We at VeriRight, care about your health. We understand how busy people’s lives can get, and how health check-ups invariably get postponed. After all, in the busy hustle and bustle of everyday life, who has the time to go through lengthy insurance processing times?
This is one of the main pain points in the medical insurance industry. For years, medical insurance companies have been looking for solutions through which they can automate their processes and reduce turnaround time.
We at VeriRight understand your requirements. Keeping all this in mind, we have designed our product offerings to suit your needs and help you prioritise your client’s health.
Verification is an issue that has plagued the medical insurance industry for years on end. From scamsters to fake documents, from false claims to duplicate identities, the list of fraudulent activities goes on. Every year, insurance companies lose millions to these scams.
Not anymore. With the extensive video verification facility from VeriRight, weeding out the bad from the good has never been easier. Video verification, as the name suggests, uses the medium of a video call to check and verify the identity of the customer. With VeriRight, medical insurance companies can now enjoy a fully online client onboarding process with video verification. Using the latest artificial intelligence technology, we have created a seamless system through which the identify clients in a span of moments.
Considering the fact that the new-age clientele of medical insurance companies rarely has enough time to visit the offices, this method is extremely useful indeed. In fact, the ease of access that video verification offers has essentially cut down the turn around time and made the processing of medical insurance policies so much easier. You don’t have to take out time, go to the insurance office and fill out mountains of paperwork. You don’t have to wait for weeks to get your policy activated, and you don’t have to jump through hoops to get your claims accepted. With VeriRight, you can complete all these steps from your home within a couple of minutes!
Facial analysis ensures that the same person who holds the insurance policy is the one who claims it.
Many a time, it has happened that after policy holders died, other people stepped into their shoes to carry on the policy term.
For example, imagine Ram has taken out a medical insurance policy that will support his medical requirements for the next five years. The premium is already paid, and the policy is activated. Unfortunately, before Ram got the chance to use the policy, he met with an untimely death.
What can the medical insurance company do? How can they verify that Ram is indeed Ram, and not somebody else? With physical verification and manual processing, doing this was next to impossible. But, with the advanced AI-based facial matching services from VeriRight, this verification is a piece of cake!
Our suite of artificial intelligence based facial recognition features actually assigns a facial match score to each client. In other words, the system will be able to recognise that the person claiming to be Ram is actually not Ram, even though there is some resemblance. Not just that, VeriRight also offers facial biometric scanning that adds an extra layer of security to important financial transactions related to the policy. This means, anytime you make a premium payment or file any claim, you might have to go through biometric identification. If the system recognises your face, the verification is successful.
Document verification is one of the main pain points in the medical insurance industry. Really, in any service-based industry where there are large financial transactions, paperwork will always be an issue. After all, each piece of paper needs to be scanned, documented and verified. When done manually, it can take weeks! Earlier, medical insurance companies would take weeks to process policy applications and claims for this very reason. Inaccuracies and the loss of documents would add to the lengthy processing times.
VeriRight’s ID and address proof verification service is a direct solution to this pressing problem. Using artificial intelligence technologies, we have built a system that is capable of identifying and processing documents and ID proofs in seconds! These systems are so intelligent that they keep learning as they work, and become more and more efficient. Documents are scanned and processed instantly using AI software.
Special APIs compare these documents with government databases to verify their existence. Results are returned and the verification process is completed before you can blink. A few weeks cut down to a second.
If you consider the implications of this on processing times and the business cycle, the difference is astounding. That is what VeriRight can offer. Our document verification suite includes PAN, passport, voter ID card and Aadhaar verification in real time.
In today’s world, data is everything. From your phone to your credit card, from your social media to the websites you visit, everything is recorded and stored by numerous platforms and servers. Oftentimes, you might not even be aware that you’ve given consent for your data to be used.
Now, this is still fine as long as the data being shared is not important to you. But when it comes to your identity documents, like your Aadhaar, the situation is different. That is very personal and should not be shared with all platforms.
This is why the concept of Aadhaar masking has been introduced. This feature ensures that when you use your Aadhaar to verify your identity, the first 8 digits of your Aadhaar number has hidden or masked. Only the last 4 numbers are visible. Of course, your photo and other address details will be visible. But your whole Aadhaar will not be visible. Don’t worry. As this masked Aadhaar is also provided by UIDAI, it is accepted and considered to be equivalent to an unmasked Aadhaar.
We at VeriRight respect the data privacy of our clients. Our AI-based document verification system uses the masked version of the clients’ Aadhaar to process KYC details. The clients’ complete Aadhaar number is never revealed.
The range of documents required for a medical insurance policy ranges from basic identity proofs to income tax and bank statements. It is more time consuming to retrieve income tax documents. This is mainly because you need the updated versions every time, and you will have to log into the online portal to download the document.
To make life easier for medical insurance companies and to ensure that customer satisfaction and user experience are always prioritised, VeriRight offers income document verification. This means the customer’s income tax returns are fetched directly from the government’s income tax portal.
Earlier, you would have to log into the government’s income tax portal, download the document, upload it into your medical insurance provider’s portal and then wait for the verification to get completed.
Now, with VeriRight, all you need is to provide a onetime authentication so that VeriRight can access your income tax returns and process them. We use a horde of APIs to access the document, extract the information and process it. And the best part — it is all done in seconds! What more can we possibly want?
With the use of software, the manual processing of documents has been phased out. With it, the high rate of inaccuracies and discrepancies has also been done away with. We are left with a lean, clean and highly efficient system that can outperform even the best worker in the world.
We offer a comprehensive solution that can be used by insurance companies to verify customers who purchase their policies. We have a simple yet effective solution to verify the customer’s identity, which will help insurance companies in preventing fraud and reducing cost. Our system is also easy to use and can be implemented within a short span of time. We have a long history of working with the insurance industry and understand how important it is to verify customers. We offer in-house video solutions to help you verify customer information.
Geo location means the tracking of the geographic location of the device that is being used to access the portal or website. IP address tracking is similar to geo location. The difference lies in what is being tracked. While geo location tracks the location of your device, IP address tracking tracks the location of your IP address.
Sometimes, you can use different IP addresses to access different servers. Geo location and IP address tracking essentially combine the two pieces of information to gain a complete idea of the location of the person. It is incredibly accurate and makes use of complicated pieces of technology to verify the location of the person. This feature from VeriRight has multiple uses. For starters, it is a layer of security and verification that protects against fraud.
The data is also very important for analysis purposes. By understanding the geographic location of the clients, medical insurance companies can customise their offerings for different regions.
For example, if there is a sudden outbreak of malaria in a specific region of the country, more and more people will start buying add-ons to cover malaria. Companies can offer discounts and promote newer products to incentivise sales.
This data is also very useful for marketing purposes. As we all know, in service industries, a personalised offering is also more useful than a blanket message. The more specific you go, the higher the chance of a conversion.
The customer onboarding process is one of the most important steps in the induction of a new client. This is when data is taken from the clients and recorded in the company’s database. The accuracy and speed of document verification are extremely important here. VeriRight is very aware of this and has designed the perfect solution. Now, with our digital onboarding process, customers don’t even need to step out of their homes to complete their onboarding. We know that customer experience is key. If medical insurance can be easy and user-friendly, more and more people will opt for it. That is why we prioritise your convenience over all else..
VeriRight’s digital customer onboarding process can be completed in two different ways. First is the digital or unassisted mode. Here, the customer doesn’t have to interact with an agent. Document verification and facial biometric scan are completed over video call and then later reviewed by an expert. Customers can complete this at any time, from anywhere..
The second method is the assisted mode. As the name suggests, the assisted mode provides a more hands-on assistant who will address all your doubts and walk you through the entire process. Unlike the digital mode, the assisted mode involves human interaction to make you feel more comfortable.
OCR refers to Optical Character Recognition. This is a special kind of technology which can extract text from any document. For example, if you upload a copy of your PAN, an ID verification technology which uses OCR will be able to extract all the data in text form. The image of your PAN will be translated into a data piece containing your name, date of birth and other information.
The use of optical character recognition in the verification of identity documents reduces turn around time. As all the data is extracted from the uploaded document, the client will not have to waste any time filling in the information manually. The forms will appear pre- filled, thanks to OCR, and the client will just verify and proceed. The use of OCR in ID proof verification has also had a drastic impact on fraud. Documents, of course, are verified before being extracted. Fake documents are rejected instantly. Further, the system learns from its mistakes, and it becomes more and more intelligent with experience.
VeriRight has leveraged the use of OCR in our ID-proof verification systems which provides an edge and sets us apart from others. We provide accuracy with efficiency and speed — the holy trinity of customer service. In fact, we even offer customised solutions to our clients. Our system can verify and authenticate a whole range of documents, depending on what the requirement of the client is.