Best AML Software for Insurance Companies in 2025

Best AML Software for Insurance Companies in 2025

Insurance companies process vast volumes of sensitive data across claims, underwriting, customer profiles, and payments. As financial crime evolves, insurers face growing regulatory pressure to strengthen their defenses by implementing robust anti-money laundering (AML) systems.  

Increasingly, regulators scrutinize products like single-premium life policies, cross-border payments, and third-party transactions. Unlike banks, many insurers still contend with limited customer data and outdated systems, creating vulnerabilities in Know Your Customer (KYC) and due diligence. While some rely on banking partners for support, regulators now expect insurers to maintain independent, fully accountable AML programs. 

Key AML capabilities for insurers include screening watchlists, sanctions, politically exposed persons (PEPs), and high-risk transactions; scoring and viewing customer risk holistically; and streamlining workflows by integrating with existing systems. This article summarizes the top 10 AML software vendors for insurance companies, highlighting their features and strengths. 

What features make a solution the best AML software for insurance companies? 

Here are the essential features insurers should prioritize when evaluating AML software: 

• Industry-specific screening capabilities – Adapts to customer and transaction screening scenarios across claims processing, policy issuance, underwriting, and third-party agents 

• Data quality and matching accuracy – Reduces false positives and hidden risk exposure with continuous resolution of common insurance data issues and powerful matching 

• Seamless customer experience – Provides faster onboarding and payments while detecting and deterring high-risk transactions for policy premiums and claims payouts 

• Global AML/KYC compliance coverage – Screens watchlists, sanctions, PEP, payments, adverse media, internal lists, and more across jurisdictions 

• Holistic risk approach – Offers a complete AML and KYC compliance program, so you can properly evaluate your risk exposure from all facets in one place, incurring advanced customer risk scoring and modeling 

• Scalability and workflow efficiency – Handles large data volumes, streamlines operations, and exceeds regulatory requirements with advanced risk datasets, evaluation models, robust processes, and detailed audit trails 

The leading AML software solutions for insurance

1. FinScan 

FinScan offers an end-to-end AML platform built for the needs of the insurance sector: 

• Data quality and false-positive reduction: Industry-leading data quality tools, screening engine, and matching algorithms cut false positives by up to 80%, helping insurers uncover hidden risk while reducing review workloads. 

• Insurance-specific use cases — Integrates AML screening into claims processing and policy issuance, accelerating onboarding, minimizing manual intervention, and enhancing compliance. 

• Global reach and adaptability — Trusted by 25% of the world’s top 20 insurers. In a hybridon-premise and cloud environment, a global health insurance company uses FinScan to support transliteration and integrate tailored lists to maintain regional compliance. 

• Improved data quality — A P&C insurer uses FinScan Enhance to tackle data quality issues like missing birthdates, duplicate records, and poor name formatting—significantly improving screening accuracy. 

Unified interface and workflows 

• FinScan Marketplace – A unified interface for sanctions screening, KYC, adverse media, payment screening, risk scoring, and case management, reducing complexity and unifying workflows. 

• Advanced features – Includes document validation, adverse media screening, and continual risk scoring, all integrated to strengthen onboarding and compliance workflows. 

The FinScan advantage at a glance: 

• 80% fewer false positives 

• 25% of top global insurers as clients 

• Industry-specific cloud/on-prem/hybrid deployment 

• Unified AML-KYC platform tailored for insurance 

In the Chartis Financial Crime and Compliance50 (FCC50) 2025 Rankings, FinScan was recognized for “Vertical and Segment Excellence – Insurance” and named a “Market Disruptor.” 

Nick Vitchev, Research Director at Chartis, said: “FinScan is building on its legacy in the FinCrime space, innovating to disrupt the market in a unique way, offering a range of integrations and scalability alongside very strong time to value and packaging. This means that FinScan can deliver advanced screening and detection capabilities to a broad set of emerging markets—notably insurance, a highly complex emerging market where FinScan stands out with its tailored solutions.” 

A US property and casualty insurance company’s AML compliance efforts faced the dual challenge of high false positives and inefficiencies throughout its case review process.

2. ComplyAdvantage 

A UK-based regtech company founded in 2014, ComplyAdvantage uses AI, ML, and NLP for AML, PEP, and fraud screening. Their offering includes real-time sanctions and watchlist checks, and they’ve earned recognition in KYC and AML leadership, though not insurance specific. 

3. NICE Actimize 

Founded in 1999, NICE Actimize offers an entity-centric AML suite covering fraud prevention, sanctions screening, enterprise investigations, risk management, and regulatory reporting. Its solutions are scalable and include some models for insurance lines such as life, annuities, and broker-dealer activities. 

4. LexisNexis Risk Solutions 

LexisNexis has provided solutions and decision tools since 2000 that combine public and industry-specific content with advanced technology and analytics. Its solutions help evaluate and predict risk and enhance operational efficiency, primarily serving the US auto insurance industry. 

5. SAS 

SAS provides data and analytics tools for banks and insurers, powering AML, fraud detection, risk compliance, and claims analytics. It uses advanced analytics, AI, and machine learning to help monitor transactions, screen customers, manage compliance risks, and report suspicious activities. 

6. Dow Jones Risk & Compliance 

Famed for its sanctions, PEP, and watchlist data, Dow Jones powers AML screening through rich, granular intelligence. It aids third-party onboarding, vetting, and investigations to help with insurance compliance and risk workflows. 

7. Fenergo 

Fenergo, based in Dublin, Ireland and founded in 2009, is a SaaS-based solutions company that offers client onboarding lifecycle management and transaction monitoring for corporate, investment, and private banks. Its client base includes some of the world’s leading banks and prime brokerages. 

8. Napier AI 

Napier AI offers a modular, configurable AML platform as hosted or API services. It provides transaction monitoring and screening, with a strong emphasis on reducing false positives and delivering compliance-first insights with transparency, with a primary focus on banking. 

9. Sumsub 

Founded in 2015, Sumsub offers a platform for digital identity verification to enhance security and compliance in online transactions. Its services include fraud prevention, regulatory compliance, and risk management, and case management enhancements rolled out in 2025 to alleviate manual workload and improve risk accuracy. 

10. ThetaRay 

An Israeli fintech/analytics firm that offers AML transaction monitoring and sanctions screening via SaaS or on-premise solutions, ThetaRay can detect “unknown unknowns” in transaction data for a variety of financial institutions. 

AML success factors in insurance 

Choosing an AML solution is only the first step. Insurers should also define clear success factors to evaluate whether their investment is delivering the intended outcomes. The most effective AML programs in insurance typically achieve: 

• Fewer false positives: A reduction of 60-80% in unnecessary alerts ensures compliance teams spend less time on noise and more time on genuine risks. 

• Faster customer onboarding: AML tools should accelerate policy issuance and claims handling while maintaining compliance, striking the right balance between regulatory rigor and customer experience. 

• Improved detection accuracy: Systems must reliably identify hidden risks—such as joint accounts, address anomalies, or high-risk third parties—without overwhelming teams with irrelevant matches. 

• Regulatory readiness: Clear, auditable workflows and reporting capabilities help insurers demonstrate compliance to regulators with confidence and speed. 

• Operational efficiency: By automating repetitive tasks and enabling centralized case management, insurers can redeploy compliance resources to higher-value activities. 

• Global scalability: As insurers operate across jurisdictions, success means having a system that adapts to diverse regulations, supports multiple languages, and integrates seamlessly into existing IT infrastructure. 

Ultimately, the right AML platform reduces risk while transforming compliance into a competitive advantage, enabling insurers to protect customers, safeguard their reputation, and grow sustainably. 

Discover FinScan’s AML solutions for insurance 

What distinguishes FinScan is its deep alignment with insurance workflows: 

• Tailored, end-to-end AML/KYC screening for claims, onboarding, and policy operations 

• High data quality and accuracy, slashing false positives by up to 80% 

• Trusted by leading insurers globally with flexible deployment 

• Unified platform covering screening, adverse media, risk scoring, and more 

Explore why insurance companies choose FinScan’s AML solutions for insurance and book a discovery call to see it in action.