Banking API for Insurance
Banking API for Insurance Companies
Insurance companies can leverage bank data for smarter underwriting and faster claims processing. Fiskil's Banking API provides secure access to customer financial data for better risk assessment and customer experience.
The Challenge
Insurance underwriting relies on self-reported income and manual document collection. Claims validation is slow and prone to fraud. Customers abandon applications due to paperwork.
The Solution
Fiskil enables insurers to verify income instantly, assess premium affordability, and validate claims through bank transaction analysis—all with customer consent.
Benefits
Key Benefits
Income Verification
Instantly verify income for life and income protection insurance.
Affordability Assessment
Ensure customers can sustain premium payments long-term.
Claims Validation
Verify income loss claims through transaction analysis.
Reduced Fraud
Bank-verified data reduces fraudulent applications and claims.
Use Cases
Common Use Cases
Life Insurance Underwriting
Verify income and financial stability for coverage decisions.
Income Protection
Accurately assess income for protection products.
Claims Processing
Validate income loss claims quickly and accurately.
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FAQs
Bank data provides verified income information, spending patterns, and financial stability indicators that help insurers make more accurate risk assessments and coverage decisions.
Yes, for income protection and related claims, bank data can instantly verify income levels and detect income changes, significantly reducing claims processing time.
Customers provide consent once during the application process. This consent covers the specific data uses outlined, such as underwriting and claims processing.
Income protection, life insurance, disability insurance, and mortgage protection insurance benefit significantly as they all require accurate income verification and affordability assessment.
Bank-verified income and transaction data eliminates document fraud, fake payslips, and inflated income claims. Historical data patterns also help identify suspicious application behavior.
Yes, the API provides access to liability data including existing loans, mortgages, and regular payment obligations, helping insurers assess total financial commitments and premium affordability.
Yes, Fiskil is fully CDR-compliant and meets all Australian financial services regulations. Bank data can be used for underwriting, claims validation, and affordability assessments in accordance with insurance regulations.
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