How the insurance industry should use the video kyc to their advantage?

 

The advent of the video kyc definitely changed a lot for the finance sector. The lockdown situation made it impossible for the banks and other organizations get the verification done remotely. The process is much advanced and takes surprisingly short amount of time to get completed. Ever since then a number of sectors have shown their interest in the procedure and things couldn’t have been better for the businesses and the customers. The insurance industry too started adopting this process after getting the IRDAI’s approval. The industry is certainly deriving the benefits, however, they need to keep certain pointers in mind to use this to their full advantage. Let’s learn more here.

The video kyc: How the insurance industry should use it?

• One very important thing that any industry contemplating on using the video KYC procedure should know is that ultimately they need to keep the user satisfaction in mind. The earlier KYC procedure was full of hassle as there was too much paperwork involved and not to mention the long waiting. So, in order to ensure that the customer onboarding kyc is a smooth and safe experience for all turning to the video KYC would be a sensible decision. But they also need to choose the right video kyc tool to achieve this particular goal. They must know that the users must have the hassle-free experience which is why they must choose a tool that works even in low bandwidth and the completion rate is really high. 

• The video KYC is advantageous for them as they are able to reach out to the people from remote areas and thereby expanding their territory. Things can certainly get better if they pay attention to the onboarding issue. The customeronboarding platform when powered by the video KYC would enable the industry to onboard more customers than before, however, the queue management plays a significant role when it comes to managing the high volume of customers. It is best to invest in a tool that comes with the automated queue management solution so that would help them manage the traffic. They can onboard a higher number of customers without any hassle and could also expect a high completion rate.

• As they continue with the video kyc process they must also keep their eye on the dashboard. They should be able to monitor the entire process carefully so that they can identify a lot of relevant factors. What they should be doing is to learn about the customer onboarding kyc trends that are emerging, and also keep track of the issues that are bugging them right now. They must be able to address these issues as quickly as possible so that they can be handled carefully.

•  Taking advantage of the AI powered features of the video KYC tool is a must for them. They can reach out to the people from remote locations and this customer onboarding platform allows them to stay secure because all the details are verified in real-time. They should not miss out on this opportunity and should make the additional efforts to reach out to the people online making them aware that they could access their service by undergoing the video KYC process.

Keeping these pointers in mind would hugely benefit the industry as they would be able to gain more from the implementation of the video KYC.