Insurance

Insurance

The insurance industry is also a key user of documents and has to deal with a very large number of transactions. With Qryptal’s technology, there can be an appreciable improvement in checking outright fraud, in recognizing tampered documents as well as in automating the information processing for quicker and seamless settlement of claims.

Let’s look at how Qryptal can help to secure some of these important documents such as policy documents, invoices and bills used for processing of claims, membership cards etc.

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

Membership Cards

Quick authentication and remote management of information

Typically a health insurance customer would be given a membership card by the insurance company to be used for identification at the time of interaction with the service provider. These cards are normally physical cards with a specified validity period and need to be periodically replaced. Moreover, the card itself carries very basic information and the service provider still needs to fill out other necessary details after verification. It would be far more useful to have a card (either physical or electronic) with a QR code containing not only the individual details of the insured along with photo etc for identification but also policy details so that verification and relevant limits/access to services can be determined by a simple scan of the QR code. In addition, Qryptal allows the QR code to be managed remotely so that any changes in validity period or even in coverage parameters can be amended at the back end without the need to change the QR code keeping information updated for the policy holder at any time.

A Qryptal powered membership card would look like this-

This has several advantages over conventional cards, which are:

  • - Lower cost over a long-term period as the card does not need to be replaced periodically.
  • - Revocation and updating of information can be done remotely and a scan of the QR code will always give the updated information which can be trusted
  • - Lot more information including photo, policy and other supporting documents can be accessed by scanning the QR code. This saves the need to carry all this information in person and allows for easy reference.
  • - Works for both printed and electronic membership cards
  • - Very good for security and privacy. The information is available only through the tamper-proof QR code.
  • - The QR code can only be generated by the authorized issuer and is digitally signed by them through their private key

Medical Claims

Reducing documents tampering and improving automation

Medical claims processing continues to remain paper intensive especially in the case of out of network providers. It is also subject to duplication of entries due to different systems being used by service providers and the TPAs/insurance companies. To reduce the possibility of tampering with the claim documents and to ensure quicker processing of information, it would be ideal to find a way in which the information can be trusted and easily ingested for processing.

By using Qryptal, the data on the patient’s invoice or receipt can be captured in the form of a QR code before it gets printed either physically or electronically. This can be then validated by the TPA and/or insurance company using the validator software and it can be further absorbed for processing after one-time integration. This would make the entire claim process experience very smooth for the customer while maintaining the privacy and integrity of the data.

An example of a hospital bill or invoice carrying the Qryptal QR code is given here

Comparison of traditional vs Qryptal enabled claims processing

This has several advantages as explained earlier

  • - Quicker processing
  • - All fraudulent or tampered claims can be identified
  • - Very good for security and privacy
  • - Works for both electronic and printed claim documents
  • - Each QR code is unique and digitally signed by the issuing clinic or hospital with its private key and once processed, it can be cross checked for to avoid duplication and a double processing of claims
  • - Information from the QR code can be easily ingested into the processing system of the insurer without manual intervention after one-time integration which can help save cost, time and avoid errors

HR & Payroll

Reducing documents tampering and improving automation

We come across a lot of documents in the human resources function in companies which are critical and used for different purposes. Educational certificates are also a part but this specific use case has already been explained in another section. Some regular examples are joining or employment offer letter, discharge or exit letter, experience certificate (which could also include information about the last position held, the number of years worked and in some cases last salary drawn), regular payslips and so on. Some of these are needed as proof when applying for a new job, for a loan, for visa purposes, opening of a bank or brokerage account or such other similar requirement.

Since these are used as proof and input for important transaction processing, there is an incentive to manipulate the information to suit the requirements or burnish the credentials. There are multiple instances of fake or tampered experience letters and payslips being submitted to improve prospects of better outcomes. It may require time and effort to verify the authenticity of the documents and may not always be possible. As a result there is always a risk that there maybe a incorrect or wrong decision based on these documents which can have serious long term implications for the organisation. There is a need to be able to verify the information in a simple manner and trust the documents being presented.

Once again a way to tackle this problem is by making sure that all such documents are system generated centrally and the information on them is captured in the form of a Qryptal secure QR code before it gets printed either physically or electronically. In addition the QR code will also have the digital signature of the issuing organisation so that unauthorized modifications can be identified and stopped. This can be then validated by different stakeholders to whom it is presented (other employers, banks, embassies and visa processing service providers etc) and the verified contents can be used for the purpose required with full confidence.

A sample of a service certificate with a QR code encapsulating the details is shown here. On scanning the code all the details contained inside it is visible for verification.

Using such a system offers significant benefits

  • - It works for both printed and electronic documents
  • - It can only be generated by the issuing organisation and cannot be faked or tampered by anyone else
  • - It allows self service verification of document by third parties
  • - Strengthen personal data protection as information is accessed through the QR code and by the use of an authorised app only. Also since the information is stored inside the QR code, there may not be any requirement to get into tripartite information sharing issues
  • - Data domicile issues may be minimal as no online infrastructure is required
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