Capita to digitise Royal London’s identity verification processes
By Sunniva Kolostyak
Digital service provider Capita has secured a £2.3 million contract with mutual insurance group Royal London to deliver an integrated customer identity verification solution for fraud management.
With the three-year contract, Capita’s Pay360 will deliver its Optimize Verify solution to enable fraud and risk management teams to make more accurate automated decisions on customer acceptance.
The cloud-based tool will increase accuracy with automated decisions on customer acceptance as well as help manage fraud and risk by providing Royal London with access to advanced investigation tools that helps identify fraudulent patterns.
Commenting on the deal, which has a total IFRS15 transaction price of 2.3 million, Stephen Ferry, managing director of Pay360, said: “This partnership with Royal London demonstrates our ability to deliver innovative fraud and risk management solutions in the insurance sector. Our Optimize software ensures that clients are equipped to manage risk, quickly and easily, in today’s digital world.”
Capita provides consulting, transformation and digital services business across UK, Europe, India and South Africa and across six divisions: customer management, government services, people solutions, software, specialist services and technology solutions.
With Optimize, Royal London will be able to automate and streamline the customer verification checks required in its onboarding and claims processes. Through the Optimize platform, Royal London will have access to thousands of different data points through one single interface, allowing it to carry out numerous customer verification and validation checks, from bank accounts to email address profiling and sanctions checking.
In late October, Capita signed another three-year contract, teaming up with independent financial adviser network In Partnership to provide its compliance reporting tool Synaptic Software. This includes MiFID II-compliant transaction reporting, delivered to a network of 500 investment, mortgage and protection insurance advisers.
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