Insurance Sector Adopts Video KYC: What They Need to Learn

Video KYC for banks from Video KYC solution providers is becoming all popular across different sectors.


After the banks, it is the time for the insurance companies to start rejoicing as the IRDAI has finally given the thumbs up to the video based KYC verification procedure. Unless you were living under a rock you should know that Video KYC for Banks has already been approved by the RBI and is in motion. Not to mention that decision helped people get their financial transactions done even despite the lockdown situation caused by the pandemic.

The insurance sector however, has been through a rough patch due to such unprecedented situation and ended up seeing a decline in the business as well. However, they can definitely turn around now as they are going to get their customers onboard in a jiffy.

Video KYC Solution has a list of Benefits  

There are some vital lessons the sector can learn regarding the VCIP Digital KYC solutions, from the banking sector. Let's find out what they should learn:

  • Ensure a smoother user journey:  As the insurance companies gear up for getting video KYC done, they must understand the point is to offer the users a smooth and hassle free experience which is only possible if they employ efficient technological solutions. If they consider the KYC completion rate of the banks they would find that a user-friendly interface could guarantee a higher completion rate.
  • Automation holds the key to success:  When it comes to getting video KYC done, the sector needs to keep in mind the queue management factor which if not handled correctly could affect the completion volume which would lead to frustrated clients. To avoid that you need to have automated queue management in place as it would help in reducing the processing time.
  • Market expansion: Now issues like social distancing and isolation are creating obstacles, solutions like video based KYC are opening doors for the insurance business. The clients could be onboarded from anywhere in the country which immediately leads to market expansion. Physical distance does not matter at all, in fact if the sector adopts the right solution then Video KYC at low bandwith could also be done.

Video KYC is a dynamic solution the insurance sector needed for survival in these unprecedented times, and now they should move ahead with confidence towards a digital future.


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