Insurers: Identity Authentication Improves Customer Experience
Insurers: Identity Authentication Improves Customer Experience
Insurers Want to Give Customers a Better Digital Experience
Insurance companies want to provide their customers with a frictionless digital experience. According to the analyst firm, Celent, 77% of insurance companies say that improving customer experience is a key driver in their digital transformation.[1]
In fact, customer experience oftentimes beats price. [2]According to Capgemini鈥檚 Digital Transformation Institute, 8 in 10 consumers are willing to pay more for a better customer experience. Their finds that consumers are frustrated by organizations that don鈥檛 listen to their feedback or reward their loyalty. In fact, the majority of consumers are willing to increase their spend with an organization in return for a better experience.
Streamline Complexities of Digital Identity Verification
Insurers are having to invest in technology to remain competitive, and many are looking to identity authentication. However, most identity authentication processes require consumers to jump through multiple hoops, which creates an off-putting customer experience. But delivering a frictionless customer experience is a delicate balancing act for insurers. Therefore, the key is knowing which consumer to slow down and which to offer a 鈥渇ast pass.鈥�
Taking Digital Identity Authentication to the Next Level
Identity authentication leverages a variety of technologies. These include AI, blockchain, image analytics, machine learning and others to perform two tasks:
- ID verification
- Identity authentication
Historically, insurers have leveraged KBA (knowledge base authentication) key pieces of data, specific to the individual, to verify an individual鈥檚 identity. In fact, insurance is among several industries that is taking identity authentication to the next level by leveraging KYC (know your customer). Specifically, KYC is the process of a business verifying the identity of its clients and assessing potential risks. It also allows companies to protect themselves by ensuring that they are doing business legally and with legitimate entities.
For more information on identity authentication, see our Instatouch Suite for related information, video and webinars.
[1] Digital Transformation in Insurance (Celent report)
[2] (CapGemini report) https://www.capgemini.com/news/8-in-10-consumers-willing-to-pay-more-for-a-better-customer-experience-as-big-business-falls/#
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