Challenges in insurance onboarding
Lengthy onboarding
Policy issuance takes 3-10 days due to manual document verification, losing customers to faster competitors.
Claims fraud
Insurance fraud costs the industry ₹30,000+ crore annually. Many fraudulent claims use fake identity documents.
Agent dependency
Field agents manually collect and verify documents, introducing errors and delays in the process.
IRDAI compliance
IRDAI mandates KYC verification for all policies. Manual compliance is costly and inconsistent.
How The Verifico solves it
Instant Policy KYC
Verify policyholder PAN and Aadhaar in real-time during application. Issue policies instantly with verified customer data.
Claims Document Verification
Verify claimant identity documents during claims processing. Detect fraudulent documents and reduce false claims.
Bank Detail Verification
Extract and verify bank details from cancelled cheques for claim settlements. Ensure accurate disbursement.
“Implementing The Verifico's document verification reduced our policy issuance time from 5 days to same-day. Our agents love the instant verification capability.”
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