We at eyeDnow always keep researching and publishing new articles or information on topics such as digital visual identity verification, e-signature and digital identity security.
If you have already started drafting the New Normal Onboarding strategies for your insurance clients, this article could be a great resource for you.
When the COVID-19 pandemic hit, insurers, financial organizations, credit unions and other financial businesses across the globe had to adapt to remote digital processes almost overnight.
While digital transformation efforts in many organizations were already in process, COVID-19 just ensured a faster paradigm shift to digital processes for new customer acquisition, new account opening and self-service procedures.
In the insurance industry, a vital digital transformation consideration has been focused on implementing a safe and seamless customer onboarding process.
The main objective of adopting digital customer onboarding is to onboard new customers without having to do face-to-face and paper-based interactions.
The physical onboarding method involving paper-based interactions has become a thing of the past.
A digital or remote customer onboarding approach has become the New Normal in this currently pandemic-hit world.
The Newly Shaped Customer Onboarding:We have been following the mass social distancing norms for almost a year and businesses have not been an exception to it. Many businesses across the world have managed to overcome the business continuity challenges just to survive in the market. As a natural course of action, organizations have already started preparing for the next set of challenges by enhancing their overall digital onboarding strategies.
Advanced technologies like virtual agreement, digital identity verification and remote customer onboarding have enabled many organizations to ensure a fast and efficient digital employee experience as well as digital customer experience.
Multiple layers of paper-based processes in the traditional customer onboarding process in insurance organizations can be eliminated by implementing digital technologies that ensure a simple, seamless and highly convenient experience. A legitimate digital onboarding platform also enables an organization to keep security at the highest standard.
Having A Proper Balance between Security and Improved Customer Experience is The Key To Business Success:
When it comes to meeting customer expectations along with ensuring a best-in-class customer experience, Insurance organizations must incorporate an efficient digital customer onboarding method.
Accenture Insurance has already highlighted this particular development in their recent survey, marking a prominent and growing preference for implementing digital onboarding technologies.
However, with the skyrocketing demand for digital solutions comes crucial customer concerns around the authentication of information and data security.
According to a recent survey conducted by Forrester, a majority of participants didn’t prefer to use their financial information online or mobile devices due to security concerns. More importantly, 36% of the participants strongly believe their financial information could be stolen online.
Fortunately, insurance companies can still make significant moves toward reaching their customer expectations by introducing end-to-end digital customer onboarding and visual identity verification solutions.
An online Visual Identity Verification Solution eliminates the hassles of an age-old and lengthy in-person and paper-documentation-oriented verification process to ensure a seamless customer experience.
Selecting The Best Solution:
Whether you’re planning to implement a remote customer onboarding process along with document verification or feature a customer agreement platform that enables users to upload images of their documents and electronic signatures, eyeDnow covers everything for you.
eyeDnow allows its users to initiate end-to-end encrypted video calling sessions with their customers.
A user can capture the screenshot of the ID document along with the facial image of a customer and do the real-time comparison during the video call to validate the customer immediately. eyeDnow captures and stores each customer’s information including facial image, image featured on the ID document, IP address and Geo-Location.
Another advantage of using a digital onboarding and ID verification solution like eyeDnow is that it allows customers to upload the image of their documents and e-signature remotely. The user-initiated digital signature process featured by eyeDnow could be an ideal solution ensuring smooth signing workflows involved in different types of agreements and contracts.
Conclusion:
eyeDnow encompasses online visual identity verification, encrypted live-video session(s), document and e-signature workflow and orchestration to create a best-in-class end-to-end customer onboarding solution.
This allows insurance and other financial organizations to deliver a zero-friction customer onboarding experience while giving a strong boost to business conversions and customer loyalty.