Buying insurance policies have become easier than ever. Insurance Regulatory and Development Authority of India (Irdai) has allowed insurance companies to avail the Aadhaar-based authentication services to complete the Know Your Customer (KYC) procedure.
Irdai's recent move will commence a truly paperless regime for insurance companies. "It will assist the industry to restart the process of paperless KYC for their online customer on-boarding journeys," said Kayzad Hiramanek, EVP-Customer Service & Operations, Bajaj Allianz Life Insurance.
Customers will no longer need to visit insurance offices or meet agents to submit necessary authentication documents such as photograph or address proof.
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