Bajaj Allianz Life Eases Policy Buying with Aadhaar-based Online KYC

Bajaj Allianz Life, one of India’s leading private life insurers, has introduced a 100 per cent paperless and 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 that are registered with the UIDAI. With the implementation of e-KYC, customers now purchasing a Bajaj Allianz Life policy may not 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 the Aadhaar card are correctly provided, customer details like Name, Date of Birth, Address, among others will get auto-filled at the insurer’s end through details received from UIDAI thus reducing the time taken to apply for the insurance policy.

Commenting on the e-KYC initiative, Mr. Kayzad Hiramanek, Chief of 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 the right at the start, and we will ensure that we can delight them throughout 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 submit their 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, this will not only allow customers to purchase a life insurance policy in a few clicks from the comfort of their homes but also eliminate the risk of misplacing their official documents.

Source: Outlook India