The move comes at a time when regulators across the board are easing compliance processes during the ongoing coronavirus pandemic to minimize physical contact in line with the new hygiene and social protocols
Following the footsteps of the Reserve Bank of India, the country’s insurance regulator IRDAI is set to soon allow insurance companies to use video-based authentication modes to vet customer credentials for new onboardings.
In a letter to insurance companies, the Insurance Regulatory Development Authority of India (IRDAI) has detailed the specifications for such a video-based identification process, as reported first by Moneycontrol.
“In order to simplify the process of KYC, it is advisable to leverage the various electronic platforms to make it customer-friendly at one hand and to make ease of doing business on the other,” IRDAI said in the letter dated August 24. ET has seen a copy of this.
“Hence the Insurers may use the “Video-Based Identification Process (VBIP)” as an electronic medium, which may further enhance the ease of doing KYC,” the letter stated.
The move comes at a time when regulators across the board are easing compliance processes during the ongoing coronavirus pandemic to minimize physical contact in line with the new hygiene and social protocols. IRDAI last month had also relaxed norms for insurance companies to capture wet signatures from customers for new policies.
Source: ET Tech.com
