Due to the current restriction on movement, IRDAI has allowed use of eKYC to conduct paperless, remote, secure verifications of insurers. This move ensures that that the process of buying a policy is now quicker and easier by completing the verification online in real-time.

The pandemic has brought a huge shift in the way businesses operate. Cumbersome processes involving personal visits are being avoided now.

How does online KYC work?

The user submits his live selfie and a photo of the ID proof and the verification is completed within 15 seconds. Supported by cutting-edge technology, the verification process impeccably connects many stakeholders on real-time basis eliminating the need to give paper-based evidence of residence proof along with photo identity proof. The earlier process was lengthy, costly and tedious not only for insurers but also for insurance companies as they had to physically verify, authenticate, scan and store these documents. Introduction of eKYC has significantly enhanced customer experience and reduced user drop-offs. The insurance company can also opt for a Video KYC solution in which an agent from the company verifies the policyholder in a life video interaction. This ensures complete verification of the user and a number of documents can be collected and questions can be asked during the video call to completely eliminate any form of identity fraud.

Ensuring Security in Insurance sector

It is important to take in account potential risks faced by insurance companies as frauds in the sector have become a common phenomenon now. According to statistics, insurance companies lose over US$6.25 billion to frauds which results in higher premiums for genuine customers as compensation.

    The common frauds that have come to light include:
  • Submission of forged documents 
  • Purchasing policies in name of deceased or critically ill person
  • Money Laundering
The costs of these frauds are borne by authentic people. Although fraud prevention policies are in place, the main reason for scams in the sector include fake and stolen identities. Seamless, secure and easy identity verification solutions come into play here. The frauds mentioned above can be easily eliminated using secure identity verification solutions.

Why inVOID?

While choosing an online KYC vendor, it is important for the company to assess the level of security offered by the KYC provider so that utmost privacy of the data of policy holders is guaranteed. At inVOID, we ensure that appropriate safeguards have been put in place to warrant safe exchange of information. Our KYC solution uses state-of-art AI & advanced machine learning to detect identity theft, document forgery and fraud and offers passive liveness detection. We have both digital KYC & Video KYC solution offerings for the company to choose the best suited option.
We use the following checks to confirm that our process is completed with maximum safekeeping:

  • Document OCR

    Once the customer uploads a photo of his National Identity document structured data is extracted using OCR in real time and is auto filed in KYC forms for a smooth and user friendly experience.
  • Document Validation

    The uploaded ID document is visually authenticated using physical markers to ensure that it is a legitimate document and the document number is then validated from a government source to guarantee the identity of the user.
  • Fraud Checks & Anti-spoofing mechanisms

    Undertaking real-time fraud checks at multiple levels we safeguard against forged documents, reproduction or look-a-like documents and fake documents. Only Genuine documents are accepted and any fraudulent activity is immediately reported.
  • Enhanced Document collection mechanism

    Our on-edge models of glare and blur detection ensure that the photo clicked of the ID document is clear and all text is unmistakably visible. The instantaneous feedback ensures that KYC is completed in one go itself.
  • Face Match with selfie

    Biometric verification is essential to complete the verification of the customer. Using our face recognition technology, we match the photo on the ID document with the live selfie of the user. This helps the company to successfully verify that the ID document belongs to the person clicking the selfie.
  • Gesture-less liveness detection

    inVOID’s passive liveness detection makes use of a static selfie to detect whether the user is a real person or a spoofed demonstration using a photo of photo, cut out or video. We combine advance fraud defense to provide extra assurance against selfie spoofs.

This lends high level of security to the data and the process is completed seamlessly in seconds.

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