Auckland, September 25th, 2018 - SingleSource, pioneers in de-centralised risk scoring and identity verification and Cove, New Zealand’s mobile first, digital self-service platform for insurance are pleased to announce that Cove will use SingleSource’s Know Your Customer (KYC) service to check prospective customers against fraud, sanctions or crimes lists.
KYC is about best practice, with FinTech firms needing to understand who their customers are and evaluate risk before engaging. But it can be a time-consuming and costly process for companies while also creating a potential bottleneck in the customer on-boarding experience. Cove is initially using SingleSource’s KYC service to speed up one part of this process by checking potential customers against fraud, sanctions or crimes lists at the point of underwriting.
With SingleSource KYC, a user creates a SingleSource account and provides the required information to prove their identity. SingleSource verifies this information in real time and creates a risk score for that user. The user always maintains control over their information, but the unchangeable record of the data used to generate the Risk Score is stored in the blockchain. Other organisations can jointly contribute fraud data and customer transaction history without breaching the privacy of the user. The SingleSource Risk Score is a dynamic score, and evolves based on the input data from these external sources.
Cove is currently evaluating the SingleSource Risk Score against its standard processes to see if it provides a reliable early indicator of fraud.
“The beauty of the SingleSource KYC for Cove is that it fits in perfectly with their philosophy of a digital insurance platform. Right now Cove can get an instant verification of a customer’s non-inclusion on any sanction lists, and in the future the Risk Score has the potential to further streamline the on-boarding process,” says Kelvin Chandran, SingleSource CEO. “We’re excited to be working with a company that shares our vision of using technology to build long-lasting trust between individuals and businesses.”
“Cove’s philosophy centres around making insurance a more pleasant experience for our customers.” says Andy Coon, CEO, Cove. “We set out to create a better customer experience by using technology, such as machine learning and chatbots, to streamline the process for the customer. This approach can also open the door to fraud, so SingleSource’s service sits nicely alongside and helps us to screen that out.”
Cove is a New Zealand company, founded in 2017 by a group of Kiwi technology and insurance enthusiasts. Cove’s goal is to make insurance simple, understandable, and digitally-led.
For further information visit: www.coveinsurance.co.nz.
SingleSource Platform Pte. Ltd (“SingleSource”) provides a decentralised risk scoring and identity protocol that puts the individual in control of their own personal data by leveraging blockchain technology. Our vision is to support a safer and fairer marketplace for the individual to transact with businesses so that they receive the best value for the service, while enabling organisations to trust the individual and eliminate financial fraud. SingleSource is powered by Centrality, one of the world’s leading, blockchain venture studios.