How to secure insurance policy documents...
- Rajesh Soundararajan
- May 05, 2020
- 2 min read
....and ensure easy validation by customers and third parties
How to Secure Insurance Policy Documents
The insurance industry has seen significant levels of document fraud. Scamsters generate fake policies of insurance companies and sell such policies to unsuspecting individuals often swindling millions before such frauds come to light. These scams happen both in short term policies like general insurance as well as life insurance policies that are in force over several years.
Secure encrypted QR code is one of the most mature and proven methods to ensure integrity of insurance policies end-end. The policy is generated securely only by the insurance company and can be instantly validated and verified by the customer or a third party without database access and with full privacy.
Three simple steps to ensure tamper-proof insurance policy documents
Step 1: The insurer seals the crucial information in a secure QR code and signs it with their private key before placing the QR code on the policy document (physical or electronic or both).
Step 2: The insurance agent P or sub-agent M can handle the information exchange with the insurance company and manage the client relationship but they cannot generate false information or tamper the information on behalf of the issuing entity as they do not have the private key of the insurance company and can’t generate the secure QR code on their behalf.
Step 3: The insured - individual client or the organization can instantly validate the document by a readily available corresponding public (not-so-secret) key which has been distributed for exactly this purpose. Usually this public key is made part of a validator app or a web validation domain (e.g verify.insurancecompanyABC.com) which belongs and is controlled by the insurance company.
The image below shows how this can be done.
Secure QR Code for insurance policy documents
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