How insurance companies are revamping Customer onboarding with Ameyo’s Video KYC Solution?

With the world going remote there has been a forced digital shift in consumer behavior and the Insurance sector in India has also responded with IRDAI relaxing KYC regulations.
Insurance Regulatory and Development Authority of India (IRDAI), vide Gazette notification dated April 23, 2020, has published a list of Insurance companies that can undertake e-KYC or paperless KYC in the coming days allowing the insurance companies to avail Aadhaar-based authentication services of the Unique Identification Authority of India (UIDAI) to fulfill the Know Your Customer (KYC) norms.
With the relaxed Video KYC RBI guildelines, Insurance companies are gearing up to overhaul their KYC operations from contact or paper-based approach to a completely remote and tech-based approach.
The traditional insurance KYC has a huge list of challenges from operations to compliance:-

How can Ameyo’s Video-based KYC approach revive KYC operations for the Insurance Sector

  1. Decrease KYC drop off at each stage of Customer onboarding using omnichannel engagement
  2. Video enabled KYC that runs even on low Internet bandwidths (60Kbps)
  3. Enabling 100% IRDAI compliance with video-assisted Pre Insurance verification
  1. OSV (Originals Seen & Verified) check is done by the Regulated Entities (REs) using OVD (Officially Verified Document) on the video call.
  2. OVD auto extracts the details via OCR (Optical Character Recognition) to match the details of the customer like their name, age, address, etc. with the provided documents.
  3. The image is extracted from the documents provided by the customer and is matched with the live video call to ensure maximum accuracy.

Considering the present situation, Video KYC RBI guidelines have allowed the Video KYC completion at an opportune time by the regulatory bodies to make the on-boarding process digital, when meeting customers is almost impossible. Insurance companies are looking for solutions to enhance customer convenience and improve business efficiency in these times of economic turbulency and Ameyo is here to help.
Looking to Explore Ameyo’s Video KYC & Omnichannel capabilities? Request a Demo today!

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