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