It is a top Life Insurance Company recognized worldwide. This company was founded by a collaboration between India’s massive company and a Japan-based life insurance company. This company serves over 10 million policy holders. This company offers various plans that provide financial security to the loved ones of people. Its main aim is to secure children’s future educational and life goals. It offers solutions for planned retirement income and financial independence. It combines both saving and investment opportunities for wealth and finances. But this company was facing challenges in customer verification and agent verification. Manual verification consumes a significant amount of time, resulting in high drop-offs.
Challenges
These are the following challenges the top life insurance company was facing before the integration of Surepass solutions.
- Customer Identity Verification Delays: Manual Aadhaar and PAN verification is time-consuming. It leads to delays in policy issuance.
- Fraudulent Agent Registration: The time-consuming IRDAI agent verification process made it difficult to ensure only authorized agents onboarded customers.
- Bank Account Verification Issues: Policy payouts and premium collection faced issues and delays due to incorrect or fraudulent bank account details.
Solutions Implementation
To solve these issues and challenges, this life insurance company gets online verification APIs for faster, secure, and automated checks.
- Aadhaar Verification: The Aadhaar verification solution that helps in the quick verification of Aadhaar.
- PAN to Bank Account Linking: The PAN to Bank Account Linking API helps in quickly checking authenticity and ownership before collection and payout.
- IRDAI Agent Verification: It automates the agent verification process to confirm the license and compliance.
- Bank Account Verification: The Bank Account Verification API helps in the quick verification to prevent payout failures and fraud.
Outcomes
These are the outcomes of the company:
- Faster Onboarding: After integration of the API, the onboarding time was reduced from several days to a few minutes.
- Fraud Prevention: It eliminates fake agent registrations and the opening of fraudulent bank accounts.
- Regulatory Compliance: The automated agent has 100% KYC compliance with IRDAI and RBI regulations.
- Customer Experience: It enhances customer trust and satisfaction due to quick policy issuance and error-free payouts.
Conclusion
By partnering with Surepass and implementing online verification solutions. The leading Life Insurance company transformed its onboarding and compliance process. The automated Aadhaar, PAN to Bank linking, IRDAI agent verification, and bank account verification. It helps the top life insurance company reduce manual documentation, save time, and eliminate errors. It minimizes fraud risk and reduces onboarding time from delays to just minutes. The life insurance achieved operational efficiency.
This online transformation enhanced internal workflows. To be competitive in the insurance market, you need to adopt API API-based verification solution. Apart from these APIs, Surepass offers various comprehensive suites of APIs for business verification, income verification, and more to stay ahead of the competition. Whether you are in insurance, Fintech, or any other business, Surepass is what you need for operations that provide automation and accuracy.
