Over the past few years, the insurance sector has become one of the most regulated industries in the world, with stringent rules and regulations around data privacy, security, and compliance. Maintaining secure and compliant systems cannot be overstated, as the consequences of data breaches can be catastrophic for the business and its customers. For example, in 2012, Nationwide Insurance suffered a data breach that exposed the personal information of approximately 1.1 million customers, including names, Social Security numbers, dates of birth, and driver’s license numbers (NBC News).
One company that understands the critical role of identity verification in the insurance sector is ARM Pension. ARM Pension is Nigeria’s leading pension fund administrator, focusing on providing retirement solutions to individuals and institutions. As part of its commitment to maintaining the highest levels of security and compliance, ARM Pension has integrated with Identitypass, a robust identity verification system that ensures the integrity of its customer data.
About ARM Pension
Having been licensed in 2005 by the National Pension Commission, ARM Pension Managers (PFA) Ltd remains one of Africa’s foremost Pension Fund Administrators. This esteemed company is part of the Asset & Resource Management Company Limited (ARM) Group, widely regarded as one of Nigeria’s leading financial service brands. With a strong focus on Investment Management, Research, and Pension Fund Management, ARM Pension Managers (PFA) Ltd has established itself as a preeminent player in the industry, synonymous with excellence and expertise and serving thousands of customers, offering them various retirement plans and options.
The Challenge For ARM Pension
A significant challenge facing ARM Pension was balancing the need for seamless customer onboarding with the need for thorough identity verification. With a customer base that spans different age groups, demographics, and locations, the company needed a solution that was easy to use and reliable yet able to meet global and local regulatory requirements.
To address this challenge, ARM Pension requires a comprehensive identity verification system that leverages biometric data and document verification to verify customer identities instantly. After a few weeks of investigating and testing several tools, the company settled with Identitypass, a global verification company powered by artificial intelligence and machine learning, enabling it to continuously learn and adapt to new fraud patterns.
The Solutions/Benefits of Integrating With Identitypass
After integrating Identitypass’s data verification endpoint, ARM was able to record significant successes. First and foremost, Identitypass’s AI-driven ID verification system ensures that only legitimate customers can access ARM Pension’s services, preventing fraudsters and scammers from gaining access to sensitive customer data and, at the same time, protecting the customers and the reputation of ARM pension at large.
Secondly, ARM pension can streamline customer onboarding, making it quicker and more efficient. This is particularly significant for the company in the insurance sector, where customers often need to provide sensitive information quickly. By automating the verification process, ARM pension has reduced the time it takes to onboard new customers while maintaining the highest levels of security and compliance.
Thirdly and very importantly, Identitypass’s global compliance licenses assist ARM pension in complying with regulatory requirements, such as NDPR and other compliance standards across the regions in which they operate. By implementing a comprehensive identity verification system, like Identitypass, ARM Pension continuously demonstrates its commitment to compliance, reducing the risk of fines, penalties, and reputational damage.
Want to Optimize Your Security and Compliance Level?
–UNLOCK the full potential of Identitypass’s Endpoints as a valuable asset for your insurance business with these innovative approaches.
- Seamless Customer Identity Verification: Once the customer’s information is collected, the insurance provider will verify the customer’s identity using one or more government identifiers, such as a government-issued ID, passport, or driver’s license. Customers in the insurance sector can also leverage our biometric technology, such as facial recognition technology, to verify customer identities using their faces.
- Screening for Sanctions and Politically Exposed Persons (PEPs): Insurance providers can also dig deeper Into screening their customers against lists of individuals or entities subject to sanctions or classified as politically exposed persons (PEPs) using our Banlist solution.
- Assessing Risk: Insurance providers can determine the risk associated with a customer based on their personal and financial information. This risk assessment process will ultimately guide the company in deciding whether the customer will likely engage in fraudulent activities or present a future risk to the company.
- Ongoing Monitoring: The KYC process is not a one-time but an ongoing process. With Identitypass’s suite of endpoints, Insurance providers can continually monitor customers for changes that may indicate an increased risk of fraudulent activity or other suspicious behavior.
In conclusion, digital identity verification is critical to business security and compliance in the insurance sector. ARM pension has demonstrated how Identitypass’s digital identity verification system can significantly benefit the business and its customers. By leveraging Identitypass technology and best practices, ARM Pension has created a secure and efficient system that ensures the integrity of customer data while complying with regulatory requirements.
Overall, Identitypass’s digital verification platform is designed to assist insurance providers, among other sectors, prevent fraud, money laundering, and other illicit activities by ensuring they have accurate information about their customers and financial activities during and after onboarding.
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