In the competitive landscape of the insurance industry, customer onboarding and verification processes are critical to both insurers and policyholders. Traditionally, insurance companies have relied on video KYC (Know Your Customer) to open new insurance policies. However, the integration of advanced technologies has ushered in a new era of efficiency and accuracy. Enter Fedo Vitals, a groundbreaking solution that transforms the traditional video KYC into a comprehensive health assessment tool, providing real-time health insights, future health risks, and expected medical costs from a simple 14-second face video analysis.
The Evolution of Video KYC with Fedo Vitals
Video KYC has been a game-changer in the insurance industry, simplifying the verification process and enhancing customer experience. However, it primarily focuses on verifying the identity of the customer. Fedo Vitals takes this a step further by incorporating a detailed health assessment into the video KYC process. This not only verifies the customer’s identity but also provides insurers with critical health data, making the Pre-Issuance verification call (PIVC) a more informed and efficient process.
Pre-Issuance Verification Call: A New Level of Detail
With Fedo Vitals, the PIVC is elevated to a new level of detail and accuracy. This enhanced PIVC allows insurers to gather comprehensive health information during the verification process, transforming a routine call into a pivotal moment of insight. Instead of merely confirming identity and basic information, insurers can now delve deeper into the health status and potential risks of the customer. This comprehensive approach ensures that both parties are fully informed and better prepared for the insurance journey ahead.
Real-Time Health Insights
Fedo Vitals leverages advanced AI algorithms and machine learning models to analyze a customer’s health from a short 14-second face video. This innovative technology captures and processes various health parameters, offering real-time health insights. Insurers can obtain a comprehensive health profile of the new customer, including vital signs, potential health issues, and overall well-being. This detailed health insight allows insurers to make informed decisions about policy approvals and coverage options.
Predicting Future Health Risks
One of the most significant advantages of using Fedo Vitals in the PIVC process is its ability to predict future health risks. The system analyzes the collected data to identify potential health concerns that may arise in the future. This predictive capability is invaluable for insurers, as it helps them assess the risk associated with insuring a particular customer. By understanding the potential health trajectory of the customer, insurers can offer personalized insurance packages that cater to the specific needs and risks of each individual.
Estimating Expected Medical Costs
Accurate estimation of medical costs is a crucial aspect of the insurance business. Fedo Vitals provides insurers with an estimated medical cost for the customer based on the health data collected during the video analysis. This information is essential for both the insurer and the customer. Insurers can use this data to determine appropriate premiums and coverage limits, while customers gain a clearer understanding of their potential medical expenses. This transparency fosters trust and ensures that customers are well-informed about their health and insurance needs.
Benefits for Insurers
Integrating Fedo Vitals into the PIVC process offers numerous benefits for insurance companies. Firstly, it enhances the accuracy and efficiency of the verification process, reducing the time and resources required for customer onboarding. Secondly, it provides insurers with a wealth of health data that can be used to tailor insurance packages to individual needs, improving customer satisfaction and retention. Lastly, the predictive analytics capabilities of Fedo Vitals help insurers mitigate risk and make more informed underwriting decisions.
Benefits for Customers
For customers, the detailed health assessment provided by Fedo Vitals during the PIVC process is a valuable resource. It not only helps them understand their current health status but also highlights potential future health risks. This awareness emphasizes the importance of health insurance and encourages customers to choose the right insurance package for their needs. Additionally, the transparency and personalized approach foster trust and confidence in the insurer, leading to higher conversion rates and long-term customer relationships.
The insurance industry is continually evolving, and the adoption of innovative technologies like Fedo Vitals is essential for staying competitive. By enhancing the traditional video KYC process with detailed health assessments, Fedo Vitals revolutionizes the Pre-Issuance verification call, benefiting both insurers and customers. With real-time health insights, predictive analytics, and accurate medical cost estimations, Fedo Vitals empowers insurers to make informed decisions and offer personalized insurance packages, while customers gain a deeper understanding of their health and insurance needs. As the industry moves towards a more data-driven approach, solutions like Fedo Vitals will play a pivotal role in shaping the future of insurance.
Take the next step in insurance innovation. Email us at hello@fedo.ai to request a demo of Fedo Vitals.