Instnt introduces biometric digital ID supporting SSI for insurance sector
New York-based Instnt, which provides technology for preventing insurance fraud, is launching a decentralized digital identity for consumers to ease onboarding of legitimate customers.
The new Multipass is based on verifiable credentials, and provides one-click or QR code onboarding without either passwords or multi-factor authentication, according to the announcement. The credential provides strong assurance with KYC binding and continuous authentication, the company says.
A blog post on Instnt’s website describing the KYC process it uses for its previously-released credentials makes clear that identity verification is carried out with selfie biometrics compared to a government-issued ID document.
Instnt also says Multipass avoids vendor lock-in and supports self-sovereign identity, while protecting against fraud loss liability of up to $100 million.
Founder and CEO Sunil Madhu says Multipass is “a secure and efficient universal identity solution for the new millennia that empowers both businesses and customers.”
Businesses implementing Multipass can efficiently cross-sell products and services while retaining regulatory compliance and avoiding the risk of data breaches.
“With Multipass, Instnt is advancing blockchain-based decentralized identity as a business solution,” says Daniela Barbosa, executive director, Hyperledger Foundation, and GM of Blockchain and Identity at the Linux Foundation. “They are also championing the value of open source and open development for creating universal platforms that meet both business and consumer needs for privacy, efficiency, and regulatory compliance. Built using Hyperledger Aries and Hyperledger Indy, Multipass is a great example of community-developed software serving as the foundation for innovative new applications.”
Azim Esmail of ATB Ventures told Biometric Update in a recent interview that digital ID can help the insurance sector address fraud losses, which totaled over $300 billion in 2022.