Bringing banks and insurers into compliance with the Eckert law: our solution
Mazars has partnered with Mister Doe, a big data start-up dedicated to enabling banking institutions and insurance companies to increase the reliability of their data and speed up procedures to administrate dormant bank accounts.
When it comes to the administration of dormant bank accounts and unclaimed life policies, the quality of data, the inflexibility of internal procedures and complex processing is causing banks and insurers big problems.
Since 1 January 2016, banks and insurance companies must comply with new obligations imposed by the Eckert law. These obligations aim to improve protection for savers and the beneficiaries of life insurance policies. Banks and insurers are now required to make stringent efforts to trace the owners of dormant accounts and the beneficiaries and heirs of unclaimed policies.
In order to enable banks and insurance companies to meet these new challenges, the start-up Mister Doe has created an online solution for digitalising and computerising many of these procedures, for mapping and securing the various stages in handling the documentation to enable closer monitoring of the activities, and for providing enterprises with the key performance indicators that are essential in the event of controls.
Mister Doe is currently emerging as the benchmark for digital solutions deployed in-house to bring banks and insurance companies into line with the Eckert law.
A collaborative tool
Mister Doe provides entities with a collaborative tool enabling them to plot the administrative procedures in their information systems, to provide details of their origin and their compliance with the regulations.
All the parties concerned can take part in handling unclaimed contracts while mapping the different tasks completed, using a single ergonomic tool. The same tool records all the administrative procedures that are carried out by all the players, enabling them to shift from a cooperative to a collaborative mode.
Proven methodology and optimisation of internal procedures
Backed by years of experience in handling unclaimed policies and dormant bank accounts, Mister Doe brings together best practices in terms of the procedures and methodologies implied, providing entities with recognised expertise in applying the Eckert law.
Using modern Big Data technologies, this solution can be used to computerise a wide range of tasks:
- detecting dormant accounts,
- collating files for RNIPP queries,
- handling RNIPP feedback,
- sending requests for death certificates,
- searching for contact information on the Internet,
- consulting death notices,
- handling undelivered mail,
- the correction and standardization of postal addresses,
- drafting reports as required by the regulator,
- calculating policy revaluations in the event of failure to comply with deadline management
Mister Doe will enable banking institutions and insurance companies to increase the reliability of their data and speed up their procedures, improving performance in order to better serve their customers.
For more information, please visit Mister Doe website .
Digital Finance campaign
Mazars recognises digitisation as an important topic for the financial services industry; for this reason, we have developed a content programme with the Economist Intelligence Unit that focuses on how banks, insurance and real estate businesses are adapting their risk and reporting procedures to the new digital environment.