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Knowing KYC Norms- How will RBI’s Latest Directive For Implementing V-CIP Affect The BFSI Sector?
The Reserve Bank has always tried to remain adaptable in changing times. Its directive to utilize a video-based customer identification process(V-CIP) for know your customer (KYC) procedures is the latest evidence for this. The announcement came as an amendment in its master…
Know Your Players!- Why KYC Is Necessary For Gaming, Gambling, And Casinos
Introduction The global online gambling industry was worth more than $45 billion in 2017 and is predicted to rise to $94.4 billion by 2024. With such a stark rise in use and increasingly large sums of money moving through these entities, online…
SC Judgement, PDP Bill, and NPD Framework — The Saga Of Data Privacy In India
The base for data privacy and protection is crucial for an upcoming data-driven economy like India. India hosts almost 450 million Internet users and a consistent growth rate of 7–8%, as per Forbes. The transition to a digital economy is radically underway.…
Automation in Indian Insurance Sector- A View of the West and What to learn from the US
Introduction In 2012, the Indian Insurance Industry was estimated to be US$72 billion in value. Within9 years, in 2021 it soared to more than US$285 billion. The growth was nearly an increase of 300%. The credit to this rise lies in increased…
Demystifying IPA For Finance
In a digitally advancing world, the need for automation is more than ever. This is mainly due to tech-savvy fintech and a surge in the demand for personalized user experience. Today, Intelligent Automation holds the power to accelerate growth. This can be…
Digital KYC In Health Insurance
Health insurance policies are a vital instrument in the insurance industry. The Insurance Regulatory & Development Authority Of India (IRDAI), which acts as the regulatory body for all insurance companies in India, has allowed the use of paperless KYC collection, or e-KYC.…
How Digital KYC can transform Onboarding in the Indian Life Insurance Sector
Life insurance policies play a crucial role in the insurance industry. The Insurance Regulatory & Development Authority Of India (IRDAI) is the regulatory body for all insurance companies in India. IRDAI has now allowed the use of paperless KYC collection or e-KYC.…
Fraud, And Forgery- How The Indian Insurance Sector Can Use Technology To Prevent Scammers
Introduction With a US$ 280 billion evaluation, the Indian Insurance sector is a huge market for both domestic and international companies. Life Insurance portfolios alone are expected to grow nearly 75% in the next 5 years. Unfortunately, insurance fraud has been on…
A Brief Summary Of Video KYC In The Indian Insurance Industry
The Insurance Regulatory and Development Authority of India (IRDAI) has permitted insurance companies to issue policies on the basis of a video KYC (know-your-customer) process. Moneycontrol had first reported the regulator’s plan of allowing insurers to adopt video-based KYC for policy issuance.…
Automation In Automobile Insurance- How Claims Processing Can Benefit From API, RPA, And AI
Introduction Motor insurance formed 39.4% of all non-life insurance markets in India combined. A major reason for this is India’s swiftly expanding Automotive industry. Automobile sales in India have risen to a 7.01% CAGR between 2013 and 2018. This constitutes the sale…