About the Company
This is a leading life insurance company that offers a wide range of protection, savings, and investment products. This company is committed to customer-centric innovation. It continually seeks multiple ways to make insurance more accessible, secure, and seamless. The life insurance company needs to modernize its customer onboarding journey and verification workflows – especially for online channels and agent-assisted sales.
Challenges
The leading insurance company follows the traditional onboarding and faces challenges like:
- Complexity in online journeys due to multiple steps and document requirements.
- Issues in verifying customer identity and bank accounts.
- Increased drop-offs due to incomplete information.
- Manual verification across agents and online channels.
- Operational inefficiencies cause delays in policy issuance and a higher cost per acquisition.
Solutions
After understanding the issues, Surepass offered several solutions to the leading life insurance company:
- Mobile to Prefill API: The mobile to prefill API helps ease the heavy documentation filing process.
- Mobile to Bank Account API: This API helps in quick verification of a bank account and eliminates the chances of errors.
- Aadhaar OTP Verification API: The customer completes eKYC through a secure Aadhaar OTP step, which ensures regulatory compliance and eliminates the documentation.
Result and Impact
After integrating the API, the leading life insurance company saw the following changes:
- Faster Onboarding
Before API Integration, the average time to complete onboarding was 2 to 3 days. Onboarding will be completed in minutes with the right APIs. Customers could finish the process instantly without the need to upload or undergo manual verification.
- Significant Drop in User Drop-Off Rates
The user drop rates reduced from 27% to 9% during online onboarding. The automated verification makes the process faster and increases the conversion rate in both website and agent-assisted channels.
- Efficiency in Operations
Agents no longer need to manually collect and submit hard copy documents. Backend teams saw a 50% reduction in manual KYC checks.
- Better Access in Rural and Semi-Urban Markets
Customers in rural regions, often without digital documents, could now onboard through mobile and Aadhaar OTP only.
Why Surepass?
Choosing Surepass is the best because of:
- Reliable Customer Support: Surepass customer support team is always available to help their customer, whenever they face any issues.
- Trusted Experience: With years of experience serving thousands of banks, NBFCs, and insurers, you can rely on customer support.
- Bulk Processing: The APIs can handle a large volume of verifications at the same time. Bulk processing makes APIs a perfect solution for both individual and mass onboarding needs.
Conclusion
After the integration of suitable APIs into the workflow of the leading life insurance company, The company has seen faster onboarding, stronger compliance, and better customer experience, especially in the semi-urban and rural areas. APIs eliminate the need for heavy documentation and reduce the onboarding time significantly. With the integration of APIs, you can see’
- Faster policy issuance
- Higher Customer Satisfaction
- Scalable operations.
Apart from the above APIs, Surepass offers many other APIs for other businesses. You can trust and rely on Surepass for smooth operations.