Nect: The fully automatic ID Wallet for everyone
An end-to-end digital customer journey to buy insurance may lead to high dropout rates, enormous costs and quality deficiencies if you do not organise the right way. Especially heavily regulated industries like the insurance industry and their companies pose seemingly insurmountable hurdles to an easy buying process due to complex remote identification procedures. This is where Nect steps in: it developed an AI-based technology that offers a market-compliant, secure and at the same time user-friendly alternative for fully automatic customer verification.
In addition to the identification solution Nect Ident, the company’s portfolio includes Nect Sign, a qualified electronic signature (QES) option. All Nect products are combined in the company’s app, the Nect Wallet. Here, the digital identity is stored securely and can be reused for different use cases and companies within seconds.
Nect’s AI technology combines fulfillment of high regulatory security standards with high user-friendliness. It is accessible anywhere at any time without waiting times. During a video recording of the ID document, optically variable security features, such as holograms, are made visible. To detect fraud attempts, another important parameter is to check whether the recordings are done in real time. For the selfie video, Nect has developed a patented technology: the user is prompted to read two randomly displayed words aloud during the selfie recording. The artificial intelligence recognises – from lip and facial movements – whether the correct words have been said.
Furthermore, the used identification document is automatically recognised by the Nect Wallet, guiding the user into the appropriate process. This automatic document recognition was developed by Nect to make the process as fluid and error-free as possible. With 4.9 out of 5 stars in the App Store and 4.8 out of 5 stars in the Google Play Store, the Nect Wallet is the best-rated identity verification app.
The patented Nect technology was used for the first time at R+V Versicherung, one of Germany’s largest five insurance companies, in 2018. In addition to many well-known insurance companies, 90 percent of the German statutory health insurance funds as well as telecommunications, among others, use this technology to create a flawless buying journey.
Nect is currently operating in the DACH region as well as in Poland and Spain and has around 20 insurance clients. Nect won around 30 awards since founding, e.g. German Excellence Award, EIT Digital Challenge, InsureNXT Award
How does it work?
Nect Ident is used in a digital application process: in the first step, the ID document needs to be recorded, in the second step, the user must record a selfie video and read out two displayed words. AI methods are used to check the real-time of the recording, the vividness and legitimacy of the user and the legitimacy of the identity document.
With Nect Sign, the qualified electronic signature from Nect, the user must first confirm his identity in a few steps. To do this, he has to record his ID card and then a video of his face. After successful identification, he is shown the document to be signed, which he can now check in detail. If the user wants to sign the document, he simply enters his mobile phone number, to which he then receives a TAN (a security code). After entering the code in the Nect Wallet, the document is legally signed.
After confirmation and entering the mobile number, the user receives a six-digit security number. By entering it, the document is legally signed.
Why did we invite Nect to DIA Amsterdam 2022?
Following an earlier demo on Next Ident, at DIA Amsterdam 2022 Benny Bennet Jürgens, CEO and founder of Nect, will present its ID Wallet and its new product Nect Sign (qualified electronic signature).
The Nect Wallet is the base for a future uniformly usable ID ecosystem that can be used by everyone and in which everyday ID documents such as the identity card, passport or driving licence can be stored.
Capturing identity documents and signing documents has never been easier. Thanks to artificial intelligence, users can identify themselves at any time, in any place and without waiting.
Who is Nect?
Nect was founded in 2017 by Benny Bennet Jürgens, CEO, and Carlo Ulbrich, CSO.
Benny Bennet Jürgens started his professional career as a computer scientist in the insurance industry, where he was involved in various digitalization projects. Before founding Nect, he was responsible for the app development of a globally operating insurance group. After qualifying as a logistics specialist, Carlo Ulbrich studied business administration with a focus on corporate management and marketing and has ten years of experience in B2B sales, sales controlling and project management. Investors include Dieter von Holtzbrinck Ventures (DvH Ventures) and the venture capital fund ALSTIN Capital.
Nect’s headquarter is in Hamburg. The Series A funding round was closed in 2020.
”The Nect Wallet marked a fundamental shift in how we verify our identity online. We’re are using this momentum to build an ecosystem of easy to use, highly compliant trust services.”Benny Bennet Jürgens, Founder and CEO
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