Getting to trust faster: Setting a high standard for identity verification in the insurance industry
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 know-your-customer (KYC) 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.
Introducing Verified.Me
One approach that supports this model and strengthens the business case 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 authenticated identity and account information from the banks
New self-service transaction possibilities that previously were too sensitive to allow online
Accelerated life insurance underwriting, with the availability of authenticated identity and credit
Product recommendations based on digital identity and pre-filling of insurance applications with data, without requiring further validation
Claims service authentication to service providers, augmented by confirmation that the services were received by authenticated 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 authenticate clients and get to the level of trust required to underwrite a risk or complete a transaction, incorporating robust digital identity 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 offered by SecureKey, which is called 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 identification, and why their organizations have made it a priority.
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
“Verified.Me is a critical solution for the insurance industry to provide customers with more control over their personal information when signing up for insurance, submitting claims and verifying benefits and plan details. We’re excited to partner with SecureKey to bring this digital identity solution to the insurance industry and to watch it transform how companies interact with their clients, with improved trust and security.”
– Jamie Rodgers, VP, Head of Insurance, Prodigy Labs
Verified.Me improves the customer experience for insurance providers through:
- Streamlined claims processing
- Insurance verification/Proof of policy
- Reduced fraudulent activity
- Simplified client registration and account modifications
- And more!
Interested in learning more? Check out our insurance brochure for more information.
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