Insurance and InsurTech
Instant Policy Issuance
Transform insurance operations with automated identity verification, claims authentication, and fraud detection. Issue policies instantly and reduce fraudulent claims by 85%.
Industry Challenges
🐌 Slow Policy Issuance
Traditional insurance requires extensive paperwork and manual verification, delaying policy issuance by days or weeks.
- Manual document collection and review
- Multiple verification touchpoints
- Underwriter approval bottlenecks
- Paper-based application processes
💸 Fraudulent Claims
Insurance fraud costs billions annually, with fake identities, inflated claims, and impersonation scams.
- Identity theft and impersonation
- Fake or exaggerated claims
- Beneficiary fraud
- Multiple policy fraud schemes
📄 Manual Underwriting
Labor-intensive underwriting processes slow down operations and increase costs significantly.
- Time-consuming document review
- Manual risk assessment
- High operational overhead
- Inconsistent decision-making
😤 Poor Customer Experience
Lengthy application processes and slow claim settlement frustrate customers and lead to abandonment.
- Multi-step verification requirements
- Long wait times for approval
- Complex documentation needs
- Delayed claim settlements
How botsKYC Solves These Challenges
Instant Policy Issuance
Issue policies in minutes with automated verification
- Real-time identity verification
- Automated document validation
- Instant risk assessment
- Digital policy generation
- Mobile-first application process
Result: Issue policies in 2 minutes vs 2 weeks
Advanced Fraud Detection
Prevent fraud before it happens with AI-powered detection
- Biometric face matching
- Document forgery detection
- Duplicate claim identification
- Liveness verification
- Pattern analysis and risk scoring
Result: Reduce fraudulent claims by 85%
Automated Underwriting
AI-powered underwriting for faster, consistent decisions
- Automated document extraction
- Instant data validation
- Risk scoring algorithms
- Policy recommendation engine
- Regulatory compliance checks
Result: 90% faster underwriting with consistent quality
Superior Customer Experience
Delight customers with instant, mobile-first service
- Self-service application process
- Instant policy approval
- Fast claim authentication
- 24/7 availability
- Paperless digital experience
Result: 95% customer satisfaction, higher retention
Key Use Cases
1. Digital Policy Issuance
Instant insurance policies without paperwork
Before botsKYC
- Customer fills paper application
- Submits ID and supporting documents
- Underwriter manually reviews
- Medical exam required for some policies
- 1-2 weeks for policy issuance
With botsKYC
- Customer applies via mobile app
- Takes selfie and scans ID
- AI verifies identity instantly
- Automated risk assessment
- Policy issued in 2 minutes
2. Claims Authentication
Verify claimants and prevent fraud
Before botsKYC
- Claimant visits office with documents
- Staff verifies identity manually
- Documents photocopied and filed
- Claims processor reviews case
- 5-10 days for claim processing
With botsKYC
- Claimant submits via mobile app
- Biometric verification
- Document authenticity check
- Fraud risk scoring
- Instant claim validation
3. Beneficiary Verification
Securely verify beneficiaries for payouts
Before botsKYC
- Beneficiary provides physical documents
- Proof of relationship required
- Legal documentation verification
- Multiple office visits
- 2-4 weeks for payout
With botsKYC
- Beneficiary verifies via video call
- Liveness and ID verification
- Automated document validation
- Instant eligibility confirmation
- Same-day payout approval
Transform Your Insurance Operations
Ready to issue policies instantly and reduce fraud by 85%?