Key Identity Verification Factors for Online Insurance

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Key Learning

  • To increase the security level of online insurance services, the authorities began allowing them to use a wider range of customer identity verification methods, such as biometrics, mobile ID, and financial Fido.
  • Multiple verification methods accompany a bunch of regulations, which will inevitably add many frictional procedures and lead to high customer dropout rate.
  • Improving the application process becomes a key driver to make enterprises stand out from the industry. An AI-powered eKYC solution can help present a fast, secure, and seamless experience.

Rather than physical, online insurance business provides consumers a new purchase channel that enables them to plan out their insurance needs more quickly and conveniently. However, the security of identity and data privacy is the most important thing the authorities are worried about, which drives them to formulate strict regulations on customer verification to prevent spoofing attacks. Therefore, the primary issue for insurance enterprises is how to provide seamless services under strict legal requirements.

Why is eKYC Solution Necessary for Online Insurance?

One-time password (OTP) is the most common method that insurers have been using until this time to verify customer’s identity. In the face of the exploding cybercrime, security has become a matter of concern to the authorities. Therefore, insurers are now additionally allowed to use biometrics, mobile ID, and financial Fido.

As the verification method is added, it is important to establish a clear regulation of using guidelines. According to the regulation, the anti-fraud mechanism for ID documents is necessary to confirm that the given documents are authentic and consistent with the user. In addition, the system should verify whether the user is truly the one who is undergoing the application process with the assistance of biometric technology.

To comply with these requirements, it will inevitably add many verification procedures for the online insurance service. However, a frictional user experience will lead to a high customer dropout rate. Hence, it is necessary to use an AI-powered eKYC solution to help streamline the online application process and verify digital identity without time lags.

How can an AI-based eKYC Solution Help?

Optimizing user experience is now a critical factor in making insurance enterprises stay competitive in the industry. Through the eKYC solution, digital identity verification can be much easier and safer for both insurers and remote customers. Authme, a leading identity verification provider, develops an industry-leading AI-based eKYC solution that helps enterprises enhance information security, operation efficiency, and user experience!

Anti-fraud identity document verification

Powered by AI and machine learning, Authme OCR technology can automatically extract customer information from given identity and financial proofing documents. Meanwhile, Authme utilizes computer vision technology to effectively detect fake IDs and provide real-time results of authenticity. It can effectively reduce labor and time costs for the insurers and shrink the approval process from days to minutes!

Patented mobile NFC reading technology

Authme provides the patented Mobile NFC solution which can help insurance enterprises meet the highest standard of security. It can unlock the security chip of the Citizen Digital Certificate and acquire 100% authentic personal information by connecting to a government platform. Moreover, it can replace the card reader and complete the process within 10 seconds after the user taps their NFC-enabled mobile phone, helping insurers create a frictionless and secure user experience.

World-leading biometric technology

Authme leverages a facial recognition engine to ensure that the user‘s face in the camera matches the one shown in the ID documents during the video call. Moreover, it combines an active and passive liveness detection engine that determines whether the face is real and further defends against advanced identity fraud attacks such as Deepfake.

Want to provide a fast, secure, and seamless experience for your customers? Visit our website to learn more or get in touch with our experts!

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