Provinzial NordWest focuses on a new strategy for a young target group with its IDnow platform
IDnow, a leading provider of Identity-Verification-as-a- Service-Solutions with over 250 customers such as N26, Commerzbank and UBS, supports Provinzial NordWest with new digital services. Through video identification, the identity of the customer can be tested safely and in conformity with the law. A contract can be concluded within a few minutes. The so-called digital onboarding is explicitly aimed at the young clientele.
Provinzial NordWest Group is part of the Sparkassen-Finanzgruppe and is the second- largest public insurance group in Germany. Their area of operation covers Westphalia, Schleswig-Holstein, Mecklenburg-Western Pomerania and Hamburg. Approximately 15 million people live there. Three million of them have a contract with at least one subsidiary of the Provinzial NordWest Group. This makes the regional insurance group undisputed market leaders in their areas of operation.
To strengthen their appeal and to win over the young, digitally savvy target group, Provinzial NordWest is emphasizing new services, e.g. for occupational disability cover. Current customer surveys have shown that simple and fast solutions are important to the young clientele. Digital onboarding greatly increases the rate of conversation.
The video identification solution by IDnow is a completely integrated building block for digital onboarding and is used for identification of the customer. VideoIdent is an EU- patented solution and compared with the traditional offline methods it leads to a marked increase in conversion rates. It combines AI-based technologies with the experience of highly qualified identity specialists. All the customer needs are Internet access, a computer with a webcam or Smartphone/ Tablet and his valid identification document.
Identification by video chat meets all requirements of the Money Laundering Act, Data Protection Guidelines and the requirements of the Federal Financial Supervisory Authority (BaFin).
“It was particularly important for us to quickly and flexibly integrate the solution into our new digital checkout process”, Christian Schäfer, portfolio manager of the PNWneXt digitisation initiative at Provinzial NordWest explained.
“We carried out a detailed comparative study of the available suppliers of online identification systems in the insurance sector. After an intensive testing phase, IDnow managed to satisfy our expectations. We were particularly impressed by the high level of security exhibited by the technology and the excellent customer experience.”
The modern interface communication makes it possible to easily and simply integrate the system into business processes. Provinzial NordWest was able to introduce the new digital services for occupational disability cover to the market within the shortest time possible and managed to meet customer requirements like quality, safety and speed optimally. “We can rightly expect the support of IDnow also in other sectors in future, for instance in direct onboarding into our customer portal”, Christian Schäfer of Provinzial NordWest explains.
“We are proud to have the opportunity to support the Provinzial NordWest Group in their transition to digital onboarding. To become pioneers in the digital age, it is essential for insurance companies too to draw on technologies aimed at improving customer experience”, Vikas Seth, Chief Product Officer of IDnow says. “Young people, in particular, want a simple process which they can complete any time with a high degree of convergence. Our experience in the last few years has shown that companies can organise their onboarding processes much faster and are more comfortable using digital identification solutions. This pays off right away for our customers through considerably increased conversion modes and hence faster growth.”
With its Identity Verification-as-a-Service (IVaaS) platform, IDnow has set out to make the connected world a safer place. IDnow's unmanipulable identity verification is used across industries conducting online customer interactions that require a high degree of security. IDnow uses artificial intelligence to check all security features on ID documents and can therefore reliably identify forged documents. Potentially, the identities of more than 7 billion customers from 193 different countries can be verified in real-time. In addition to safety, the focus is also on an uncomplicated application for the customer. With five out of five stars on the Trustpilot customer rating portal, the technology is particularly user-friendly.