Issuing a new life or health insurance policy required verifying the applicant's identity and address, a step that was handled through manual document collection and follow-up calls, often adding days to the time between application and policy issuance.
The Challenge
- Applicants had to submit and resubmit documents that were unclear or incomplete
- Address verification relied on physical document checks
- Policy issuance timelines varied widely depending on manual review backlog
The Solution
Veriqos' e-KYC APIs verify applicant identity and address at the point of application, giving the underwriting team confirmed data immediately instead of waiting on manual document review.
The Results
Policy issuance timelines shortened considerably, with most straightforward applications moving from submission to issued policy within the same day.
