Essential checklist for AI remote onboarding and eKYC for insurance
Digital insurance onboarding process is critical to getting new
customers up and running with their coverage in a jiffy.
“A recent report by Mckinsey indicates that more than 33% of
insurance consumers across all age and income brackets prefer to
conduct the entire quote-to buy-process digitally.”
Due to ever-changing compliance requirements, eKYC for insurance still
remains a challenge for carriers.
How can insurance providers overcome this hurdle and onboard new
customers with eKYC?
The answer is a flexible customer acquisition process powered by
Comprehensive AI.
AI has made remote customer onboarding and eKYC a reality for insurers,
enabling them to deliver an enhanced CX with a paperless policy purchase
journey across all digital channels.
Here’s the quintessential AI-based eKYC & insurance onboarding process checklist to get your customers started with their coverage remotely.
Omni channel Customer registration: Enroll customers across
channels to securely collect primary data & policy specific information.
Document upload & data extraction: Leverage customizable eKYC and
document collection flow to enable users to upload relevant documents as
per the policy requirements. For e.g. - Vehicle registration certificate
for motor insurance, or proof of age document for health insurance.
Capture & analyze information from IDs using computer vision and OCR. Do
away with lengthy applications and auto-fill forms in the backend for
validation checks and
Data validation & verification: Verify the customer information
with regulatory sources through secure API's to ensure compliance.
Perform validations like geolocation, face matching of live selfies with
ID images, document validation, AML, and other regulatory checks
depending on specific compliance requirements.
Liveness detection: Conform to regulatory requirements and ensure
liveness with various parameters. Use mechanisms including voice
fingerprinting via ASR, real-time face-matching with 68 landmark
detection on the face with live video recording.
Video eKYC with agent handoff: Redirect customers to a live agent
for Video KYC, if required. Ask customers to verify the ID as a final
level authentication through video chat. Provide a detailed agent assist
dashboard for agent support. Maintain an audit trail of all the actions
on the bot as well as the agent during video eKYC.
AI-based remote onboarding and eKYC for insurance offers flexibility to
carriers. They can change data collection flow, validations, and
integration characteristics at warp speed. It helps insurance providers
enhance their CX, and as a result boost customer acquisition rate, while
cutting down cost to serve.
Backed with advanced AI and machine vision, InsureBuddy’s
Omnichannel multilingual customer onboarding solution optimized to
complete eKYC for insurance in under 5 minutes.
Read more about Comprehensive eKYC with Composite AI https://www.bankbuddy.ai//Composite-AI-for-Frictionless-Digital-customer-onboarding