The hype and interest surrounding the launch of our new SmilePass biometric authentication as a service solution has been overwhelming. The real business challenges that we address have been documented extensively by a number of relevant industry, Insuretech, Fintech and IT publications.
Insurance Business UK wrote that “Game changing” is a phrase that is often touted in insurance circles as Insuretech infiltrates the traditional boundaries that have, in the eyes of some, held the industry back for so long. It’s a term used so widely that you’d be forgiven for rolling your eyes and thinking “here we go again” – but today’s “game changer” isn’t designed to beat insurers at their own game, but instead to assist them in a £200 million battle against fraud.
In the same vein, IT Pro carried a story saying that SmilePass’ technology was developed to address the growing threat of insurance identity fraud, which grew from 20 in mid-2016 to over 2,000 by mid-2017 according to Cifas. The fraud prevention agency explained UK insurance businesses are investing more than £200 million a year to fight fraudulent activity.
An article in BankersOnline.com focused on the SmilePass selfie authentication-as-a-service and wrote that “faced with an ever-evolving threat landscape and increased regulatory oversight of personal and financial data security, banks and other financial services firms are turning to enhanced authentication solutions to protect data and transactions”.
The Global Banking and Finance Review focused on the security elements of the solution as being essential for success in tackling fraud. The article stated that “as biometrics are still in their nascence, their use among insurers and banks remains undeveloped and vulnerable to fraud. To meet this challenge, SmilePass uses cutting-edge deep-learning and face-matching technology, tokenised verification, and server-based security validation – all incorporated into consumer-friendly applications. This means businesses can incorporate the world’s most secure ‘selfie’ authentication into their customer on-boarding processes, without risk of cyber threat exposure”. In designing the solution, we have not compromised on any elements of security and have chosen partners with the same ethos and capability.
An article in Finextra focused on the different services offered and that SmilePass has a range of solutions to suit different customer journeys and use cases. Finextra wrote that “the business will offer its authentication service in three tiers, to reflect the varying security needs of organisations:
• SmileCheck – a fast, low-cost option with geo-tracking. Best for frequent confirmation of presence – and attendance tracking where ‘spoofing’ is not a concern.
• SmileSafe – the mid-level option. Best for unsupervised verifications where ‘spoofing’ is a concern – like ID verification, staff monitoring, financial transaction approvals and insurance claims.
• SmileSafe+ – The premium option, with the same anti-spoofing technology and deep learning biometrics supplemented by a secure passport-based registration process. Best for verifications like remote know-your-customer (KYC), or securing transactions where the risk of fraud is high.
Other publications to carry launch information include iHLS, Bobsguide, Biometric update, Cloud Pro, The Paypers, Tech Startups, International Travel and Health Insurance journal, Financial IT, Fintech Times, Home AI, Planet Biometrics, TechX365, Open Cloud Design, Global Transaction Banking Directory, Insurance Edge.
We’re delighted that the SmilePass solution has been so well received in such a short space of time. In just one week we have been shortlisted in 2 categories in the National Technology Awards (security and mobile innovation of the year), as well as generating significant cross industry support from banking, insurance and fintech sectors globally. We are confident SmilePass will continue to gain traction and soon take its place as the leading biometric authentication as a service solution.