The Business Bytes
TBB BUREAU
BHUBANESWAR, JULY 12, 2021
Bajaj Allianz Life, one of India’s leading private life insurers, has introduced a paperless, digital process of Know Your Customer (KYC) to enable instant customer verification at the time of issuing a life insurance policy. With this e-KYC process, customers can now digitally authenticate their identity while buying an insurance policy from anywhere, anytime, by just providing their Aadhaar card details to the insurer.
With e-KYC, customers can eliminate the process of submitting different documents for confirming their identity and address, and simply submit their Aadhaar details, registered with the UIDAI.
With implementation of e-KYC, customers now purchasing a Bajaj Allianz Life policy, won’t have to submit multiple physical documents such as identity and age proof, address proof, etc. making insurance buying a seamless and easy process. If the details of Aadhaar card are correctly provided, customer details like Name, Date of Birth, Address among others would get auto-filled at the insurer’s end through details received from UIDAI, thus reducing the time taken in applying for the insurance policy.
Commenting on the e-KYC initiative, Kayzad Hiramanek, Chief–Operations & Customer Experience, Bajaj Allianz Life, said, “At Bajaj Allianz Life, it’s our continuous endeavour to make our customers’ engagement with us hassle-free, at every step of their journey with us. I’m happy that with the implementation of e-KYC this experience will be delivered to them right at the start, and we will ensure that we are able to delight them through-out their association with us. We will continue to launch several digitally enabled services towards executing this promise, and offer them simple, secure and effective ways to be connected with us.” To use Aadhaar-based e-KYC verification, all a customer needs to do is to submit the Aadhaar number at the time of purchasing the insurance policy and provide consent to Bajaj Allianz Life to access her/his data through UIDAI. Only after successful authentication with UIDAI, customer data with UIDAI will be displayed to the insurer for e-KYC. Thus, e-KYC will not only allow customers to purchase a life insurance policy in a few clicks from the comfort of the home but also eliminate the risk of misplacing the official documents.
