Insurance Policy Documents

Policy Documents

Validating statements and eliminating tampering

Even in case of insurance policies, there have been cases where fake policies have been issued by rogue agents on behalf of reputed insurance companies to unaware customers. Although insurance companies usually check against their database for valid policies before paying out any claims, any such incidents can always turn into a reputation risk and sometimes even a liability for the improper conduct of their agents.

In fact, recently there was a case where an insurance company was held liable for the fake policies issued by their agent and had to pay material monetary damages to the customer.

Anyway, being able to verify a policy document easily will be beneficial to everyone including but not limited to motor vehicle repairs at workshops, collateral calculations for loan approvals, proof of net worth and so on. It can be considered to be a good practice and a move towards better customer service to have such a feature.

This is where Qryptal’s services come into the picture. Just like a bank statement, we can help to capture the relevant information in the form of a Qryptal Secure QR code and place it on the document so that it becomes an integral part of it and can be verified instantly without having to go back to check with the insurance company

The Qryptal Secure QR code on policy documents results in several benefits

• Makes the document tamper-proof and easily verifiable
• Quick information about policy details and coverage without the need to have access to any database
• Works for both printed and electronic documents
• Very good for security and privacy. The information is shared on a need-to-know basis and with implied consent of the document holder (customer)
• Only the issuing organisation can generate the QR code with the digital signature
• Easy to integrate with existing policy document production systems
• In addition to policy documents, the QR code can also be added to the premium payment receipts and invoices helping in reimbursement of such payments especially for corporate employees