Signicat: Delivering Trusted Digital Identity for Secure Customer On-boarding
Signicat is a Digital Identity Service Provider (DISP) and is one of the leading providers of electronic identity and electronic signature solutions in Europe. The company delivers online trust-based services to the public and private sector globally. The solutions fulfill operational capabilities in line with international standards and requirements, such as Privacy, Anti-Money Laundering (AML) and Anti-Terrorist legislation and regulations, as well as Know Your Customer (KYC) requirements for onboarding of new users.
Signicat helps Insurance and Financial institutions digitally on-board and authenticate customers. Their trusted digital identity solutions help insurance companies sign up new customers digitally by verifying their identity, providing secure authentication to log in, then provide electronic signing to seal agreements. They are leaders in the identity verification space, being able to offer insurance companies ways of verifying users across borders, including using electronic IDs, document scanning, facial recognition, live video detection, and more for verification.
Signing up for insurance used to require either visiting a branch in person, or mailing documents back and forth, possibly requiring a Notary to validate copies of documents. Signicat’s solution involves providing a digital-only customer acquisition process, which both increases the conversion rates and overall number of customers at the end of the day.
Signicat is dedicated to innovating in the areas of electronic identity and signatures, and to offer customers solutions that enable them to offer their products and services in new and innovative ways. Previously winner of the international Identity Deployment of the Year Award and Best Innovation Award at the Cards and Payments Europe Awards.
For many major players in the banking, finance, insurance and eCommerce, Signicat is the preferred supplier of electronic identity and signature solutions. The company has local presence in Norway, Sweden, Denmark, Finland and Netherlands. These countries are in the forefront in the world with the usage of digital identities and electronic signatures. Signicat is in the process of expanding into new regions.
How it works
The process is as follows:
- Start onboarding process
- Customer selects verification method (typically determined by country). In some countries, there are pre-established, shared electronic identities they can use, in others, they require passport or document scanning. In some markets, they require live video interviews with a staff member. Signicat provides all this
- A registry lookup is typically done next, checking credit ratings, and verifying data in ID documents
- Customers then complete insurance forms, then electronically sign agreements
- They are then given an authenticated login, so they can continue to interact with the insurance company
With Signicat, service providers can build and leverage existing customer credentials to connect users, devices and even ‘things’ across channels, services and markets transforming identity into an asset rather than a burden. By ditching manual, paper-based processes and replacing them with digital identity assurance, customer on-boarding is accelerated and access to services is made simple and secure. Signicat’s Identity Hub is a complete solution to that offers compliance and a route to better customer engagement.
Why we selected Signicat for DIA Munich
Signicat helps insurers to securely, digitally onboard customers while saving costs and making it easier to cross-sell and upsell. The goal is to enable customers to do business more effectively by delivering great user experiences for the end users and at the same time reduce the risk by using advanced security technology.
At DIA Munich, John Erik Setsaas, VP of Indentity and Innovation of Signicat will show and tell about Digital Customer Onboarding.
Who is Signicat?
Based in Trondheim, Norway, and founded in 2007, Signicat operates the largest Digital Identity Hub in the world, offering the only complete identity platform in the market and trusted to reduce the burden of compliance in highly regulated markets.
Signicat has over 400 organizations as clients, connects to more than 20 schemes globally and verifies more than 10m identities per month.
“Signicat’s vision is to be the most comprehensive provider of electronic identity services to customers in regulated industries across the world”. Gunnar Nordseth, CEO Signicat.
Gunnar Norseth (left), CEO, Anders Ljungqvist (right), Germany Country Manager