Sydney-based SanctionsCheck.co has been added to Hannover Re’s Equarium innovation platform.

Ben Webster, the co-founder of insurtech Agile Underwriting Services, designed Sanctions Check as a cost-effective way to manage this compliance requirement.

Launched late last year, it was built for brokers, MGA, insurance agencies and insurers seeking a streamlined way to search, track and report on sanctions checks.

The technology has been embedded at Agile and insurers, Lloyd’s coverholders and UK customers have already signed up as customers, with the embedded checks in processes helping them stay on top of compliance.

“It can be a real pain to implement and to track and you have got to provide evidence that you have done it when you go through audits each year,” Mr Webster recently told insuranceNEWS.com.au. “We scratched our own itch and built the app.”

The team have been updating daily across eight different lists each day in Australia, the UK, US, European Union, United Nations and Switzerland, and is used by insurers and some Lloyd’s coverholders.

It is a requirement that insurance industry members be sure their dealings are not with entities registered on anti-money laundering lists – an onerous task when this information changes rapidly.

Hannover Re recently opened the Equarium platform, which it likens to a “dating service for singles,” to all interested parties to give insurers direct access to worldwide insurtechs. It offers more than 160 solutions in areas such as cyber, telematics and parametrics.