Tag Archives: identity

LiveMed Brings Digital Human Touch

Many tasks and actions have been replaced by digital solutions. This is nothing new. However, sometimes nothing beats a face-to-face with a customer. Now, using a VideoTech platform, Silicon Valley start-up LiveMed replicates the physical face-to-face with a digital one.

I’ll start with an event that happened to me last year. I’ll skip the details, other than to say I was required to confirm my identity and sign a document by a department in a financial institution.

With my passport and utility bill in hand, I went in search of a branch (which isn’t as easy as it used to be, even in Central London). It didn’t help that the fax machine at the first branch I found was out of order, so I had to find another one, which I did! After much back-and-forth on the phone between the department, the branch and me, we completed the process, and I was on my way.

What struck me at the time was how out-of-date this financial institution was. Not just technically or digitally but also in terms of customer experience. And it was completely unnecessary.

Digital FinTechs and InsurTechs have been onboarding new clients in less than 10 minutes, without any physical interaction. Identities can be proven and verified in a matter of minutes with background checks, a photo of your passport and a selfie.

The use of eSignatures is widespread. In the U.S., the Electronic Signatures in Global and National Commerce Act is a federal law put in place to facilitate the use of electronic signatures in commerce (long-form definition on Wikipedia, here). In the European Union, the equivalent regulation is the Electronic Signature Directive (see Wikipedia reference here) that defines the use of eSignatures in electronic contracts within the E.U.

Both these legislative frameworks require the same thing, which is that electronic signatures are regarded as equivalent to written signatures.

Given all this, was it really necessary for me to spend several hours inconvenienced and, frankly, wasting time?

Last month, I wrote about the use of VideoTech in the claims handling process In that piece, I talked to InsurTech startup Vis.io about its use of video technology to both reduce cost for insurers and improve the customer experience for claimants.

This week, I move to the front end of the insurance process—client onboarding and policy administration—and talk to LiveMed. To tell me how their solution brings together the use of video, customer identification and eSignatures, I Skyped with Silicon Valley-based co-founder and CEO Yair Ravid.

Ravid explained to me, “LiveMed is a platform that allows financial institutions to confirm customer identity remotely, collect signatures remotely and provide a video record of the customer engagement.”

The way it works is simple.

When a face-to-face discussion is required, the insurer emails a link to the customer. This can be for events such as confirming a customer’s understanding of the insurance policy conditions or witnessing the signing of all parts of the policy agreement.

The customer activates the link and is connected via a live video to an insurance agent. The agent uses the LiveMed platform to conduct a secure, face-to-face discussion with the client. The platform allows documents to be shared between the two parties, which they can both review and amend in real time, before both parties sign electronically and the document is locked down.

The whole session is recorded and kept for several years in case a customer disputes the policy conditions or that he even signed the policy in the first place. (If you are interested in an example of a policyholder disputing an electronic signature, read this article in the Insurance Journal about Bonck v White.)

Knowing whom you’re talking to

While digital facial recognition technology (and other biometric measures) are advanced and sophisticated, humans remain better at visual identification. In some jurisdictions, that remains the only option because biometrics are not yet permitted for identity verification.

“Humans understand the face holistically,” according to the study “The Limits of Facial Recognition” by Tim De Chant. And visual identification still carries great weight in the process of verifying a customer’s identity and in fraud detection. Humans are better at assessing if we are who we say we are or if our claim is suspect.

There will always be occasions when a face-to-face meeting is required to complete a transaction. LiveMed enables this human interaction without requiring the customer to go to a branch or an insurance agent to visit the customer’s home.

More than a VideoTech platform

Behind the video interaction, LiveMed’s algorithms verify the authenticity of documents supplied by the customer. Ravid told me, “When a customer brings in a fake document, we have a high success rate at identifying if it is a fake. We’ve developed a solution that takes real IDs, studies different parameters against them and then compares these with the documents being presented. The institution still relies on human judgment, but LiveMed gives the agent a reliable tool to help with the decision.”

The LiveMed platform uses webRTC, an open-source platform that provides browsers and mobile applications with real-time communications (RTC) capabilities via simple APIs. It also runs as a cloud or an on-premise solution to cater to an institution’s specific requirements and policies on security, data and technology.

It is a device-independent platform that delivers both mobile and web. Ravid explained, “We’ve worked hard to make this very easy to use for the customer. Simply click on the link, go online with the agent, finalize or review the document, open the signature box and then sign with their finger. Simple!

“We take any format document or webpage, whatever, and turn them into a series of pictures. This allows changes, sketches and amendments on the screen by both parties, [in] real time. Then these pictures, or pages, are locked and put together and sent to both parties as a record. We are patenting the technology because we believe it to be unique.”

The old-fashioned ways are no longer viable

Asking a customer to come into a branch carrying paper documents just isn’t going to cut it any more. Nor is the cost of sending a representative to meet the customer. In this digital, mobile age, time is precious, and money is tight.

We are also in the consumer protection age of regulation. Financial institutions need to be able to prove beyond doubt that their conduct is acceptable and that customers fully understand the financial decisions they are making.

This requires evidence both parties can rely on should there be a dispute. (See my previous research notes on RecordSure and its use of AI for compliance monitoring.)

With LiveMed, the finance institution “sees” the person in real time without the inconvenience or cost of a physical, in-person meeting. And because the transaction is completed there and then, the insurer doesn’t have to wait for documents to be sent and processed. And both parties can be certain there are no mistakes (that it’s right the first time) because everything is checked and verified on the video call.

What next for LiveMed?

Ravid is one of three co-founders who bootstrapped LiveMed and took the start-up through the UpWest Labs accelerator in Palo Alto. LiveMed has now raised its first $400,000 from seed funding on its way to raising $1.5 million in a Series A. The minimally viable product (MVP) is built and in pilot with several financial institutions, and the new funding will enable the LiveMed to launch the platform into the U.S. financial services market.

This article was first published at www.dailyfintech.com 

The Daily Grind Is Good for the Mind

The human brain thrives on what work gives us: activity, routine, social contact and identity.

The act of working gives employees far more than just the benefit of earned income. The World Health Organization names it as a health factor that, when present, contributes to health and, when absent, can increase the chances of ill health. This is particularly relevant in the discussion about mental health. What is it about work that contributes to mental health, and why should employers and insurers consider the health benefits of work?

Activity

When human beings are engaged in doing things, areas of the brain related to attentiveness are stimulated. When someone is off work, it is harder to find regular daily activity—it is not as easy to find the many everyday behaviors we do when we are working. Work provides a structure that tells us what to do. We then engage in hundreds of behaviors every day. Being in the act of doing these behaviors keeps us healthy. When we are not working, it can be hard to answer the question: “So what did you do today?” This absence of activity can have a profound impact on a person’s sense of accomplishment and purpose, which has an impact on mental health.

Routine

Work forces us into a rhythm and regular behavioral patterns that are actually good for us, even if sometimes we may resent the structure. Our bodies and brains enjoy the routine and benefit from the repeated predictable patterns of behavior. If we don’t have something to get out of bed for, it can be difficult to get out of bed. When someone is off work for any reason, the lack of daily direction can have a significant impact on well-being.

Social contact

We spend more waking hours with the people we work with (when we are working full-time hours) than with the people we love and live with. Human beings as mammals are social creatures and seek and thrive on social contact. Neural activity related to social contact is crucial to mental health, and social isolation is a risk factor for mental illness. We are connected to our co-workers because we are social beings who are genetically programmed to monitor and build social connections. We rely on the hundreds of exchanges inside the social context at work to meet our needs for belonging and connection. When people are off work, they lose this continuing social contact, and the isolation has a significant impact on well-being.

Identity

Work gives us identity. When we work we have a title, a position, a clearly defined set of tasks and a label that provides information to the world about who we are, this informs us about who we are in relation to others, and in how we view ourselves. Loss of this identifier has a significant negative impact on self-esteem and self-worth, with a predictable risk to mental health. When employees are off work, it is hard for them to answer the common question: “So, what do you do?”

Any person facing unemployment experiences changes in all of these factors and is at risk for developing mental health issues. A person who already is experiencing mental health challenges, and then goes off work, may find it difficult to build steady recovery, because the essential health need of work is not present.

Many disability plans have an all-or-nothing approach to an employee’s ability to work. If employees are off work, they are deemed not able to work. If employees wish to find regular daily activity to help build their recovery, they may put their claim at risk. This approach to disability management may actually be making employees stay off work longer. The longer an employee is off work, the harder it is to return to work. Systems that do not allow employees who are on a disability claim to work, even to perform volunteer work, are preventing employees from tapping into the health benefits of working and may be contributing to needless work disability.

Employers may also have the mindset that an employee who is sick should be off work. When it comes to mental health issues, it is not best practice to use this all-or-nothing approach. The key here is for employers to have the capacity to address individual employee needs as they return to work or, better yet, have flexible processes and structures that allow employees to stay at work. Staying at work during early days of recovery could be part-time, with the disability benefit covering the balance of an employee’s income from salary.

Continuing activity, routine, social contact and identity build employee recovery and can reduce the cost of the disability claim. There is less work disruption, and continuity can be maintained for the employee and the family, the work team and the organization. This contributes to increased employee health. And healthy employees are productive and engaged employees.