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Driver Verification

 

According to the U.S. Census Bureau, approximately 3 percent of working Americans in 2014 were drivers. That includes truck drivers, bus drivers, cabbies and other types of drivers, making it one of the most popular jobs across all 50 states. This number has only continued to increase with the advent of businesses like Uber and Lyft. However, for an employer to onboard a new driver and an insurer to underwrite the auto insurance policy based on that driver’s risk profile, driver background verification can take upwards of a full business week. All parties would benefit from streamlining it.

For employers hiring new drivers, insurers collecting on the policy, and prospective employees undergoing the background check, having to wait a week to undergo the driver verification delays productivity, creates a poor first impression of the employer, and defers the insurance company’s ability to collect premiums and the employee to start getting paid. For insurance providers, driver verification is manual, labor intensive and deals with sensitive, personal information requiring a high assurance of security, which has been a barrier when implementing next generation solutions.

To address this inefficiency, Synechron has developed a Robotic Process Automation (RPA) Accelerator for Driver Verification delivered with information security in mind. It automates driver verification by managing client requests and assembling a detailed report about the driver’s work, accident and medical history, and a list of offenses. This enables insurance providers to create a thorough Driver’s Verification report, offer an adjusted quote based on the addition of new drivers to the policy, and provide this information to prospective employer’s same day. When queries are outside the Accelerator’s parameters, they are set aside to be handled by agents to enhance accuracy. Moreover, Insurers will benefit from new data sources related to transaction volumes and timecodes which might indicate customer behavioral trends, and exception reports to facilitate continuous learning. This increased visibility enables insurers to identify bottleneck areas and as a result, better streamline driver verification, claims payouts, and related processes.

Key features and benefits include:

  • Improved Verification Process Experience – faster record processing due to easy accessibility and availability of information. Users can verify information at a touch of a button. The request moves directly into the core systems, providing a better consumer experience and more automatic and efficient verification processing.
  • Improved Operational Efficiency Significantly - by reduced turnaround time while ensuring not only that system run smoothly and efficiently but that errors are eliminated and best practices are constantly leveraged.
  • Governance & Reliability – by improving consistency in managing business operations and offer more reliable processes to users, creating a competitive advantage, thus enhancing corporate governance and adherence to guidelines.
  • Insight & Analytics - Generate valuable data that can be analyzed using other tools. With actionable, self-measured, intelligence delivered, users can constantly monitor the efficiency and effectiveness of their digital workforce and quickly and easily quantify processing operational-centric & data productivity gains.

To learn more about Synechron’s InsurTech Accelerators focused on Robotic Process Automation and the work we’re doing email us at finlabs@synechron.com

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