On Tuesday, November 10, 2020, Marshall Pribadi as CEO of PrivyID and Chairman of the Indonesian Regtech & Legaltech Association, and Hanung Primaharsa Semiartedy as CMO of PrivyID were invited as speakers in a Webinar entitled ‘How Insurance Leaders Engage Customers in Times of Change and Uncertainty’ organized by the Indonesian General Insurance Association (AAUI) along with several other speakers. Taking the theme of how the insurance industry can survive in a situation full of uncertainty due to the COVID-19 pandemic which is still hitting various parts of the world, business automation and digitization is one of the solutions to addressing problems and transitioning insurance operations.
Attended by AAUI members, Marshall explained how technology can help business sustainability. One of many things that digital signatures can do is to facilitate the process of underwriting services that are provided by financial institutions, such as banks, insurance companies, or investment houses, whereby they guarantee payment in case of damage or financial loss and accept the financial risk for liability arising from such guarantee. With technology, especially digital signature, it can help to cut time and cost. Going digitally from the end-to-end of the business process will also provide greater efficiency than if the technology is only used to acquire clients, for example. The bottom-line use of technology from end to end can reduce 12% of the total cost for personal & 9% for commercials. Furthermore, Marshall explained the percentage distribution as follows: 10% cost for claim settlement, 30% for policy administration. By digitizing documents, costs incurred for printing documents, courier costs, and storage for storing documents can be eliminated.
Meanwhile, business digitization also has challenges that businesses must face. An example is the problem of digital identity, wherein in cyberspace, anyone can claim to be anyone. One of the root identities in digital is email, which is a tool when we want to register on a site, or communicate between individuals or with companies. The problem is, email cannot be used to verify a person’s identity, while insurance companies certainly have to know who they are dealing with. This is where the identity verification function can be done by PrivyID. By connecting to the Disdukcapil system, PrivyID can confirm the identity of the person who did the digital signature.
In the same event, Chief Marketing Officer (CMO) of PrivyID, Hanung Primaharsa Semiartedy explained the various products and services available at PrivyID could be a solution for businesses, especially in the insurance sector. Starting from user-friendly features such as bulk signing, API integration, and Enterprise Suite. “PrivyID will always develop and innovate to present end-to-end solutions for businesses that want to scale up through digitization. As well as the security system and legal validity that PrivyID has, of course, it can eliminate worries for our clients,” he concluded.