Insurers
Help customers take out or change a policy, or make a claim, using data that has already been confirmed. With digital credentials, you can verify that data and issue credentials about an insurance policy for customers to keep and share.
Discuss your services“If you want to take out a policy, for example, you share only the necessary information.”
For an application, a policy change or a claim, an insurer needs data about the customer, the insurance policy and sometimes an event. Some of that information has already been established by another organisation. If the data is not directly available, customers have to gather documents and enter information again. Staff then work out who confirmed the data, which person or policy it relates to and whether it is still usable.
Customers can store digital credentials in a wallet: data that an identifiable issuer has digitally confirmed. The customer shares the required data with an insurer or intermediary that accepts it. That organisation can verify its provenance and process the data in connected systems. This can reduce repeated submissions, rekeying and follow-up questions. Insurers can also issue credentials that let customers share information about their insurance with other organisations that accept those credentials.
When taking out or changing a policy, customers can share data that a source has already confirmed. The insurer can verify its provenance and process the data in connected systems. This can reduce repeated form filling, rekeying and follow-up requests.
An insurer can issue credentials about a policy to its customers. Customers can share the data with an intermediary or another organisation that needs and accepts it. This makes confirmed insurance information usable beyond the insurer’s own customer portal.
Customers can use their wallet to share specific data. An appropriate credential might, for example, contain only the information needed about cover. This means they do not have to send all their policy details or supporting documents to every receiving organisation.
You decide which sources and credentials to accept and how up to date the data needs to be. The source remains responsible for its statement; the insurer remains responsible for assessing risk, authority to act and cover.
Existing data exchange and source connections remain the starting point where they work well. Digital credentials add value where customers need to be able to take information with them and share it themselves.
These examples show how digital credentials could fit into existing insurance processes. Which use cases are possible depends on the available credentials, wallets, system integrations and agreements on use.
A customer can use a wallet to share confirmed name and address details with an insurer or intermediary. A connected application form can populate those fields. The insurer decides what additional information is needed and assesses the application.
When changing a beneficiary, the policyholder can identify themselves using a digital credential. The insurer links that identity to the policy and checks whether the person may request the change. The insurer also determines whether another party’s consent is required.
A loss adjuster can record their findings in a digital credential. On receipt, the insurer can check which expert confirmed them and whether they are unchanged. The credential supports the claims assessment; the insurer assesses cover and determines what additional information is needed.
An insurer can issue a business owner with a digital credential about their liability insurance. The business owner shares it with a client that accepts the credential. The client can verify its provenance and assess whether the stated cover, sum insured and period meet its requirements.
With the Ver.iD platform, you can issue digital credentials and receive and verify data from supported wallets. The platform handles the exchange, digital signing and technical verification, including the associated key and certificate management.
With our guidance, you define the data you need and the agreements for issuance, use and processing. Your team or software provider connects the customer portal, policy administration system or claims system. Data source owners supply the information; your organisation decides which credentials to issue or accept, which data to retain, for how long and who can access it. Decisions on risk, cover and claims remain with the insurer.
A demonstration helps make the steps for the customer tangible. When setting up your own services, clear explanations about data sharing and an alternative for customers without a suitable wallet or credential are also needed.
Tell us where customers, intermediaries or staff get stuck. Together, we explore what role digital credentials could play and what a suitable first step would be.