Insurance regulatory and development authority of India or (IRDAI) has allowed life insurance and also general insurers to utilize the Video-Based Identification Process (VBIP) for forthcoming customers to upgrade the ease of doing KYC and help the insurance companies which is engaging the unfortunate impacts of COVID-19 pandemic.
(VBIP) is a technique for customer identification by a representative of the insurer by real-time undertakings, content-based visual-audio communication with the customer to get identification data, including the required documents, and to learn the veracity of the data. The IRDAI further said insurers may build up their application and attempt to undertake live VBIP, processed by an authorised individual of the insurance sector, for establishment, continuation or confirmation of an account-based relationship with each customer individually, after acquiring his/her informed consent. The Reserve Bank of India has just changed the Know Your Customer (KYC) standards, permitting banks and other lending foundations to regulate video-based customer identification measure. IRDAI also stated via a written letter to the insurance companies to streamline the cycle of KYC, it is fitting to use the different electronic platforms to make it customer-friendly and improve ease of working together. Henceforth the insurers may utilize the ‘Video-Based Identification Process ‘ as an electronic medium, which may additionally improve the simplicity of doing KYC, including such cycle will be treated as an up-close and personal cycle.
It said authorised individual of the insurance sector performing VBIP for KYC will record video just as catch a live photo of the customer present for identification and acquire the identification data. “The approved individual of the insurance will guarantee that the video is clear and the customer in the video will be effectively recognised and will not be covering their face in any way,” it stated, including that live area of the customer via geotagging will be caught to guarantee that customer is genuinely present in India. Likewise, it ought to be guaranteed that photo of the customer in the Aadhaar matches with the customer undertaking the VBIP and the identification details in Aadhaar will coordinate with the details given by the customer. The letter additionally states that the authorised individual of the insurance will encourage the process only at the customer end. A definitive duty regarding customer due to constancy will be with the insurer.
Remarking on IRDAI turn, Santosh Agarwal, CBO-Life Insurance said the prime target of video-based KYC is to enlist the customer with minimal measure of desk work and in the shortest conceivable time possible. The facility will enable customers to keep on putting resources into insurance items without settling on their wellbeing. This administration will end up being beneficial in occasions such as these when all the authorities are prompting greatest social distancing.
