Improving customer & risk verification

Background

The organisation onboarded both individual and business customers. Verifying who the customer was, what entity stood behind them, and whether there were any risk flags involved several disconnected checks. Underwriters often had to wait for pieces to come in before they could price a policy with confidence.

The challenge

An insurance organisation needed to streamline customer verification at onboarding and strengthen how it assessed risk on new policies.

• Customer verification and risk checks were separate steps with separate waits.
• Underwriters lacked a single view of the customer, the entity and any risk flags.
• Manual checks slowed policy issuance at onboarding.
• Compliance evidence was scattered rather than filed against the policy.

What VerifyAll did

VerifyAll runs identity, business, legal and AML checks together at onboarding. An underwriter sees the customer, the entity behind them and any risk flags in one place, at the point they need it.

1. 1

   One onboarding pass

   Identity, business, legal and AML checks are triggered together when a customer applies.

2. 2

   Individual and entity together

   For business customers, the person and the company behind them are verified in the same flow.

3. 3

   Risk flags surfaced early

   Legal history and watchlist results are available before the policy is priced, not after.

4. 4

   Evidence filed with the policy

   Every check result is attached to the policy record for compliance and future reference.

Results

• Customer verification at onboarding completes in a fraction of the earlier time.
• Underwriters work from one combined view of identity, entity and risk.
• Risk and compliance flags are visible before pricing, not discovered later.
• Compliance evidence sits with the policy instead of across inboxes and folders.