Irdai permits insurers to conduct video-based KYC

Regulator Irdai on Monday permitted life and general insurers to conduct KYC of prospective customers through Video Based Identification Process (VBIP), a move that will help company officials to complete mandatory requirement online during the pandemic. The objective of the VIBP, Insurance Regulatory and Development Authority of India (Irdai) said, is to leverage various electronic platforms to simplify know your customer (KYC) process and make it customer-friendly. Insurers may undertake live VBIP by developing an application, which will facilitate the KYC process either online or face-to-face.

https://news.google.com/articles/CAIiECJip-nEZqqJTVcog3sI–IqGQgEKhAIACoHCAowlbCPCzCrzaIDMOjUrgY?hl=en-IN&gl=IN&ceid=IN%3AenRegulator Irdai on Monday permitted life and general insurers to conduct KYC of prospective customers through Video Based Identification Process (VBIP), a move that will help company officials to complete mandatory requirement online during the pandemic. The objective of the VIBP, Insurance Regulatory and Development Authority of India (Irdai) said, is to leverage various electronic platforms to simplify know your customer (KYC) process and make it customer-friendly. Insurers may undertake live VBIP by developing an application, which will facilitate the KYC process either online or face-to-face.

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