Digital Insurance Agenda

Nect: How the Insurance Industry became the pioneer in user-friendly Identity Verification

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Dec 11, 2019

Nect has pioneered the Robo-Ident inside the German Insurance Industry. This new category of Identity Verification Systems is a Video-Ident based on Artificial Intelligence instead of human Call Center Agents. This leads to the clear benefit of zero waiting times for users, while providing the highest level of assurance in the customers identity. Both is essential for the new digital era of Insurances, as it increases the conversion rate and happiness factor of digital users.

High waiting times causes low conversion rates. Nect managed to build the first no-wait identity verification, fulfilling all regulatory needs of insurance companies. This is due to the fact, that they use AI instead of human Service Center Agents to verify the identity. With Nect they provide up to three times more users while being up to four times more cost effective.

In September 2018, Nect’s solution has been released as a world premiere at R+V Insurance. Since then the R+V Insurance could save 75% of the costs and onboard 25% more users per month. Nect’s solutions are used by several Insurance Companies, such as HUK-Coburg, R+V Versicherung, Nürnberger, WGV Versicherung, Hallesche and many more. Furthermore, Nect Selfie-Ident has been the first fully automated AI based identity verification officially allowed to be used by several German Public Health Insurers, such as HEK- Hanseatische Krankenkasse.

 

The startup has won several awards. Nect is the most awarded startup in Germany in 2018/2019. Recently Nect won the Handelsblatt Diamond Star Award Banking and the KfW Award Gründen.

 

The first process without waiting time
According to a study by Bain & Company 78% of policyholders want a digital channel to their insurer.  Research of Nect shows that only 10% of customers actually using customer portals or apps of insurers. The main reason for this is registration difficulties; The guidelines required by law make registration time-consuming and complex. This leads to a cancellation rat of up to 80% of users during this process. From usual apps the user is accustomed to immediate use, while at insurance companies a user encounters complex and time-consuming registration processes, whereby this circumstance is mainly due to identity confirmation. With insurance companies, the customer usually waits 3-4 days for an activation letter or wait 15-30 minutes for the Video-Ident Live Agent. This waiting time as well as enormous costs are due to the necessary personnel deployment. On the other hand, processes based on automatic evaluation, such as Foto-Ident, are not permitted in Germany (and Europe). Nect, therefore created the first process without waiting times permitted in Germany that can be used by every insurant, young or old, around the clock via smartphone.

How it works
Required by law, users’ needs to be identified before using an insurance customer portal. This is due to the fact that the user will get insight into financial and /or health data. Therefor the insurance needs to have high confidence in their new users’ identity to not disclose any secret information. Nearly all German insurers have been doing this by either sending an Activation letter by snail mail or using video-ident. Both are not user friendly and the latter is even very expensive.

With Nect the User has to do only two easy steps during registration for a customer portal:

  • record a video of the ID document
  • record a selfie video

That’s it. The identity then gets verified by the machine. The customer has access to the customer portal within 2 minutes instead of waiting days for an activation letter or endless minutes in a queue for the next free service center agent.

Why we selected Nect for DIA Munich
Nect is the pioneer in AI-based remote Video Identification (Robo-Ident). With Nect the User has to do only two easy steps during registration for a customer portal. This really means something for the whole industry, simply put: AI instead of Service Center Agents. This leads to the clear benefit of zero waiting times for users, while providing the highest level of assurance in the customers identity

At DIA Munich Benny Bennet Jürgens, CEO & Founder demonstrated Europe’s best user rated Identity Verification for the Insurance Industry. The audience got an overview what they have archived so far, and what to expect in the future.

Check out their live demo here:
https://www.digitalinsuranceagenda.com/dia-tv/video/robo-ident-solution-based-on-biometric-algorithms-and-artificial-intelligence/​

Who is Nect?
The startup has been Founded in 2017 by Benny Bennet Jürgens and Carlo Ulbrich. The Founders Duo have been part of the first accelerator batch of InsurTech Hub Munich (ITHM) in 2016. The Nect Solution was introduced as the very first fully automated video identification system at Germany’s Top 5 Insurer R+V Versicherung in September 2018.

Since then Nect has won several key partners inside the insurance industry such as HUK-Coburg and Nürnberger. In January 2019, the Nect Solution has been officially approved to be used by multiple German Public Health Insurers. Today Nect’s Robo-Ident Solution (called Selfie-Ident) is not only the best rated ID verification as a service App, but also the market leader in its field. The Nect Technology is based on innovative Biometric Algorithms and Artificial Intelligence and is patent pending.

In our rapidly changing world, we should begin to question today’s innovations right tomorrow. There is no status quo, there’s only change. Finding stability in strong partnerships helps to survive or even lead the rapid change.” Benny Bennet Jürgens, co-founder Nect

https://nect.com

 

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