Insight

Digital Transformation in the Insurance Industry

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[vc_row][vc_column width=”1/1″][vc_column_text]ID-Pal Insights: with Chief Business Officer James O’Toole.

In the ever-changing world of insurance, technology and regulation, insurance companies must begin to look to correctly identify a customer identity from their very first onboarding step, in order to combat fraud at scale.  We spoke with ID-Pal Chief Business Officer James O’Toole to understand how insurance companies and brokers can best balance the challenge of regulation with delivering a premium customer experience by way of digital transformation.

Digital transformation in the Insurance Industry

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When insurance brokers establish a digital KYC relationship with best-of-breed technologies and best practice, it helps them achieve their primary goals in terms of driving conversion rates whilst preventing fraud at source.  Communications are seamless, compliance is robust and all parties are free from the administrative burden of more traditional approaches.

The role that ID-Pal plays in this space is that in effect, we’re able to deliver the benefits of a digital transformation program without the complexity, costs and timelines that are typically associated with such an implementation.

What are the benefits of ID-Pal for insurance brokers?

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What we mean by that is firstly, driving conversion rates by offering the broker’s end customer a very seamless intuitive digital user experience that’s convenient for them to complete.

Secondly, we enable the broker to prevent fraud at source through the use of best-of-breed technologies that ensure that the broker’s customer is exactly who they say they are.

Thirdly, we help with the challenge around compliance. We bake in anti-money laundering and data protection best practice into every step of the ID-Pal platform, which is ISO 27001 certified, so that we have a solution that can be branded, customised and deployed same-day, to enable a very seamless and robust customer onboarding journey.

Key to delivering this industry-leading accuracy in identity verification outcomes is our Multi-Layered verification.

Is there a specific case study for ID-Pal in the Insurance Industry?

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Equally there’s a wide breadth of requirements associated with each one of these use cases, that the ID-Pal platform can cater to.

More recently we’ve been working with one of Ireland’s leading insurance brokers, Campion Insurance, and we’ve published a case study on our website. So, I would strongly advise anybody who’s looking to get more of detail on how ID-Pal can support their broker firm to seamlessly onboard their customers, to take a look at that.

Ultimately it is our unique blend of checks that delivers such incredible results for insurance brokers. With the remote-working world we operate in, being able to onboard anyone from anywhere is key. We offer global coverage and checks across trusted data sources meaning insurance companies can classify documentation for identity and address verification in real-time.


Contact us today for a live demo of how the ID-Pal service can be easily integrated with your business.


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