Prudential Selects Bridger Insight XG from LexisNexis for Sanctions Screening
Fuzzy-name matching algorithm delivers superior results
LONDON, September 6, 2010 - LexisNexis UK, a leading provider of content-enabled workflow solutions, today announced that Prudential, one of the UK's largest financial services companies, has chosen to deploy LexisNexis® Bridger Insight™ XG as its sanctions screening system of choice in its UK operation. This decision will enable the firm to comply with the sanctions regime and realise efficiency gains through its sophisticated fuzzy-name matching algorithm.
Gary Stephenson, Money Laundering Reporting Officer, (MLRO), at Prudential, commented: "We chose LexisNexis to replace our existing systems and screen millions of our customers daily against sanctions, Politically Exposed Persons (PEPs) and our own internal watch lists as they delivered excellent results during evaluation. LexisNexis demonstrated that they really understood our requirements and have been highly professional in their approach to working with us.
"We were really impressed with how fast and easy it is to use Bridger Insight. From our thorough testing of the software, we are confident that it can be configured to identify exact and close matches while keeping false positives low and easily handle the high volumes of clients we need to screen to comply with the sanctions regime. Its fuzzy-name matching algorithm delivered superior results."
Dan Marshall, Commercial Director at LexisNexis added, "We are very pleased to partner with Prudential, providing them with a cost-effective and robust solution for regular client screening. Bridger Insight will enable Prudential to screen and monitor high volumes of their clients, protecting their business and its reputation while keeping costs to a minimum."
LexisNexis provides solutions to more than 75,000 organisations worldwide to manage risk and fulfil regulatory requirements. Bridger Insight is used by more than 3,400 organisations, including many insurance companies for sanctions compliance. Its scalability means it can be used to screen 10,000 to over 10 million clients in real time or via batch processing against all the required sanctions, watch lists and PEPs.
LexisNexis® is a leading global provider of content-enabled workflow solutions designed specifically for professionals in the legal, risk management, corporate, government, law enforcement, accounting and academic markets. LexisNexis originally pioneered online information with its Lexis® and Nexis® services. A member of Reed Elsevier [NYSE: ENL; NYSE: RUK], LexisNexis serves customers in more than 100 countries with 15,000 employees worldwide.
In the UK, LexisNexis online services include LexisLibrary - named Online Product of the Year at the Legal Technology Awards - and Nexis® the single most powerful global news & business information service. The company has over 1,000 employees in the UK.
About Prudential UK
Prudential UK is a leading life and pensions provider with approximately 7 million customers in the United Kingdom. It operates from two core strategic UK sites in Stirling and Reading and has offices in London, Belfast and Dublin, as well as a customer service centre in Mumbai.
Prudential UK provides a range of products and services including individual and bulk annuities, individual and corporate pensions, withprofits bonds, onshore and offshore bonds, savings and investments, lifetime mortgages, healthcare and protection products. Prudential is also the corporate pension provider to 20 per cent of FTSE 350 companies and manages more than 4,000 pension schemes.
Prudential UK is also the country's leading provider of annuities with 1.5 million annuities in payment. These products are offered to customers through a number distribution channels including financial advisers, businesstobusiness (consulting actuaries and benefit advisers), partnerships (affinities and banks) and directtocustomers (telephone, internet and mail).
Prudential UK is part of Prudential plc, an international retail financial services group with significant operations in Asia, the US and the UK.
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