Video KYC is Transforming the Insurance Market

As per the latest IRDAI guidelines, insurance companies are now allowed to carry out the Video KYC procedure. This is definitely a welcome change for both the insurance companies and the policyholders as this will allow the transactions to continue while maintaining the social distancing norms.

The traditional KYC procedure had its shortcomings like:

  • There was a higher chance of manual error which lengthened the procedure.

  • Documents could be tampered with

  • The scope of reaching out to people in remote areas was limited

    The video KYC procedure takes the hassle away from the whole verification and allows companies to reach out to people in an instant, and the customer onboarding process too gets quicker. This new Video based KYC identification method being contactless does not require any physical visit on any end, and since there is no manual submission of documents involved, there is no chance of tampering.

    The Kwik.ID's digital solutions are making things smoother, here is how:

  • The video KYC procedure enables the companies to reach out to small towns and rural areas as well. With Kwik.ID now doing Video KYC at low bandwith is possible, which means that people belonging to areas with low connectivity will have no problem.

  • Since this procedure has just been introduced, people might have confusion regarding technical issues. However, there is a guided tour available that allows them to be prepared in advance and they get the time and opportunity to become familiar with every step of the procedure before the actual session can even begin.

  • The insurance companies often have to deal with issues of fraud and with the video KYC procedure powered by Kwik.ID's AI-enabled Facematch and Liveliness tools, verification could be done in real-time.

  • Customer onboarding not only gets hassle-free but, also real quick. Unlike the traditional procedure which sometimes would take days to get completed, the Video KYC verification powered by Kwik.ID tools can get completed real fast while ensuring almost 85% success rate. So, none of the customers have to wait long.

Are you interested to find out more? You can read the full blog at: https://getkwikid.com/blog/2020/09/17/video-kyc-a-game-changer-for-the-insurance-market/