What Changes Does Video KYC and its AI Bring to the Insurance Sector?

 

As video KYC tools are being implemented in the insurance sector, it is starting to adapt to the new features that come along with these tools. Artificial intelligence is an important feature present inside a video KYC tool as it is used in various ways. From capturing data and processing them to other such applications, artificial intelligence can be termed as one of the essential backbone attributes required for the smooth functioning of video KYC. Let us look at the changes that it brings to the insurance sector.

Artificial Intelligence and Video KYC Bring the Following Benefits in the Insurance Sector:

  • Providing better customer service: You will always find an AI chatbot in your video KYC tool. Its purpose is to provide customer support and helpful suggestions related to basic queries. These AI chatbots are programmed to interpret and analyze the customers' statements and provide an almost accurate answer. These AI chatbots can be integrated not only into the video KYC tool but also into the insurance company's website, across multiple social platforms and other digital tools provided to the customer. It makes it easier to solve customer queries even when there is no one physically present to interact and provide help to the customer.
  • Preventing fraudulent activities: As it is a digital method, the tools of the video KYC solution providers must come with the latest security features that can prevent fraudulent practices. To prevent data leaks, unauthorized access, scams, and frauds in the banking and insurance industry, the implementation of artificial intelligence is crucial. This feature of the video KYC tool conducts all the knowledge-intensive activity to help detect fraud activities. Artificial intelligence analyzes historical data and patterns by using Big Data, the Internet of Things, and other databases to find ways to stop threats and scams. AI can also use e-signatures, face detections, and other methods to prevent any fraud.
  • Help customers make an insurance claim: The implementation of AI through the tools of the video KYC solution providers makes it easier for customers to file and claim their insurance. Artificial intelligence makes the information system of the insurance company more adaptive and active when it comes to handing customers' insurance claims. Using this feature, claims can be reviewed, policy details can be verified, inconsistencies can be checked, and even payments can be processed at faster rates. Hence, as video KYC for banks helped in increasing their productivity, the same is also about its implementation in the insurance sector.
  • Making the KYC process more accessible: Similar to video KYC for banks, customers have to complete the KYC process at insurance companies to open insurance in their name. Due to the implementation of video KYC, the overall process has become much simpler and faster. It takes some minutes to onboard a customer with the help of artificial intelligence and video KYC tools.
These are the positive changes that artificial intelligence and video KYC has brought into the insurance sector.

Location: India

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