We are requesting the govt to allow Aadhaar-based KYC in insurance: Irdai chief
5 years, 10 months ago

We are requesting the govt to allow Aadhaar-based KYC in insurance: Irdai chief

Live Mint  

It will be 20 years next year of the insurance industry opening up to the private sector. Starting from 2000-2001, we have seen the private sector flourish and the insurance sector has grown—with more players, higher turnover, newer products, new and better distribution channels and greater visibility of the sector. Rural and social sector obligation also came into being during this period so as to push the insurance companies from metropolitan areas to inner lands. The next six years, between 2012-13 and 2017-18, Irdai drafted new regulations for life insurance products to address market conduct issues and to improve transparency.

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History of this topic

Government should allow Aadhaar for insurance KYC: IRDAI chairman
5 years, 10 months ago

Government should allow Aadhaar for insurance KYC: IRDAI chairman

Live Mint  

The Insurance Regulatory and Development Authority of India plans to lobby the government to allow use of Aadhaar to make online know-your-customer process simple and quick for insurers and policyholders, said IRDAI chairman Subhash Chandra Khuntia on the sidelines of Mint Insurance Conclave in Mumbai. "KYC is one area we are taking up with the government, to use Aadhaar as …

Aadhaar-insurance linking step towards creating a unified financial services platform, checking frauds
7 years, 4 months ago

Aadhaar-insurance linking step towards creating a unified financial services platform, checking frauds

Firstpost  

it will now be simple and easy to authenticate our customers, bring in efficiency to our processes while onboarding a customer to settling claims. This move is in keeping with the government’s step to amend the Prevention of Money Laundering Second Amendment Rules, 2017 making Aaadhar and PAN/Form 60 mandatory for availing financial services. As per IRDAI annual report around …

Digitisation: a win-win for policyholders and insurers
8 years, 9 months ago

Digitisation: a win-win for policyholders and insurers

Live Mint  

Business growth, efficiency and effectiveness through digital transformation are top business priorities for insurance companies today. There are three key ways in which digital transformation, or rather disruption, will work: 1) consumer-focused product approach; 2) enabling direct business to customer connect; and 3) enhanced customer experience. Consumer-focused product approach In the past, many consumers did not understand life insurance products …

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