The Insurance Regulatory and Development Authority of Indian Vide its notification dated 21st September 2020 has allowed insurers to use the “Video-Based Identification Process (VBIP) in order to enhance the ease of doing KYC and help the insurance sector which is battling the impact of the COVID-19 pandemic.
The Video Based Identification Process is an alternative electronic process of Identification / KYC in paperless form, carried out by the insurer/authorised person by undertaking seamless, secure, real-time, consent based audio-visual interaction with the customer/beneficiary to obtain identification information including the necessary KYC documents required for the purpose of client due diligence and to ascertain the veracity of the information furnished by the customer/ beneficiary.
The insurers shall develop their application and undertake live VBIP carried out by an authorized person appointed by the insurer for the establishment, continuation, and verification of account-based relationship with the prospective customer and shall ensure that the online video is clear and the customer/beneficiary along with the authorized person in the video shall be easily recognizable and shall not be covering their face in any manner.
Further Live location of the customer/beneficiary (Geotagging) shall be captured to ensure that the customer/beneficiary is physically present in India and the authorized person/ Insurer shall ensure that the sequence and/or type of questions during video interactions are varied in order to establish that the interactions are real-time and not pre-recorded.
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