KYC For Insurance Companies

Insurance has become a critical part of all major touch points in consumers’ lives, including employment, health, family and financial events. The reality of multiple client touch points can be challenging for organizations when collecting, organizing, assigning and protecting client identities.

Currently, many insurance providers onboard large organizations, requiring them to validate the identities of upwards of 10,000 and more employees at one time. The existing KYC for insurance companies policies require that insurers collect and validate forms from all employees, often resulting in enrollment times of several days to over a week and ultimately creating a frustrating customer experience.

Insurers need to collectively set a high industry standard and guarantee the secure access and exchange of end-consumer digital data to maintain trust and transparency, while also improving business processes.

KYC for Insurance Companies with Verified.Me

One approach that supports this model and strengthens digital verification processes for insurers is Verified.Me, a new digital identity service that has the ability to help verify clients in a timely and secure manner. For insurers, Verified.Me allows:

Self-service onboarding for members of groups, whether in life or P&C, leveraging verified identity from financial institutions

Helps provide a frictionless process with that gives your users control over their personal information and usage.

Accelerated life insurance underwriting, with the availability of verified identity and credit

Product recommendations based on digital identity and pre-filling of insurance applications with data, without requiring further validation

Claims service verification to service providers, augmented by confirmation that the services were received by verified policyholders

Identity and access authentication to portals and mobile applications using online banking credentials

Where the traditional model required insurers to collect numerous personally identifying documents to verify clients and get to the level of trust required to underwrite a risk or complete a transaction, incorporating robust digital identity with KYC solutions for insurance companies tools such as Verified.Me allows insurers to implement a seamless, automatic and transparent process that reduces the time customers and insurers spend in building trust.

SOAR Payments Podcast

In this SOAR Payments Podcast the revolutionary new digital ID service in Canada – Verified.Me is discussed with Greg Wolfond (CEO of SecureKey), Stevan Lewis (SVP Digital Transformation at Sun Life Financial) and Franklin Garrigues (VP Digital Channel at TD)all who have unique perspectives on the world of digital verification, and why their organizations have made it a priority.

LISTEN NOW to the Soar Payments Podcast

Verified.Me enables insurance providers to:

Reduce fraud through enhanced authentication and security

Reduce registration time for large companies from weeks to mere minutes

Simplify the customer experience by making it easier for them to share personal information in an efficient and secure way

Provide a seamless and real-time identity verification process for new and existing customers

“The launch of Verified.Me is an exciting step towards making it easier for our Clients to do business with us and ensuring that their access to Sun Life services is safe and secure. To be able to bring this to market and provide Canadians with more control over their digital identities speaks to the importance of industry partnerships and collaboration to spark innovation.”

— Mark Saunders, Executive Vice President and Chief Information Officer, Sun Life