PZU Lithuania Life Insurance is a life insurance company that is a subsidiary of the PZU Group. With over 200 years of history and experience, PZU Group is one of the largest and oldest insurance businesses in Central and Eastern Europe. In 2013, the group bought the RSA Insurance Group’s assets in Poland, Latvia, Lithuania, and Estonia, establishing itself as the market leader in the Baltic States.
During the COVID-19 pandemic, the well-known brand encountered operational issues and revenue loss. PZU Lithuania Life Insurance, like many other organizations, had to halt physical service operations during quarantine conditions at the start of 2020. It suffered 199,000 euros in losses during the first quarter as a result of a sharp stock decrease. The growth of the life insurance market slowed further in 2020, with a 33% decrease in new sales. Despite significant market setbacks, the effects of COVID-19 were effectively reduced by the company’s quick response to the crisis.
PZU decided to partner with Ondato at the start of the pandemic. This collaboration was established to ensure business continuity and digital customer onboarding. The PZU has recognised the added danger posed by digital services. As a result, it carefully selected a provider capable of ensuring effective fraud mitigation and putting trustworthy KYC procedures at the core of its product.
Within two weeks of establishing a partnership with PZU, Ondato produced a custom solution tailored to the company’s unique business strategy and challenges. Because the company’s branches were closed, PZU required a secure and remote client identity verification system for its staff and insurance brokers.
PZU was able to issue insurance policies remotely in three ways after selecting Ondato as its provider:
1) Identity verification via an integrated API and a static URL. In this case, the Ondato system and KYC specialists verified the client’s identity.
2) Identity verification by PZU personnel using an integrated API.
3) Minor onboarding.
PZU has access to all three Ondato solutions through a single dashboard created for simple and secure customer data management.
Identity verification works in several simple steps. An application or a static URL redirects a client to the identity verification system. Then, the client provides their personal information, such as a selfie, a photo of their ID, and, in the case of a minor, written parental consent. In the background of the process, a client’s identifying information is reviewed against several registries, and their photo and ID are checked for spoofing attempts. The whole process is finished with the confirmation by KYC specialists.
Ondato’s solution has helped PZU continue operating during difficult times. Our platform has eased the transition from in-person interactions to remote work. Despite the fact that the unexpected need for change was difficult for clients and employees, the implemented solution allowed them to proceed with the process effectively.