Video KYC: The New Normal in the Insurance Industry
Since everything is moving to digital platforms, the Insurance Regulatory and Development Authority of India (IRDAI) has allowed insurance companies to issue policies online. The clients do not have to step out of their houses now. However, all the companies are obligated to perform video KYC before issuance.
Insurance companies are set to carry out the KYC process through video mode. @Preeti__Kul explains IRDAI’s latest move and what it means for policyholders.#Insurance #IRDAI #KYC #PersonalFinance @kayezad https://t.co/4A2sXGNz4C
— moneycontrol (@moneycontrolcom) October 1, 2020
Insurers were already permitted to utilize digital modes for verifying customers’ signatures on documents. The Reserve Bank of India (RBI), and Securities and Exchange Board of India (SEBI) also allowed banks and other financial institutions to use video KYC process for verification a few days back. For onboarding subscribers on National Pension System (NPS), the Pension Fund Regulatory and Development Authority (PFRDA) also allowed distributors for video KYC.