Insurance companies have allowed video KYC

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The Insurance Regulatory and Development Authority of India (IRDA) life and general insurance companies have allowed their potential customers to do video-based KYC (Know Your Customer). With this move, insurance company officials will be able to meet the KYC requirements of online customers in the era of the corona virus epidemic.

The IRDA states that the purpose of the video-based process is to streamline and streamline the KYC process through various electronic forums. The regulator said insurance companies could develop the KYC process online or via video by developing applications. The IRDA states that all accounts or other services opened through Video Account Based Identification (VBIP) should be started only after proper verification by the insurance company, thus maintaining the credibility of the process.

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Read more: Taking from Video KYC is easy to take, buy insurance and invest

In addition, insurance companies are required to conduct software and security audits in accordance with the rules and to conduct a thorough examination before starting the VBIP application. The IRDA said insurance companies should use modern technologies such as artificial intelligence (AI) and face-matching technology to strengthen the system and protect information. The regulator has made it clear that the insurance company will have full responsibility for the verification.

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