This is the prominent life insurance company in India. This company was established in 2008. It offers a wide range of insurance and investment solutions to customers, such as life insurance, health insurance, and retirement solutions. Its extensive portfolio includes term plans, child plans, and unit-linked insurance plans (ULIPs). All insurance company needs to manage risk and customer verification. Every application must be checked thoroughly to ensure the authenticity of customer information, minimize fraudulent entries, and evaluate the customer information. Verification minimizes fraud and financial loss. To solve these issues, Surepass offered several solutions.
Challenges faced by the Insurance Company
These are the major challenges the company was facing:
- Customer Drop Off: Manual checks consume so much time that they delay policy issuance. The negative turnaround time leads to customer drop-offs.
- Financial Loss and Fraud Risk: Paper-based verification is prone to identity theft, document forgery, and human error. It can bring financial loss and reputational damage.
- Inefficiency: Verification is a long process where a customer’s identity, creditworthiness are thoroughly examined. Manual verification is inefficient for verifying many documents.
Offered Solutions
After listening to each issue, we offered several solutions to the insurance company.
- Credit Report Check: The credit report check helps a reputable life insurance company determine whether the applicant is a defaulter.
- Employment Verification: The employment verification check helps determine whether the person is financially stable or not.
- Identity Verification: This solution helps in verifying customer identity and minimizes fraud. It enhances the customer onboarding process and policy issuance.
- Income Verification: Our solution helps in assisting and assessing salary and repayment patterns. It helps in risk management and accurate underwriting.
Results and Benefits
These are outcomes the prominent life insurance company got:
- Reduce and Fraud Risks: With the integration of identity and financial verification APIs. The reputed life insurance company minimised the chances of fraudulent applications and claims.
- Faster Customer Onboarding: The Automation of the verification process reduces the application approval time from several days to just minutes. This has increased customer retention as they no longer have to wait for several days.
- Better Risk Assessment: The accurate credit, employment, and income verification helps in the right evaluation of financial stability and helps in informed decision-making.
- Enhance Customer Experience: Customers like a simple, paperless onboarding process with quick verification. It creates a simple journey from application to policy issuance.
Conclusion
The prominent life insurance company has transformed its verification process. Integration of the right solution reduces the risk of identity theft and inaccuracy in the verification process. It minimizes the fraud, enhances the policy approval process, and ensures compliance. The simple verification process protects the business and provides convenience for the policyholder.
Apart from these, Surepass offered several other solutions for various industries, including health, insurance, fintech, and more. Our API adds automation to the verification and enhances operational efficiency.
