ACORD Solutions expands automated sanctions screening capabilities in ACORD Transcriber

ACORD Solutions Group, the technology arm of ACORD, has announced expanded features for automated sanctions screening within ACORD Transcriber, its intelligent document processing platform.

The new Sanctions Screening capability extracts key data from insurance documents and sends it directly to LexisNexis or a client’s chosen screening provider for real-time compliance checks, improving both efficiency and accuracy in the regulatory process.

Sanctions screening is a vital function in the highly regulated insurance sector, but it has traditionally relied on manual reviews that are time-consuming and prone to error. These errors can lead to significant financial penalties and lasting reputational damage.

The enhanced Sanctions Screening feature in ACORD Transcriber automates the extraction and verification of names and locations from PDFs, Excel files, and other structured or unstructured formats.

The system intelligently maps data to reduce false positives and the risk of overlooking sanctioned individuals or entities. Integration with trusted screening providers ensures access to the most current and comprehensive sanctions databases.

“ACORD Transcriber’s AI-enabled data extraction capabilities save days of manual effort, reducing compliance processes to a matter of minutes,” added Chris Newman, CEO of ACORD Solutions Group.

“This gives insurance organisations the freedom and peace of mind to focus their talent and attention on more important strategic initiatives.”