Insurance

Make insurance fraud a relic of the past with the future of identity verification

Stop ghost brokers in their tracks

Verify information from an identity document against multiple databases, so you can be sure that you are only onboarding genuine customers

Verify policy adjustments

Changing details to modify a low risk policy into a high risk one during the policy term effect risk exposure. Protect your customers and your own interests by continuously reauthenticating customers with just their face.

Improving user experience

You need a licence to drive, so why not use the captured data to fulfill a policy. Make sure identity verification isn’t a barrier to new sign-ups, by seamlessly onboarding your users in seconds.

Turnaround high risk traffic

When all other measures have led to a dead end, identity verification can turn high risk traffic into revenue. With the ability to batch upload or send single transactions from a call centre you can turn a loss into a win.

Customer centric

We're here to help you thrive, through industry leading verification.

OCR Labs is focused on making identity proofing effortless through technology. We build intelligent tools that protect users from identity fraud while enabling a seamless user experience.

In order to create a one-stop digital property for multiple products - current accounts, loans, mortgages etc - to avoid in person visits to physical locations whilst meeting KYC compliance.

Westpac implemented OCR Labs as their identity verification process and saw application times and abandonment rates drop dramatically.

HSBC wanted to fully digitise their onboarding process and remove the operational costs they were incurring with a manual onboarding and verification process.

The transition to a fully automated identity verification process has been near seamless with user adoption being a real win for the business. Application fraud has been strongly deterred whilst keeping genuine customers content.

Homestar Finance chose OCR Labs due to its simple to use verification of identity technology that customers love and even comment on how easy it is to use.

OCR Labs complies with the local regulations whilst offering a best in class solution to both the business and its customers.

Macquarie wanted an identity verification solution that performed at speed to maximise customer conversion whilst being able to cope with the ever rising problem of identity fraud.

Implementing OCR Labs fully automated identity verificaiton technology allowed them to reach the speeds they needed whilst being protected against fraud and adhering to KYC & AML regulations.

ANZ needed to remotely identify and verify their customers quickly and securely. Whilst providing a consistent experience no matter the product a user wanted to sign up for.

They chose OCR Labs due to the intuitive user experience, multiple document capture and ability to set up channels for each product where needed.

"Since dealing with OCR Labs, it has given me much greater security with clients I’m unable to meet in person to know that they are fully verified. The system is so easy to use and much smoother than a lot of the banks individual processes - I wish they’d all use it!"

Leeanne Scott

Owner

OCR Labs XInsurance

At OCR Labs we remove the stress of identity verification for the insurance industry.

Our technology seamlessly onboards new users to your site or app, and continuously reauthenticates loyal users quickly and securely.

£1,950

In 2021, ghost broking victims reported losses of £1,950 on average.

300

UK insurance companies registered 300 insurance frauds per day.

18%

2020'de ABD sigorta taleplerinin %18'inde bir tür dolandırıcılık rapor edildi.

Stop ghost brokers in their tracks

Automate your fraud prevention

As insurance moves online, the rewards outweigh the risks for ghost brokers.

Ghost brokers will buy legitimate policies using the false or stolen identities before selling them onto unsuspecting drivers who are looking for a good deal.

Drivers who buy policies from ghost brokers, often don’t realise it isn’t genuine until they need to make a claim. While the policy is invalidated, insurance companies are still liable to cover any third party costs associated with the claim. The operational overheads of investigating a false claim, closing the customer’s account, and loss of trust by the customer - all drive up the cost of doing business.

OCR Labs deep learning technology is built to detect tampered documents in real-time. We also extract and verify information from a driver’s identity document against multiple databases, so you can be sure that you are only onboarding genuine customers.

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Verify actions on your platform

Step up securely with facial biometrics

Verification at sign-up isn’t enough anymore.

Insurance providers that fail to make the move to continuous verification will be left behind. Whether an existing customer is renewing their existing insurance policy, applying for an additional insurance product, or going through the claims process - insurance providers need to ensure they are who they say they are.

It’s a fine balance - providing a smooth user experience, while protecting customers and your own interests. Insufficient verification and monitoring processes could mean anything from account takeover, to payouts for fraudulent claims.

OCR Labs helps insurance providers protect their customers and their business by continuously reauthenticating them with just their face. Our remote automated verification solution is built into your existing purchase workflow.

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Streamline user experience

Why not use document information for more than KYC

User experience is the currency of the future.

User verification needs to be instant, intuitive and available anywhere, on any device. Insurance providers need to reduce friction for genuine users, without onboarding fraudsters.

When the time cost for users to switch to a new insurance provider is so high, users will walk away from a poor user experience, maybe forever. A poor user verification experience is a waste of any marketing spend.

OCR Labs makes sure identity verification isn’t a barrier to new sign-ups, by securely and seamlessly onboarding your users in seconds with just their ID and a smartphone.

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Industry Use Cases

Built to verify users in your Industry

From onboarding to reauthentication, businesses like yours can securely and remotely verify users in seconds with just their ID and their smartphone. Select your industry to learn more.