Starting point and problem
One of AXA's insurance products is payment protection insurance. In the event of unemployment or illness, this insurance covers the sometimes substantial monthly installments for rent, health insurance, car leasing or similar.
The product is available for employees with an open-ended and non-terminated contract with a workload of over 60 percent. Due to the high cost of manual verification, the process is now based on a self-declaration to confirm these requirements. In the event of an insured event, the policyholder must retroactively prove that the information provided was correct. In many cases, this proof can be provided retrospectively in paper form. The insurance company is taking a financial risk here, as it is too cumbersome and time-consuming to check manually.
PoC setup and how our solution works
The PoC was carried out in collaboration with Orell Füssli, Swisscom, and SBB.
With the Procivis One software, employers can issue their employees with a Verifiable Credential (VC) that confirms their status as an employee. In addition, the type of contract (permanent, temporary), status (not terminated, terminated), workload, role or salary can also be included as attributes in the verification.
When taking out insurance online, it will in future be possible to show a so-called "proof request" in the form of a QR code that the applicant scans. They can provide the information from the digital employee confirmation that they are in a permanent employment relationship and have a workload of more than 60 percent. By being able to specifically select the two pieces of information, any other information that may be included does not have to be shared. If the criteria are met, the insurance policy can be automatically approved and the contract sent. If the criteria are not met, the sales process can be canceled at an early stage.
Result and outlook
The quality of the onboarding process for policyholders increases significantly with the reliability of the data. The quality of AXA's underwriting also increases and the financial risk decreases considerably. At the same time, the new process means no additional effort for customers: just as they tick the box for self-disclosure with a click today, they will share the information from the employee confirmation with AXA tomorrow.
In addition to taking out insurance, the digital employee confirmation can be used for many other use cases: Employee benefits, access, etc.
