in-app integration with Microsoft Teams for seamless access and instant accessibility. With Microsoft Copilot Studio under the hood, the AI-powered workflows can help users identify any violations in the content, evaluating input materials against specific guidelines by insurance authorities to ensure adherence to strict industry standards.

Value created

LPS’ AI-powered compliance assistant has transformed the client’s approach to compliance checking. By automating processes and utilizing reliable AI models, we have minimized manual effort and accelerated the review process, enhancing our time to market. With AI’s accuracy and consistency, we’ve significantly reduced the risk of human error, ensuring the uniform application of internal guidelines.

This approach reduces costs by minimizing reliance on manual compliance teams and lowers the risk of fines or reputational damage from rule violations. By being proactive, the client can identify potential issues earlier, enhancing risk management and providing a clear audit trail for compliance verification.

In addition, the solution has laid the foundation for scalability and further integration. Additional document volume and region-specific guidelines can also be incorporated into the solution at any time, as well as more advanced features like targeted recommendations. All of this can be accessed via Microsoft tools, enabling next-level collaboration between compliance and business teams.

LPS’ sustainable compliance automation system provides real-time updates and instant feedback for optimal operational efficiency. As the client continues to embrace AI adoption, we aim to encourage a proactive, self-service approach through our user-friendly interface and highly accessible platform. This can help to facilitate a more conducive culture of awareness and understanding, offering a holistic value proposition for AI compliance with tangible return on investment.

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