Irdai urges use of video KYC with geo-tagging, live photo of customer

In January this year, RBI had allowed banks and NBFCs to complete full KYC remotely. A number of banks have rolled out this service since the RBI's nod

The insurance regulatory and development authority of India (Irdai) has advised all insurance companies (life and non-life) to use “Video Based Identification Process (VBIP)” as an electronic medium to enhance the ease of doing KYC for customers looking to buy insurance products.

In January this year, the Reserve Bank of India (RBI) had allowed banks and NBFCs to complete full KYC of a customer remotely. A number of banks have rolled out this service since the RBI’s nod.

In a letter to the insurers, a copy of which Business Standard has seen, the regulator has laid down guidelines that the insurers need