The company is a renowned insurance marketplace in India. It serves millions of customers across health, motor, and life insurance segments. The company focuses on providing fast, transparent, and reliable insurance services. However, the company was facing challenges in RC verification, ownership history, service history, etc. Accurate verification is required to prevent fraud. However, the manual search is not sufficient to tackle high-volume verification.
Challenges the Renowned Insurance Marketplace Was Facing
The marketplace was facing many issues in offering applications due to:
- Wrong or Incomplete Details: Many applicants provide incorrect vehicle owner information. Matching them with official records takes too much time. It results in high turnaround time and customer drop-offs.
- Incorrect IDV Calculation: Evaluating each vehicle is difficult and impractical to do manually. Any error in evaluation can result in a wrong policy.
- Fraudulent Applications: Without proper verification tools, it was difficult to analyze fake documents. Checking ownership history and registration details is time-consuming.
Our Solution
After understanding each issue of the renowned insurance marketplace, we offered several solutions.
- RC Verification API: The RC check API is designed to simplify RC verification within seconds. The comprehensive API helps ensure that customer-provided details are accurate.
- Vehicle Ownership History API: Checking vehicle ownership is essential to ensure the right owner is onboarded on the platform.
- Service History Check API: The Vehicle service history check API provides comprehensive maintenance records for vehicles registered in India.
- RC to IDV API: Calculating the Insured Declared Value of each vehicle is time-consuming. The RC to IDV API solves this issue by providing accurate IDV in seconds.
- RC to Mobile API: The RC to Mobile API helps in checking the ownership and prevents fraud.
Our solution offers bulk verification features that help marketplaces verify multiple applications simultaneously. It eliminates the need to verify each application and simplifies the policy issuance process.
Results After Integration of APIs in Renowned Insurance Marketplace
After integration of the right APIs in the workflow of the insurance marketplace:
- Faster Verification: APIs replace the manual process with automated workflows. It has streamlined the verification process; now, the process that takes several days can be completed in minutes.
- Enhanced Accuracy: APIs provide accurate results, which minimize the data discrepancies and manual errors.
- Fraud Prevention: Accurate ownership checks and RC verification help in the quick identification of fraudulent applications. It reduces the risk of fraud.
- Reduces Customer Drop-Offs: The automated verification streamlines the application process and enhances customer experience.
Conclusion
After the integration of Surepass’s comprehensive RC APIs, the marketplace has optimized the onboarding and risk assessment process. Surepass, a trusted KYC solution provider, offers several solutions for different industries to prevent fraud and streamline operations. Whether you want to conduct business verification, income verification, Vehicle RC verification, Video KYC, or background checks, you can rely on Surepass for easy and accurate onboarding. The comprehensive suite of APIs simplifies and automates verification workflows helps businesses focus on important tasks without concerns about compliance and fraud.
