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Issuing a new life or health insurance policy required verifying the applicant's identity and address, a step that was handled through manual document collection and follow-up calls, often adding days to the time between application and policy issuance.
The Challenge
- Applicants had to submit and resubmit documents that were unclear or incomplete
- Address verification relied on physical document checks
- Policy issuance timelines varied widely depending on manual review backlog
The Solution
Veriqos Technologies' e-KYC APIs verify applicant identity and address at the point of application, giving the underwriting team confirmed data immediately instead of waiting on manual document review.
The Results
Policy issuance timelines shortened considerably, with most straightforward applications moving from submission to issued policy within the same day.
Where digital KYC for insurance saves time
Most of the delay in manual policy issuance comes from back-and-forth: documents that are unclear, incomplete or need to be sent again. Digital KYC for insurance moves the check to the point of application, so problems are found while the applicant is still present and can correct them straight away.
Verifying identity and address before underwriting starts also means the underwriting team works from confirmed details rather than copies waiting to be reviewed. Applications that pass move straight on, and only the cases that genuinely need a person go to manual review.
The same verified record can later support claims, because the insurer already holds confirmed details for the policyholder.
More about Digital KYC for Insurance
To learn more about Digital KYC for Insurance, explore our Insurance Verification API and PAN Verification API, or talk to our team. For the official source, see the IRDAI website.
