For many customers, the user onboarding process for digital insurance products is troublesome and tedious.
However, these obstacles can be effectively overcome with some improvements to the user experience, leading to a more convenient and efficient onboarding process.
Malaysia’s health insurance industry recognizes the importance of user experience as a core component of their digital growth. According to a recent study, 82% of Malaysian health insurance customers have high expectations for digital services.
As the shift to online service delivery continues, the demand for a convenient user experience is increasingly becoming an expectation. Insurance companies that can meet this demand for convenience will have a competitive edge.
What are Malaysian Insurance Customers Struggling With?
The steps required for account registration and policy purchases are very time-consuming — from submitting proof of identity, proof of income, to proof of address. As a result, potential customers are often discouraged from following through with their insurance application.
For insurance products, a large portion of the onboarding process is still paper-based. Some of the pain points include:
- Lengthy and complex forms: Insurance companies require customers to fill out and submit extensive forms.
- Information Verification: Insurance companies have to manually verify the information provided by customers, which can take time and delay the onboarding process.
- Limited digital options: Some insurance companies still rely on paper forms, making it difficult for customers to complete the process from the comfort of their homes, especially for those who prefer to do everything online.
What Do Malaysian Insurance Customers Want?
Humans will always look for the path with least resistance, and it is clear that Malaysian insurance customers only seek one thing — Convenience. Providing this service for customers would mean doing away with the traditional format of onboarding and making the process entirely digital.
What if there was a way to streamline the UX and make it more efficient for both customers and insurance companies? That’s where eKYC comes in.
💡 What is eKYC — eKYC stands for electronic Know Your Customer. It is a digital process that enables individuals to complete the KYC process remotely without having to visit a physical location. The process involves the use of electronic documents and biometric authentication to verify an individual’s identity.
Enter eKYC
Implementing eKYC in insurance companies eliminates physical contact and paper-based registration, allowing customers to register and sign up for products easily using biometric authentication and facial recognition technology. Customers can complete the entire onboarding process from the comfort of their homes, avoiding cumbersome back-and-forths.
Along with providing customers a quicker, convenient and more efficient way of onboarding, eKYC also helps companies to address concerns such as:
- Security
- Compliance
- Fraud
- Trust
- Qualifying
- User Abandonment
eKYC offers a secure and reliable solution for insurance companies to verify customer identities, ensuring compliance, enhancing security, and preventing fraud.
How EMAS eKYC Benefits Insurance Customers
From the user’s perspective, the process of identity verification can be simplified to just taking a selfie and a photo of their ID. Behind the scenes, we have several advanced technologies in place to achieve this process;
- Document authentication is used to ensure that the ID provided by the user is legitimate. This involves verifying the security features present in the document. For certain applications, users need to submit proof of income and address via tax documents or utility bills. Innov8tif solution can extract and auto populate those fields as well.
- Liveness detection is used to ensure that the person taking the selfie is a real human being and not a spoof.
- Facial recognition is used to match the face of the person taking the selfie with the photo ID provided. This ensures that the person taking the selfie is the owner of the ID and not an imposter.
- Optical Character Recognition has the capability to extract information from ID documents, including the full name, date of birth, IC number, and other relevant details.
eKYC helps companies save valuable time and resources by eliminating the need for manual data entry. We have a beginner’s guide on how it works in general, which you can find here
Digital Insurance is the Way
Malaysian insurance companies can make the transition to digital insurance by leveraging eKYC. Customers in Malaysia prioritize convenience and expect an integrated system that makes signing up for insurance plans online easy and straightforward.
With over 81% of insurers recognizing how invaluable technology has become to the user experience, offering customers such a high degree of flexibility and support is a crucial strategic advantage for any insurance company.
Want to know how to integrate eKYC into your onboarding processes?
At Innov8tif, we understand the importance of eKYC, and we aim to help insurance companies implement it through our patented Emas eKYC API. Our solutions are already being used by numerous BFSI companies to digitize their business processes.
To learn more, head on over to our official wiki page to get an in-depth view into how EMAS eKYC works to protect your interests.
