The Prominent Life Insurance Company is a joint venture between a famous bank and an international financial expert, with another bank as a shareholder. This company offers various services, including term plans, ULIPs, child plans, health plans, and retirement plans.
It focuses on making insurance simpler and more affordable for people. This company is famous for high claim settlement (99.43%), which makes it reliable. However, it is facing many issues in customer onboarding and risk assessment.
Challenges Faced by the Prominent Insurance Company
This prominent life insurance company was facing difficulties in customer onboarding and policy issuance.
Background Verification
The major challenge the company faced was accurate background verification. Manual verification was time-consuming, prone to errors, and unable to tackle large verification needs.
Credit Underwriting
Accurate underwriting is essential for minimizing financial loss and right policy issuance. The company requires deep insights into customer profiles to make correct underwriting decisions. The traditional underwriting process is unable to support operational efficiency. A company can’t afford any lack of credit underwriting.
Risk Assessment
Identity theft and fraud cases are a major concern for businesses, including the insurance industry. The prominent insurance company required a strong risk assessment solution to detect high-risk customers during the application process.
Solution offered by Surepass
After understanding the key problems, our team has offered the right solutions for automated and accurate verification.
- Background Verification Solution: We offered our comprehensive suite of solutions for background verification that includes all the APIs required for verifying an applicant. This includes Aadhaar verification, PAN Verification, Criminal Record Check, employment verification, and more.
- Credit Report APIs for an accurate underwriting process: Accurate underwriting is essential for insurance companies to check the repayment ability of an individual. Our credit report check API provides the right insights for evaluation.
Apart from this, we offered several solutions for risk assessment that streamlines the onboarding process.
Outcomes after Integration of Surepass Solutions
After implementing the automated solution into operation. The prominent life insurance company has seen a significant improvement:
- 70% Faster Customer Onboarding: Before the implementation of APIs, customer verification was a time-consuming process. APIs added automation that enhanced the overall efficiency of the verification process.
- Better Risk Control: APIs help in finding high-risk customers at the application level. It reduces the chances of fraud and financial losses.
- Enhanced Customer Experience: Faster verification helps in faster loan approvals. It removes waiting, delays, and enhances the customer experience.
Conclusion
With the right solution, the prominent life insurance company has improved background verification, credit underwriting, and the risk assessment process. Surepass’s comprehensive set of APIs has added operational efficiency and risk management. This digital approach helped the company make better decisions.
This case illustrates how the right technological solution streamlines operations and reduces fraud risk. Apart from these solutions, Surepass offered many APIs for various industries, staffing, recruitment, Trading, E-commerce, and more. Whether to prevent fraud or enhance operational efficiency, Surepass is a reliable solution.
