How KYC Solutions are Shaping Canadian Fintech Companies?
Know Your Customer (KYC) solutions have become a n...
The Significance of Protection in Safeguarding Insurance Companies and Policyholders
This risk is widespread across multiple insurance sectors, including healthcare, life, auto, property and casualty, and specialty insurance. If left unaddressed, fraud can result in elevated premium costs for both parties, leading to an unfavorable outcome. As a solution, preventive measures like implementing identity verification during onboarding are crucial in minimizing these risks.
We at Canada KYC recognize the significance of identity verification in mitigating risks and cutting costs for insurance firms. Employing our identity verification solutions can help simplify the application process, decrease fraudulent claims, and enhance trust in claims processing. Our services can expedite approvals and enhance the efficiency of claims processing, which ultimately yields benefits for both your company and clients.
Authenticate identity information by cross-referencing it with external sources
KYC Canada offers robust identity verification solutions to aid insurance providers in accurately verifying enrollment. To achieve this, providers must crosscheck identity data with external sources, which includes contact details of both the member and their relatives and a method for identifying individuals with a higher risk profile. Our solutions incorporate these external data sources to ensure a comprehensive check of an individual's identity, thereby enabling insurance providers to confidently onboard individuals to their platform with the assurance that they are who they claim to be.
Additionally, our identity solutions also evaluate external data sources to provide updated contact information for members and use a database to flag individuals with known risks. The implementation of our identity solution into your exchange can prevent identity theft and ensure that your customers are protected from unnecessary frustration. By relying on KYC Canada's identity verification solutions, insurance providers can safeguard both their business and customers with confidence.
Discover Our Range of Solutions
- Overall risk score indicating the level of verified information
- Risk indicators explaining potential risk associated with submitted data
- Demographic updates, including new phone numbers, addresses, and alternate last names
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