Most of us flinch at filling our KYC or Know Your Customer details. In the world running at a breakneck pace, who has the time? But the way you won’t enter into an alliance before knowing the partner or hire someone only after holding an interview, it is beneficial for both the insurance company and the insurers if they know each other.
The KYC process is the bridge that connects policyholders with the insurance companies. The fact KYC adds safety and convenience to the insurance process, it has been mandated by Insurance Regulatory and Development Authority of India (IRDAI) on the purchase of all types of insurance, including car insurance plans from January 1, 2023.
Earlier, the customers were asked to provide the KYC documents only at the time of policy claim, that too if the claim amount exceeded ₹1 lakh. The new KYC compliance rule makes it compulsory for the customers to provide KYC details at the time of purchase or renewal of their policies.
The IRDAI directive has come in order to reduce the fraud and money laundering associated with insurance and policyholders receive the full benefits of their insurance coverage.
The new KYC rule makes the car insurance cover more foolproof than before. With Bajaj Allianz General Insurance, all you need is to just log on to the website, click on car insurance and follow the steps. And if you already have an insurance policy, contact Bajaj Allianz General Insurance and get your car insurance KYC done at the earliest.
What is KYC in car insurance?
KYC or Know Your Customer is a process of verifying an insurer's identity and address before carrying out any financial transaction such as digital money transfer or purchasing insurance.
The first step in the process is to collect the personal information of the policy holder. The customer fills out a KYC registration form and validates the information provided by attaching supporting documents. For proper identification, providing identity proof, address proof and a recent photograph is compulsory. A periodic KYC update ensures that a customer is genuine and prevents money laundering.
The customers have options of online verification or offline KYC, and even video KYC. When it comes to doing KYC for car insurance, one of most trusted and experienced company is Bajaj Allianz General Insurance which makes the entire process nothing short of a smooth ride.
Benefits of KYC in Car Insurance
Now we all know how important it is to insure your car. A good insurance policy covers a person against damages-whether caused by them, or a third party. The insurance cover also takes care of incidents such as an accident, fire, theft or natural calamity, and saves you from the expensive service of the damaged car.
We know how easily and quickly you can buy or renew your car insurance through Bajaj Allianz General Insurance. But before you get excited to seal the deal, the first step towards purchasing a car insurance is submitting your KYC documents. This step brings several benefits besides promising a positive change in the insurance ecosystem. Some of them are listed below:
Reducing the chances of fraud claims
Providing KYC details helps to authenticate the identity of policyholders and reduce the risk of fraud. The insurance process works on trust and transparency. By submitting the details, the insurance company gets equipped with a clear and detailed customer profile which allows it to assess the claim being made by the policyholders, thus leading to better risk management.
More security
We are living in a digital era where personal information is always at the risk of being misused. Having accurate and updated KYC details not just ensures a smooth flow of information but it also makes sure the customer’s personal and financial information is safe.
Customer satisfaction
Customer satisfaction is the top priority for all leading companies. By providing an efficient and secure process for the policy holders through the new KYC compliance, the insurance companies can work on creating an enhanced customer experience, thereby building trust and strong ties with their policy holders. In fact, the new process offers support for both for new policy issuance and renewals.
Faster Claims
Accurate KYC details can felicitate quickening of the claim process if a policyholder has to make a claim. As the insurance companies have detailed and requisite information on a client it can streamline the process and policyholders receive the benefits of their coverage without delay.
Key documents required for KYC in car insurance:
Passport
Driving License
Aadhaar card
PAN card
Voter’s Identity Card
Passport size photograph
Standard T&C Apply
The above-given information may change as per Government and Regulatory guidelines.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.
This article taken by livemint.com
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