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Video KYC – A Game Changer for the Insurance Market

Following in the footsteps of RBI, the Insurance Regulatory and Development Authority of India, most recently released a draft circular allowing Video KYC for insurance companies, giving many companies and policy buyers relief to do business at ease. The announcement came earlier this month as board regulators strive to ease compliance processes and minimize physical contact, while keeping business moving, ensuring no industry misses out.

With the new guidelines, the insurance sector shifts its KYC operations to a completely paperless approach, thereby doing away with Traditional KYC which had its own limitations. Some of these being:

  • Offline processes of document collection are risky as documents can be tampered with, or misused while changing hands and information maybe leaked
  • Completing the process manually might lead to errors, which often leads to KYC drop-offs because customers aren’t willing to repeatedly pay physical visits. This also lengthens the process of onboarding customers and hampers the overall customer experience, thereby affecting company’s goodwill
  • The turnaround time taking longer leads to higher costs of file processing and hence, higher costs of acquiring customers
  • In smaller cities and rural areas, insurance agents and company outlets are few, with poor access to these facilities. A Video KYC tool makes it convenient for companies to widen their reach across these areas so as to bring in more business while bridging the gap between urban and rural facilities.

As tech takes over and insurance companies are starting to implemenet the Video KYC Onboarding process, here’s how the best Video KYC tools from Kwik.ID can help make a difference:

  • Being 100% RBI compliant, highly accurate, and 100% secure as well, our premium Video KYC tools puts you at no risk of losing or leaking out information
  • Now, the process isn’t just RBI complaint, but 100% IRDAI compliant too, leaving no room for errors
  • Insurance involves money, and that’s something nobody wants to play around with. With our AI-enabled Facematch and Liveliness tools, we’ll ensure you don’t have to. These tools work in real time and match the person on the screen, with the photo on the documents, thereby eliminating the risk of bots
  • With the process lasting for barely 3 minutes and being a smooth sailing one, Video KYC drop-offs are minimum. So you can expect at least an 85% success rate while reaching out to potential customers
  • Making the process easier for smaller towns and rural areas, we at Kwik.ID also offer a low bandwidth mode that lets business continue, anytime, anywhere. Our chat feature and Natural Language feature also enables easy conversation between the authorised agent and the potential customer
  • Moreover, customers are kept well informed and given a guided tour well in advance to make sure all documents are in place and they are prepared, not leaving them overwhelmed during the video KYC process in any way
  • Queueing, routing and scheduling by Kwik.ID’s Video based KYC identification helps streamline processes better as busy customers are kept well informed and need to make themselves available only when asked to, as opposed to Traditional KYC, where multiple physical meetings maybe expected.
  • Built-in OVD verification services are used for instant verification by Regulated Entities

With business being low for a while, this new move by IRDAI gives new impetus to insurance companies to #KeepMoving forward and doing business smoothly with potential policy buyers, while not losing out. Why would they, when all it takes is 3 minutes?

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Video KYC -The ‘New Normal’ across Industries

With social distancing becoming the new normal and businesses going completely online, Digital KYC is now at the forefront to onboard customers instantly, while keeping a check on their records and doing what’s best for business.

Having adopted the best video KYC tools available for their business, both financial as well as non-financial companies find it a boon that lets their business move swiftly. With features like OCR, Facematch, geo-tagging, fraud detection, functioning Video KYC at low bandwidth, Video recording and more, businesses are quickly moving to digital KYC. Here’s a look at how this much-needed tool works, or will work across various sectors.

Banking, Financial Services and Insurance

Banks: For every customer who opens an account with a bank, whether demat, current, savings, or any other, RBI mandates a digital KYC for onboarding the customer. Using Video KYC verification helps banks keep a record of each and every customer via their Aadhaar Card, and link it to the corresponding bank account to track transactions. In order to update customer details regularly, banks also use Video KYC for Re-KYC which makes the entire process much simpler and quicker. 

Asset Management Companies: For all Asset Management Companies regulated by the SEBI, Video based KYC identification offers full KYC to minimise the risk of money laundering. The authentication process is swift, precise, and paperless, leading to a reduction in costs as well as onboarding time. AMCs have now started using Video KYC not only for individuals but while onboarding SMEs and other larger enterprises too.

Insurance: Video KYC’s Liveliness Detection, Facematch and personal discussion features, like the ones offered by Kwik.ID are salient for insurance companies where fraud is more likely. These features enhance the experience for clients and reduce digital risk for companies.

Lending: SMEs and Fintechs choose to use Video KYC verification for lending processes to make quick and informed decisions, while also making the lending process faster and smoother for the borrower. Many NBFCs use digital KYC for individual lending too.

Wallets: Online wallets are quickly becoming the top video KYC users. All this while, customers were asked to adopt the traditional means of submitting their Aadhaar manually at a centre. But with Video KYC in the picture, e-wallet onboarding can be done in less than 3 minutes from the comfort of your home.

Non-Financial institutions

Employee Onboarding: For large organisations, especially those with over a 100 employees, choosing the best Video KYC tool is the smartest way to store employee data, so as to transfer salaries and EPF and safeguard the interests of the company incase of any fraud.

Online Alcohol Delivery: With online alcohol delivery becoming the ‘new normal’, sellers have to be extremely cautious that the alcohol isn’t reaching the wrong hands. Here’s where Digital KYC comes into play. Right from age-restriction checks, geo-fencing, and address verification, KYC – platforms like KwikI.D are designed for Regulated Entities, thereby adapting themselves to simpler customer onboarding.

Telecom industry: Something that we’ve all witnessed is getting authenticated via KYC while being issued a new SIM card. With the shift in selling SIM cards online, network providers are gradually moving towards Video KYC for contactless and quick verification.

Rental/shared vehicle economy: While customers have to opt for Video KYC verification to add money to their wallets, transport apps have to go through it too, to register themselves and keep their accounts operational.

Co-working spaces: As entrepreneurs and businessmen have begun investing heavily in co-working spaces, their safety becomes a matter of concern for the property owner. The easiest way to keep a record of all the employees is via a video based KYC identification.

Educational platforms & exams:  While this seems to be in the making, with the pandemic, it won’t be long before schools and colleges use Digital KYC to enrol students, especially for competitive exams where cheating is rampant.

Gaming: Gaming is one of the largest sectors that witness cybersecurity and fraud because there’s plenty of money involved that can be easily tampered with. Luckily, because of Video KYC’s AI integrated Facematch Liveliness and fraud detection tools, like the ones we offer, make it easier to detect and shut down these fraudsters.

At Kwik.ID, we understand the importance of security and the need to constantly evolve, especially while doing business online. As leading video KYC solution providers, we aspire to facilitate easy digital KYC across every sector, big or small.


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Our Learnings from Completing 50,000 Video KYC Sessions

When we started Kwik.ID, it was with the simple idea of offering a ‘Kwik’ solution to organizations across every financial sector, who want to expedite their KYC processes and onboard customers almost instantly. Today, we have to our credit over 50,000 video KYC sessions and a loyal clientele who encourage us to push the envelope.

Having worked with almost every finance-based segment out there, including Banks, NBFCs, Insurance organizations, FinTechs, and even Gaming and Forex, among others, our journey along with 50,000+ Video KYC verification sessions has taught us plenty.

On average we conduct 1500 sessions a day and can handle 15 parallel sessions at any given point of time. All these sessions across markets gave us an insight into how each customer is unique in terms of requirement. How then does a single product benefit them all?

We learnt that one of the key factors that organizations feared with online KYC, was frauds and identity theft. Our immediate response was to include a Fraud Check that verifies customer identity with AI-powered Facematch. Our Liveliness engine protects against fraudsters by ensuring they are physically present and do not use digital photos/printed photos at any time during the process. Features like central database verification of OVDs, fuzzy text matching between details on all OVDs, and document tampering risk score are some of the additional measures that we incorporated to protect organizations’ interest.

Another problem we witnessed were the rejections due to lack of awareness among customers and the drop-offs owing to internet connectivity. While the former has seen immense growth, with more organizations moving towards a quicker video KYC approach for their business, the latter was a matter of concern because we didn’t want to disappoint keen customers. We configured our solution to work on low bandwidth mode and support lower android versions too, (currently supporting 4.4+ which is compatible with 97% of handsets in India), to ensure that customers and agents (authorized personnel from an organization) both enjoy a seamless journey, no matter where they access our Kwik.ID solution from.

Apart from all of this, we aspire to cater to our clientele with an easy 4-step process and scheduling of calls for a suitable time, so customers can attend the video KYC session as per their convenience and your business can #KeepMoving too. Win-win for all!

One of the greatest learnings came in January 2020, when we went live with one of the largest FinTech organizations in India with our 100% API driven solution which supports IOS, Android and Web. It has reduced the organization’s KYC timeframe drastically with a session lasting an average of 1.5 minutes, instead of the traditional week-long KYC process. Tests were carried out across tier 1, 2, and 3 cities, and we found that there have been zero bugs since we went live. 

Other features like providing software updates for free, eliminating the need for additional applications, being 100% RBI Complaint, and providing daily, weekly and monthly statistics for monitoring growth, are add-ons that other organizations enjoy and trust us with. All of these add up to our excellence in Video based KYC identification.

As they say, success is a 2-way street. While organizations rely on us, we rely on them to help us better our product. So that we can design a finely-honed solution that effectively delivers on all the stringent KYC norms, and promises you the ease of doing business, wherever, whenever.