eKYC - The First Step to Digitalize The Insurance Industry
Since the living standards are improving, the need for insurance is also increasing among citizens. Grasping this big opportunity, many insurance companies keep enhancing their service quality by adopting state-of-the-art technologies, including e-KYC solutions.
1. The role of eKYC in the insurance sector
eKYC enhances customer experience
With traditional authentication methods, customers must meet insurance employees face-to-face or through video calls. These ways are not only time-consuming and inconvenient but also a big obstacle for customers when they want to buy insurance. To solve this problem, the emergence of electronic Know Your Customer has helped insurance companies to quickly verify customers online when making personal transactions.
In particular, with eKYC, customers can complete their Insurance Profile on mobile apps or websites by only one action - upload photos of their identity documents and selfies. The system will verify customers’ identity and match rate between the person making transactions and the one on documents (ID Cards, Passports). Besides, OCR technology allows reading information fields on identity documents with an accuracy of up to 98%. The extracted information will be saved automatically on businesses’ management systems, as well as transmitted to the appraisal department. Thus, customers can avoid spending a lot of time filling out forms.
In addition, eKYC is also used in the insurance claim process. Thanks to eKYC, customers can submit their profiles online instead of meeting claim handlers directly. If their profiles are invalid or lack information, the system will send notifications to inform customers. With this process, requirements of customers can be handled at any time regardless of insurance companies' working hours.
eKYC helps insurance companies minimize risks and optimize operations
Not only providing satisfaction to customers, eKYC solution also helps insurance companies to optimize their human resources and minimize mistakes, especially in the data entry step. In addition, the trio of technologies, including Fraud Check, Facematch and Liveness Detection, support businesses to monitor risks and prevent fraud.
Specifically, Fraud Check technology helps verify information on identity documents, solving the problem of fake documents. Meanwhile, Facematch and Liveness Detection technology create two-level security to prevent fake faces.
eKYC supports insurance companies to scale up
By using eKYC, insurance companies can easily attract young customers as well as those who do not live in big cities and have problems accessing insurance products.
Besides, when being implemented properly, eKYC solution will be a leverage for insurance companies to expand and enter foreign markets in a short time, and at the same time create flexibility when performing insurance services. Customers can buy foreign insurance services, pay insurance premiums remotely and more safely. Insurance companies will provide services 24/7. Customers can look for support from chatbots on businesses' online platforms, such as websites, Facebook Messenger, etc.
2. FPT.AI eKYC - The top eKYC solution for insurance companies
In Vietnam, FPT.AI eKYC solution allows building a complete identity authentication process for Vietnamese market with multi-level security, providing convenience to insurance businesses and customers. Here are 3 features that FPT.AI has specially developed for Vietnam's market:
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Accept various legal identity documents in Vietnam: ID Card, Driver’s license, Passport, etc.
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Extract information on documents with an accuracy of 98%: Insurance companies can digitize customer data with nearly absolute accuracy, minimize manual mistakes in the data entry process.
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Detailed and clear instruction, easy usage: The instruction is specific and easy to understand. Even users not familiar with technology can complete the procedure easily.
🌟Accept various legal identity documents in Vietnam: ID Card, Driver’s license, Passport, etc.
🌟Extract information on documents with an accuracy of 98%: Insurance companies can digitize customer data with nearly absolute accuracy, minimize manual mistakes in the data entry process.
🌟Detailed and clear instruction, easy usage: The instruction is specific and easy to understand. Even users not familiar with technology can complete the procedure easily.
It can be seen that artificial intelligence in general, and in particular, eKYC solutions, have been contributing significantly to changing the face of the insurance industry. FPT.AI eKYC solution built and developed by leading experts in Vietnam will be a powerful assistant, helping insurance companies enhance customer experience and optimize operations.
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