With OCR Labs Global’s technology, Admiral Money will be able to verify the identities of people applying for loans with accurate outcomes in seconds, compared to a previous wait time of up to three days.
OCR Labs Global provides the underlying real-time technology for document verification, fraud detection and biometric matching to support companies who need to remotely verify the identity of customers.
London, UK – 1 November 2022 Admiral Money – a subsidiary of Admiral Group PLC, a specialist in car insurance, home and travel insurance, insurtech, personal loans and legal services – has chosen OCR Labs Global as its digital identity verification provider to enhance and accelerate its onboarding process.
Admiral Money considers excellent user experience to be one of the most important features of its platform. Using OCR Labs Global’s fully automated solution, Admiral Money will be able to provide an excellent user experience and fast onboarding without depending on human input.
The previous manual onboarding process required users to take a photo of their physical identification on their smartphone, upload it, and wait up to three days for it to be reviewed by a team member – which also meant human error was more likely to occur.
With an increasingly competitive market, customers are more likely to use a provider who responds to their questions quickly. For Admiral Money, it became vital to reduce the wait time to an almost instant answer.
OCR Labs Global is the first and only vendor to provide a solution which does not discriminate against minority groups when it comes to its liveness checks and face matching. As inclusivity is a key value for both OCR Labs Global and Admiral Money, the partnership was a natural match.
Nick Jones, Head of Customer Fulfilment at Admiral Money, says: “Speed wasn’t the only factor at the forefront when we were considering a digital identity verification solution. We needed it to be as accurate as it was fast and provide us with consistent outcomes which could be trusted. From reviewing other vendors, we realised ‘we’re just never going to get what we wanted from them’. OCR Labs Global came across as the best fit for us and had a firm grasp of the market challenges and how the solution was going to address them.”
Russ Cohn, General Manager of OCR Labs Global, says: “Going through the vendor selection process, it was clear Admiral Money was looking to future-proof its technology. Several important aspects of inclusivity, such as accessibility and racial bias, are aligned with our philosophy of IDV for all, not just a few.”
OCR Labs Global is already supporting clients across many industries, including governments, crypto and a variety of platform-based businesses, such as SaaS providers. Customers include Cognito, HSBC, Reed, Coinmetro and many other customers and partners.
For more information, visit https://ocrlabs.com/.