Verifying consumer ID is becoming an integral part of online sales and it’s especially important not just in pricing risk, renewals and processing payments, but also in settling claims, or complex PI cases where the identity of witnesses needs to be checked as part of the FNOL process.
Here’s the word;
Synectics Solutions has launched SynID – a tool to help insurers deliver a ‘friction-right’ journey for more good customers in seconds, by increasing certainty in ID verification in real time. With a number of leading providers already signing up to the SynID service, the real time solution is shown to deliver a pass rate of 80%, compared to the industry average of 50%, allowing insurers to say ‘yes’ to more applicants, including those with thin credit files or ID history who may previously have been rejected.
ID confidence at all points in the insurance lifecycle.
Robust ID verification is vital for insurers to accurately quote for and approve policy applications, make midterm policy adjustments, and to process claims. Especially with increased digitisation of services. While necessary, this is also problematic.
In the UK, around 25% of financial applications, including insurance interactions, are abandoned due to difficulties with the registration process linked to ID verification. Similarly, as many as 5.9 million people in the UK are classed as “ID challenged” leaving them open to unnecessarily failing traditional verification processes.
But, with insurance scams totalling £1.1bn in 2022 and ID fraud – particularly synthetic ID fraud – accounting for a significant proportion of that, checks cannot be ‘lightweighted’ simply to get more customers through the door. With SynID, they don’t need to be.
Delivering certainly through authoritative evidence.
SynID is a digital ID verification tool that insurers can integrate into their existing processes, including those already working with ID Service Providers (IDSPs), to increase their pass rates for genuine individuals applying for any type of policy or making claims.
It delivers greater ID certainty by combining unique fraud screening datasets with strength-scored identity and activity history attributes.
Using authoritative evidence from public and private sector data sources – including the largest, most authoritative syndicated fraud database of its kind National SIRA, it gives insurers a way to efficiently and confidently validate attributes that prove a person’s identity in line with GPG45 requirements.
Fast process, increased assurance.
In less than 5 seconds, address and date of birth details are checked, ID fraud indicators are flagged, and the data sources are scanned to assess the frequency, recency, and quality of an individual’s digital interactions with organisations.
Together, these checks not only help validate ID, but also that the ID in question has existed over time – helping to combat novel fraud typologies such as Synthetic ID fraud.
An interactive risk profile dashboard, showing all ID attribute scores and assurance levels, gives insurers the information they need to on-board ‘good customers’ faster, in compliance with the Digital identify and Attributes Trust Framework (DIATF), and to stop fraud at the point of quote, point of sale and during mid-term adjustments.
Chris Lewis, Synectics’ Head of Solutions explains: “SynID is fast and simple to use, yet incredibly robust. Because it mines data from multiple authoritative sources rather than one or two, and assesses ID attribute strength, validity, identity fraud risk and activity history, the potential for false positives is greatly reduced – particularly where ID-poor customers are concerned. Similarly risk scoring based on wider data pools means protection from ID fraud increases.
“This allows insurers to say ‘yes’ to more genuine customers and give them an improved customer journey.”
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