Industry spotlight: Insurance company helps address Know Your Customer rules with Docusign

This is the fourth in a series of articles exploring how Docusign’s solution engineers help customers solve specific problems. Here, David de Beer,  Senior Solution Engineer, shares a great example of how an insurance company is meeting Know Your Customer (KYC) requirements with help from Docusign.

The financial services and insurance industries are bound by rigorous rules and regulations. And for good reason. As the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry found a few years back, some organisations had been engaging in unethical or inappropriate conduct. And they needed a little reminder (hello, record-breaking and eye-watering fines) about the rules they were meant to follow.

The tightening of rules is definitely a good thing, helping to protect both financial services organisations and the customers they serve. But, rules mean red tape. And, let’s face it, they can create extra hassle and hoops for organisations to jump through.

At Docusign, our solution engineers exist to help organisations jump through these proverbial hoops with minimal hassle. They’re here to solve complex problems swiftly and effectively, providing secure and proven paths forward for a wide range of industry-specific issues. Just like we did for a major Australian insurance company.

ID, check.

The insurer approached us for help in meeting its Know Your Customer (KYC) requirements. In a nutshell, KYC is the process of verifying customers’ identities and understanding their financial affairs. 

Docusign could certainly help with the first part of the KYC equation. The insurer regularly sends documentation out to customers for signing, and this process presents a prime opportunity to do an ID check. 

Initially, we demonstrated how Docusign Identify integrates with Australia Post’s 100-point digital ID check to verify people’s identities. This real-time ID check certainly piqued their interest, but it wasn’t going to meet their KYC and anti-money laundering requirements because the solution didn’t ask for photo ID.

Not a problem. Our solution engineering team worked directly with Australia Post to alter the integration to ask for photo ID to meet their requirements. In fact, the addition of photo ID was so successful that it is now a permanent feature of the Australia Post integration with Docusign. 

Now, the insurer can complete a real-time ID check with the Australian Government’s Document Verification Service (DVS), with all verifications and checks captured in a fully traceable audit trail. Documents can be sent via Docusign, customer IDs can be checked in an instant, and the company can confidently tick off on auditability requirements. 

By working closely with key stakeholders at the insurer and the digital team at Australia Post, Docusign was able to help the insurer meet its KYC requirements – essentially helping to tick one task off the compliance to-do list.

Big things, possible.

This team effort between Docusign, our customer and Australia Post is a great example of how Docusign’s solution engineers exist to solve specific problems for our customers. 

Read the other articles in our series on how Docusign helps solve specific industry use cases. Or, for help in solving a problem unique to your business, get in touch with our solution engineers today.

David de Beer
David de Beer
Lead Solution Consultant
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