Insurance

Secured, Efficient & Paperless Customer Onboarding

Insurance Regulatory and Development Authority of India (IRDAI), vide Gazette notification dated April 23, 2020, has published a list of Insurance companies that can undertake e-KYC or paperless KYC in the coming days allowing the insurance companies to avail Aadhaar-based authentication services of the Unique Identification Authority of India (UIDAI) to fulfil the Know Your Customer (KYC) norms.

Key Challenges

  • Document Misuse & PII Leakage: The offline process of document collection brings the threat of misuse of documents and increased risk of information leakage.
  • Longer TAT: The turnaround time (TAT) and the cost of processing each file increases due to the physical verifications.
  • Poor Experience : Hampers the overall customer experience and increases the chances of human error.
  • Customer Churn: KYC drop-offs owing to repeat physical visits and errors in document authentication.
  • Reputation Loss : Tier 2 and tier 3 cities, people still rely on field agents for investing in insurance. The Pre Insurance Insurance verification process is often broken and non-compliant to IRDAI norm. As the field Agent only focuses on selling, the procedure of reading out policy terms and conditions are often ignored or not recorded leading to tarnishing of Brand Image.
  • Non Compliance: Insurance Field agents often provide their mobile numbers instead of customer contact, negating the policy readout compliance

Our Solution

  • One Stop Solution for all on boarding needs
  • Our Full KYC makes the remote on-boarding process highly effective with its three-pronged approaches of Omnichannel engagement, Video enabled KYC and 100% compliance
  • Decrease KYC drop off at each stage of Customer on-boarding using Omnichannel engagement
  • Video enabled KYC that runs even on low Internet bandwidths (60Kbps)
  • Enabling 100% IRDAI compliance with video-assisted Pre Insurance verification
  • Ours is a paperless and contactless process of KYC for Insurance would result in reducing costs by 90% as compared to the Physical KYC processes.
  • Enterprise-Grade Security with AES 256 Encryption & ISO 27001 to reduce the chances of fraudulence.

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