Digital Proof of Insurance (DPI) refers to an electronic version of an insurance card or policy that can be displayed on a mobile device or computer. DPI is a convenient alternative to traditional paper insurance cards that are often easily misplaced or damaged.
Insurance companies around the world are turning to
Omnibasis and omniPass solution to offer the option of a digital proof of
insurance, allowing policyholders to access their insurance information through
a mobile app or online portal hosted by Omnibasis with a branded white label site.
For car insurance, most states in United States also allow
drivers to show their DPI during a traffic stop, rather than requiring a
physical insurance card.
Mobile Wallet Introduction
Users do not want to download yet another app on their mobile device and prefer to use a mobile wallet.
A mobile wallet is a digital platform that allows users to
store payment information, loyalty cards, and other types of digital content in
a single, convenient location. This digital wallet can be accessed through a
mobile app on a smartphone or tablet.
Mobile wallets may also offer additional features, such as
the ability to store and redeem coupons or to keep track of loyalty points.
Some mobile wallets also integrate with other apps, allowing users to pay for
goods and services without leaving their favorite shopping or ordering apps.
There are a number of reasons why users may prefer a mobile
wallet over downloading a separate app:
1.
Convenience: Mobile wallets are typically
pre-installed on smartphones or are easily accessible for download through app
stores, making them readily available to users. This eliminates the need for
users to download and manage multiple apps.
2.
Reduced clutter: By using a mobile
wallet, users can reduce the number of physical cards and paper coupons they
need to carry around with them, streamlining their wallet or purse.
3.
Security: Mobile wallets use advanced
encryption and authentication methods to keep user information safe. This can
help alleviate concerns about security risks associated with downloading
multiple apps.
4.
Time-saving: With a mobile wallet, users
can quickly and easily access and manage their payment information, loyalty
cards, and other digital content, without the need to search for or navigate
through multiple apps.
5.
Consistent user experience: Mobile
wallets offer a consistent user experience across different brands and
retailers, making it easy for users to interact with various loyalty and
payment programs.
Mobile wallets offer users a more convenient, streamlined,
and secure way to manage user digital content like insurance card information,
without the need to download and manage multiple apps.
omniPass support popular mobile wallets include Apple Pay
and Google Pay which are found on all mobile devices.
Mobile Wallet Use Case in Insurance Industry
According to omniPass analytics data across multiple insurance companies around 30% of customers who receive an email or text message and read it, opt-in to install digital proof in their mobile wallet.
Once installed, policyholders and insurance companies both
benefit from use of Digital Proof of Insurance:
1.
Convenience: Policyholders can easily
access their insurance information from their mobile device.
2.
Reduced paper waste: By using a DPI, policyholders
can reduce the need for physical paper insurance cards.
3.
Easy to update: DPI can be updated
easily, ensuring that policyholders always have the most current insurance
information.
4.
Improved security: With a DPI,
policyholders can reduce the risk of having their insurance information stolen
or lost. DPI can be paired with digital identity verification and Digital ID to
eliminate insurance fraud.
Let’s review some of the popular use cases for Mobile Wallets
in the insurance industry:
1.
Digital proof of insurance
Insurance companies can use mobile wallets
to provide customers with digital proof of insurance, making it easy for them
to access and share their insurance information. This can help reduce the risk
of lost or damaged physical insurance cards. Resulting in convenient access so
members can easily access their membership cards from their mobile device,
eliminating the need to carry around a physical card.
2.
Real-time updates
Mobile wallets can provide members with
real-time updates on their membership status, insurance coverage, any rewards
points, making it easy for them to keep track of their membership benefits.
3.
Enhanced security
Mobile wallets use advanced encryption and
authentication methods to keep membership card information safe, reducing the
risk of identity theft and fraud.
4.
Personalization
Mobile wallets can be customized to display
personalized membership information, making it easy for members to identify
their membership status and rewards. For example, DPI can display policyholder
picture or be connected to Digital ID.
5.
Premium payments
Mobile wallets can be used to make premium
payments, allowing customers to easily pay their bills through their smartphone
or tablet. This can help reduce the number of missed payments and improve
overall customer satisfaction.
6.
Claims processing
Mobile wallets can streamline the claims
processing process by allowing customers to easily upload photos and other
documentation directly from their device. This can help reduce the time and
resources required to process claims and improve overall efficiency.
7.
Loyalty programs
Insurance companies can also use mobile
wallets to offer loyalty programs, providing customers with rewards and
incentives for staying with their company. This can help improve customer
retention and loyalty.
8.
Emergency assistance
In the event of an emergency, mobile wallets
can provide customers with quick access to their insurance information and
emergency assistance services. This can help improve customer satisfaction and
reduce the stress and anxiety associated with emergency situations. For
example, emergency phone number listed on a mobile wallet can be dialed with one
click.
Easy To Get Started
If your insurance company does not offer DPI via Mobile
Wallet, send them a link to omniPass solution from Omnibasis. With Omnibasis
mobile wallets offer insurance companies a convenient and efficient way to
engage with customers, streamline processes, and improve overall customer
satisfaction.
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