Insurers make the move to the Secure Digital Transaction Cloud

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5 major types of secure digital transactions as key players in your processes

In the midst of the digital era, insurance companies have opted to incorporate a greater number of digital transactions into their processes. 

The advantages they have found in this have been to speed up operations and secure their transactions. In this way, thanks to secure digital transactions, insurers have speeded up processes considerably, since, for example, to take out a policy, their customers have gone from 2 hours in the analogue world to 5 minutes in the digital world. In turn, the qualified preservation of their digital assets has reversed the burden of proof by archiving their transactional evidence using this type of technology.  

But what have been the main secure digital transactions implemented by the insurance industry to securely accelerate their processes?   

Electronic identification. Identifying the user is the most important thing to avoid fraud. For this, AML (Anti-Money Laundering) and KYC (Know Your Customer) laws must be complied with. In addition, this process allows the customer to be at home and not travelling to interact securely with their insurer.   

Electronic signature. In just a few minutes, from wherever the user wishes and with a simple electronic device, the customer can sign any type of document: health insurance, life insurance, automobile insurance, etc.  

Electronic payments. Without having to leave the platform where the digital transaction is being carried out, the customer can make payments in the cloud in less than two minutes with the Electronic Payment service.  

Electronic custody. The insurer will be able to take qualified custody of, and even notarise, digital assets related to transactions carried out with its customers, reversing the burden of proof through qualified preservation of evidence, thus complying with regulation.  

Technology is there to help people improve their quality of life, and the secure digital cloud is certainly one such environment. Insurance companies have found digital transactions to be much more secure than paper-based transactions. However, not all clouds are valid and you should always look for an armoured cloud that allows you to carry out qualified preservation of your evidence if you really don’t want to run any legal or technical risks.