Insurance Use Case

The $BioFi utility token serves as the glue holding together a secure set of solutions that leverage biometric security to provide DeFi products and services. BioFi’s core biometric solutions rely on the Say-Tec voice and facial authentication product line, now being used by numerous partners globally.

The BioFi ecosystem is equipped with real-life utility for all holders of the $BioFi utility token. Partners can integrate easily with the BioFi ecosystem, highlighting the unique utility advantage that the entire service can bring.

Users and Providers that hold $BioFi will have access to unique utility rewards. By utilizing $BioFi, holders can earn utility rewards that can be accumulated or applied to access Provider and ecosystem products and services. As an example, $BioFi rewards will not only help offset the cost of insurance premiums (to BioFi insurance Providers), but as rewards grow, they could completely offset the cost while paying additional utility rewards to the Users. Please see a description of the Insurance Use Case below.

Problem

Modernize Insurance Industry Biometric Authentication services:

As with many business verticals, the insurance industry vertical has many unique processing use cases to solve. Insurance companies need a way to serve up a simple and secure experience, offer new advanced insurance products, and eliminate fraud in the system. Fortunately, BioFi helps to tremendously simplify and secure the interaction between insurance customers and the services for which they partake.  

Solution

Implement BioFi at multiple levels within the Insurance industry: 

The insurance industry has reached out to BioFi requesting solutions for risk management and new business models. There is an immediate opportunity to create a consumer-driven marketplace of biometrically secured access points for insurance services. Today, securing access points to insurance solutions, such as apps, websites and devices can readily be accomplished with biometric security.  BioFi can provide a marketplace where users are in control of their unique biometric identity and can choose to share it only with providers that agree to protect it.

Phase One of the journey for insurance services will involve upgrading the security of current authentication points by implementing BioFi biometric authentication.  Here is why this is important: a stolen password can provide a criminal with a wealth of confidential personal information allowing them to make fraudulent claims or, worse yet, steal a person’s identity. Resolving a stolen identity event for consumers can take years and cost thousands of dollars out-of-pocket. Securing consumer-facing access points like websites and app logins can be accomplished quickly and easily with BioFi biometric security. Insurance authentication will allow for a user-friendly, low friction, and highly secure interaction. A good example is the auto insurance policy. When purchasing the auto policy, the consumer can utilize BioFi to register their biometric identity to the insurance contract. From that point forward, every interaction can be verified and authenticated using the original registration. Need to add someone to the policy?  Buy homeowner’s coverage? Reset a password?  BioFi can be used to authenticate the consumer, quickly offering confidence to the provider that the transactions are being completed by the only uniquely authorized policy owner. At the same time, the policyholder is assured that no one else can access his private information (this information can also be stored as a smart contract on the blockchain).

Phase Two of the journey will include the implementation of a marketplace of financial solutions available to the BioFi verified consumers, where competition for insurance business services exists. Shopping within the BioFi ecosystem, the consumer can investigate coverages and costs and provide their biometric identity only to the provider he chooses who has assured it will be protected and not monetized for marketing purposes. The vision of the insurance marketplace expands further into more decentralized financial services, blockchain storage of all activity to help drive down costs, and ultimately better choices for the consumer.