InvestorQ : Does the Insurance industry get video conferencing-based KYC verifications?
tanvi Patel made post

Does the Insurance industry get video conferencing-based KYC verifications?

Answer
image
Ishita Jain answered.
3 months ago
Follow
Well, yes soon after the banking industry has adopted video-conferencing based verifications of their customers, Insurance Regulatory Development Authority is all set to adopt the same for customers looking to buy insurance products. This will help insurance companies to simplify the Know-Your-Customer (KYC) process and requirements.

Moreover, the process shall be consent-based, which means that the insurance representative shall first obtain the consent from the customer to continue the process through audio-visual interaction. Video KYC shall be permitted for both life insurers and general insurance.

This process will help in complete digitization of the process since no face-to-face meeting or signature shall be required. This will also make a route for direct communication between the insurance companies and customers, eliminating the need for agents and other intermediaries.


1 Views