Insurance

The Issue

Applying for a new Insurance policy whether car, health, or life can be a lengthy, time consuming process. The application process, which often includes complex underwriting elements as well as a need for large amounts of supporting documentation, can make this seem longer than necessary. The interaction between various departments at the service provider and the applicants themselves adds further complication and potential for error. Provision of streamlined documentation is one of the main challenges of this sector but customer verification to combat insurance fraud is also required.

Paycasso Solution

Paycasso addresses these unique challenges by ensuring the initial application process, including customer identification verification, is simple and transparent. However, the amount and level of documentation that is often required to complete the application is unique to each individual and can vary substantially. This ongoing interaction, while the documentation is being produced, is streamlined by Paycasso, delivering operational and cost efficiencies throughout the entire process.

  • A simple application registration process
  • Delivers organisational efficiency in processing customer ID and secondary documentation
  • Supports the underwriting process
  • Earns support from legal, risk and compliance departments
  • Increases number of successful policy applications
  • Reduces risks associated with impersonation fraud

Other Resources

Forbes magazine feature profile: Russell S. King, Founder and CEO, Paycasso
Paycasso Takes Part at the #RegTech & Security Connect Advisory board meeting
Tech Talk: interview with Russell King, Paycasso