In a move to ensure safety and business continuity during Covid-19 outbreak, Insurance regulator IRDAI has allowed life and general insurers for conducting KYC of onboarding customers via Video-Based Identification Process (VBIP).
This development will help the officials working in the insurance companies to complete the mandatory requirement online during the pandemic.
Video-Based Identification Process (VBIP) is an alternative electronic medium of Identification / KYC that can be carried in paperless manner, by the insurer by following seamless, secure, real-time, consent-based audio-visual interaction with the customer/beneficiary in a bid to obtain identification details such as necessary KYC documents.
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To follow this procedure, insurance providers can go ahead with live VBIP by creating or deploying an application that will help in facilitating the KYC process either online or face-to-face in-person verification through video, said the regulator.
“This may be used for establishment/continuation/verification of an account-based relationship or for any other services with an individual customer/beneficiary, as the case may be, after obtaining his/her informed consent…,” said Irdai communique.
Stressing upon the usage of emerging technologies, Irdai said that the insurers should take the help of latest available technologies such as Artificial Intelligence (AI) and face matching technologies in a bid to strengthen and ensure confidentiality of the information furnished by the customer.