IRDAI allows eKYC
In a press release dated 24 April 2020, IRDAI has permitted a list of insurance companies to avail online Aadhaar verification from UIDAI to verify the KYC information of customers.
This is set to have a huge impact on the insurance landscape of India and is a part of the concerted efforts of the government to digitize onboarding for a range of sectors, including the securities market for which SEBI has allowed paperless investor onboarding. You can read more about that here.
List of insurance companies that can avail eKYC
IRDAI’s press release has allowed Aadhaar-based eKYC for the following companies –
- Bajaj Allianz Life Insurance Company Limited
- Bharti AXA Life Insurance Company Limited
- Exide Life Insurance Company Limited
- HDFC Life Insurance Company Limited
- ICICI Prudential Life Insurance Company Limited
- India First Life Insurance Company Limited
- Max Life Insurance Company Limited
- PNB Metlife India Insurance Company Limited
- SBI Life Insurance Company Limited
- Future Generali India Life Insurance Company Limited
- Reliance Nippon Life Insurance Company Limited
- Aegon Life Insurance Company Limited
- Shriram Life Insurance Company Limited
- Aditya Birla Sun Life Insurance Company Limited
- Pramerica Life Insurance Company Limited
- Kotak Mahindra Life Insurance Company Limited
- Star Union Dai-ichi Life Insurance Company Limited
- IDBI Federal Life Insurance Company Limited
- Edelweiss Tokio Life Insurance Company Limited
- Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited
- Kotak Mahindra General Insurance Company Limited
- Future Generali India Insurance Company Limited
- Manipal Cigna Health Insurance Company Limited
- ACKO General Insurance Limited
- Religare Health Insurance Company Limited
- Royal Sundaram General Insurance Company Limited
- SBI General Insurance Company Limited
- HDFC Ergo General Insurance Company Limited
- HDFC ERGO Health Insurance Limited (Formerly Apollo Munich Health Insurance Company Limited
eKYC, Aadhaar eSign, and beyond
eKYC and paperless onboarding have provided businesses in various sectors with proven benefits. Banks and NBFCs for example have been using digital and video KYC to onboard customers online via SignDesk’s ML-enabled onboarding product, Scan.it, and as a result, have cut their onboarding expenses by 90%.
Insurance companies are set to experience massive financial benefits from online Aadhaar verification as a result of IRDAI’s notification. This, paired with quick and efficient Aadhaar-based eSign for insurance documents, allows insurance companies to make full use of digitized solutions to complete customer onboarding.
Insurance companies spend huge amounts of time and effort physically signing documents to execute activities involving new insurance policies, policy changes, contract signing, and claims processing. SignDesk can reduce the turnaround time for these processes to under 10 minutes with our Aadhaar-based eSign product, ink.it. It’s quick, secure, and legally valid throughout India.
But we don’t stop at just helping you sign documents, these documents have then got to be legalized, which usually involves getting them stamped, another long and frustrating process. We’ve got you covered there too, our digital stamping solution, stamp.it, uses APIs to pay stamp duty online and helps you ratify your insurance documents at the snap of a finger!
There’s still the matter of collecting EMI payments for policies though, have we automated that too? Of course we have – our eMandate product, link.it, uses eNACH to automate recurring payments, so you can sit back, relax, and watch the cash roll in.
So how can an insurance company not want to automate their mundane processes?
Perhaps you think you can afford to go without our workflow solutions, book a demo with us and see if that doesn’t change your mind!