Customer onboarding is the official induction into the medical insurance company. Through this process, the company obtains all the required documents from the customer. Identities are verified, payments are made, and contracts are signed.
There is a struggle to increase accuracy. There is a struggle to reduce time. There is also a struggle to optimise the experience for the customer.
Those are quite a few goals to juggle with. Which one should you prioritise?
One of our insurance clients at VeriRight was struggling with a similar situation.
Company A had built up quite a backlog. A large-sized company with a decent market reputation, this company had no issues attracting clients. Their policies were friendly, and their service was satisfactory. Until, of course, the delays began.
Requirement cases were piling up. Customers kept waiting for the details to get verified and for their policies to get activated. They waited for weeks and weeks. The situation was so dire that people were leaving and opting for other medical insurance companies instead. Stress was through the roof and the company morale was running low.
At the heart of it, the problem was fairly simple.
It all started with a simple delay in the verification of the income tax documents. The income tax returns had to be manually uploaded by the customer to complete the onboarding process. Many a time, the customer forgot to do this or took longer than expected to arrange for the documents.
A small problem. But, if left unchecked, even the smallest issue can blow up mountains. So too, did this one.
Luckily for Company A, we at VeriRight had their back. The moment they approached us, we came up with a white labelled online portal solution.
We created a portal that could be shared with the customers over email, WhatsApp or messages to initiate the automatic retrieval and extraction of the income tax documents. Once the portal was co-branded and launched, the process of getting the income tax documents became very simple.
First, the customer enters their PAN. The system can be made even more efficient if the PAN is retrieved from the customer’s information that is already stored in the company’s database. If the PAN is retrieved automatically, the customer will simply verify and proceed.
The second step is to enter the ITR password. Now, this may not be something that the customer remembers instantly. But fear not. There is an option to reset the password using an OTP.
That is all the customer needs to do. Once the customer enters the password to authenticate the use of the ITR information, the medical insurance company can then access the ITR information in a very safe and secure manner.
Veriright’s ITR retrieval tool can be used by other financial and investment firms to automate their onboarding process.
The effect was instantaneous. Gone were the lengthy delays. Gone were the incomplete onboarding processes. This one change — automatic access to the income tax documents as opposed to manual uploading — optimised the entire process.
The co-branded white label online portal solution that we at VeriRight created for Company A was the perfect solution. In fact, the insurance company faced such unprecedented success that they changed their existing agent assisted model. They opted instead for an app and web integrated model where the sales team members could use the solution.
The insurance industry is rife with scamsters. Fraudulent activity takes place every day. Of course, this is the case with most other industries that involve large amounts of financial transactions. Wherever there is money, unsavoury characters will follow. It is almost like a rule of nature.
One of the main issues that insurance companies have to deal with is duplicate policy holders. You see, sometimes, especially with long-term insurance policies, the policy holder passes away during the policy term.
In such cases, the policy amount reverts back to the company unless the policy holder had named a nominee. The verification process in this case is a nightmare.
How will the company know whether the person claiming to be the policy holder is actually the policy holder?
Company B had been doing a good job. It had built up a large client portfolio and customers were happy with the service. The processing times were low, and claims were paid out on time. There were no hiccups whatsoever, and everyone was happy.
Then, one day, Company B ran into an impossible situation.
A policy had matured. All the premiums were paid, and there were no other red flags associated with the policy. It was a long-term insurance plan — over 10-15 years.
Traditionally, when the policy matures, the policy holder claims the maturity amount, and the claim is verified. If the verification is successful, the amount is released. If the verification is unsuccessful, the claim is denied and the amount is retained by the insurance company.
Not in this case, though.
In this case, Company B actually had to reach out to the policy holder to notify them about the maturity. Even then, the verification process could not be completed satisfactorily.
The policy holder’s documents and status could not be verified to the satisfaction of the company. Because of old age and health issues, the person was not able to come to the office. As a result, it was not possible to verify that the policy holder was, indeed, alive.
What could Company B do?
Company B came to us at VeriRight for a solution. And a solution is what we provided them with. We customised our facial analysis software and used an AI-based identity document verification.
VeriRight understands that the convenience of the customer is most important. The insurance industry is a service-based one. A measure of success is how happy your customers are with your service.
Our range of services includes an artificial intelligence based video verification software. This software maps out dynamic features of the individual’s face and compares them with the reference image. If there is a match, the verification is successful.
As a result, the policy holder was able to complete the verification process from their home. It was all done through video call and VeriRight’s facial recognition software saved the day.
In fact, VeriRight’s facial recognition tool can be used by firms in banking, finance, and any other sector that has a customer onboarding process.
This one simple solution helped solve the bottleneck that Company B was dealing with. It did away with all the concerns and uncertainties surrounding the policy holder. One video call was all that was needed to complete the verification process.
Since its introduction a few years back, Know Your Customer or KYC norms have become exceedingly popular. Be it a bank account or an insurance policy, you have to complete your KYC in order to proceed.
KYC is the first tool to identify scamsters and cheats. Once you get the customer’s details, you can run that through your basic verification checks to make sure there are no red flags.
Of course, cheats and scamsters might be able to pass the KYC check by providing someone else’s information instead. There are numerous ways of passing a basic ID check. Let us not get into all those details.
Instead, let’s find out what happens when the KYC check cannot be completed.
Company C was a bank. Large, well-reputed, and with a strong customer base, Company C was hitting the holy trinity. And with good reason. The customer service was very good. Be it a normal saving account that you want to open or a card that you want to use, Company C always adds a personal touch that makes you feel valued as a customer.
Then one day, Company C encountered a case that foxed its seamless processing systems and brought it to a standstill.
The problem was verification. The customer in question was an elderly individual who wanted to open an account. Owing to old age, it was impossible to visit the branch office.
The account still had to be opened. Just because a person was old and unable to visit the branch did not mean they had to do without the privileges of a savings bank account, right?
Everybody deserves access to banking facilities. The only qualifying factor to open a bank account cannot be a physical presence in the bank. That is very restrictive, and will not be possible for a lot of people.
Instead, the KYC process had to be altered.
The VeriRight digital KYC process came to the rescue.
This is a complete KYC process that uses software-based document verification methods and AI-based facial match analysis. In other words, our system could verify a customer’s KYC from the comfort of their home. Not only that, our system could do so better than any customer service agent.
Using our digital KYC system, Company C set up a video call with the customer in question. The customer uploaded their identity documents, which were verified in real-time, using a series of sophisticated APIs. Our in-house facial analysis software generated a facial match score for future reference. We were also able to tag the geo location and the IP address of the customer.
Verification was completed, the KYC was done and the customer was able to open their account. And all without leaving the comfort of their home!
The ease and efficiency with which digital KYC could be completed made a huge impact. Company C changed their onboarding and KYC system. They incorporated VeriRight’s KYC solution permanently.
This increased the potential customer base for Company C, and also reduced their turn around time drastically.
In the age of technology, data privacy is of paramount importance. We give out our personal information, often without even realising it. From the websites we visit to the forms that we fill out, our personal data is everywhere.
But it shouldn’t be.
Data can be misused, especially personal information and identity documents. There are so instances of identity theft around, it is almost like a cautionary tale.
We try to be safe, of course. But it is not always possible. In some cases, you have to share your identity documents, especially when it comes to banking and insurance purposes.
Right now, whenever you try to buy an insurance policy, be it medical or life, you need to provide your Aadhaar number. That is an unavoidable piece of information that we provide to banks, financial services providers and insurance companies.
We don’t even think twice before giving out our Aadhaar. But we should. Our Aadhaar number is a very personal piece of information. It should be protected, and not given out willynilly.
The main problem was data security.
An individual’s Aadhaar number is a sensitive piece of information. What security measures are banks and insurance companies taking to make sure it is protected and stored in a safe and secure form?
Should customers really be trusting insurance companies with their documents if the companies are not able to provide adequate security?
In today’s day and age, thieves and burglars don’t need to wear black ski masks and break into your house in the middle of the night. There is something just as valuable that is easily available on the internet — your personal information.
Even basic firewall and server safety measures are not good enough to keep out talented hackers who are on the prowl for identities.
What, then, can insurance companies do?
How can they assure their clients that the personal information being provided is not being misused?
We at VeriRight understand the power of technology. We understand how you can use technology to your advantage, and we also understand how technology can be exploited by people with bad intentions.
To help insurance companies protect their client’s sensitive information, we created an automatic Aadhaar masking system.
Normally, all the information that is provided by clients is stored in a secured database. Please note that the databases used by insurance companies are well protected with firewalls and a bunch of other security measures.
The Aadhaar number, however, is something that is used often. It is used as a verification measure and is therefore more visible than your other information.
With VeriRight’sAadhaar masking system, you don’t need to worry about your clients’ sensitive information any longer. This is an automated system that masks the first 8 digits of your Aadhaar number before storing it in the database. Only the last 4 digits are visible.
This added measure of security ensures that even if the database is breached, your Aadhaar number will still not be visible.
After VeriRight started offering the service of automated Aadhaar masking, all our insurance clients started using it. The implications were immense, after all. It is, to date, one of our most popular services.