Picture this: Ms. Patel decides to claim insurance for medical treatment she has received recently. But to her dismay the insurer is unable to process the health claim due to an error in bank details, consequently, forcing Ms. Patel to meet the expenses out of pocket until the issue is resolved. This example brings forth the importance of bank account verification (BAV).
A component of customer due diligence (CDD), bank account verification, enables insurance companies to verify details of the insured’s bank account while making a re-imbusment claim.
In this article, we will explore the need for IRDAI-compliant bank account verification and how Perfios is revolutionizing this space with its cutting-edge BAV solution.
The Need for Bank Account Verification (BAV)
IRDAI mandates that insurance companies must follow stringent customer onboarding and KYC processes, of which bank account verification constitutes a major part. Given the fact that almost 60% of insurance firms have experienced a rapid surge in fraud in their claims processing systems, BAV holds the potential to bring down its associated costs.
As BAV can be directly built into customer journeys, policyholders benefit from hassle-free policy issuance, frictionless premium payments, and easy claim settlements. This also ensures that they remain IRDAI compliant, easily meeting AML norms.
Redefining IRDAI Compliance with Perfios’s BAV Solution
As digital insurance gains prominence, it has become imminent for insured to get their bank accounts authenticated to minimize the risk of being defrauded while ensuring their sensitive data remains secure. Perfios’s innovative Bank Account Verification (BAV) solution achieves this and more by redefining IRDAI compliance as an endeavor to build long-term trust rather than a mere box-ticking exercise.
Some of the distinct features of Perfios’s pioneering, IRDAI compliant, Bank Account Verification (BAV) solution are:
● Streamlined Policy Issuance: By verifying bank account details at the outset, Perfios’s BAV solution rationalizes and reduces the time involved in acquiring policy coverage. It cuts down on paperwork and eliminates administrative delays, making for a seamless customer experience.
● Hassle-Free Policy Payments: Perfios’s BAV solution ensures accurate and timely premium payments, nearly eliminating any erroneous transactions. This helps bring down policy lapse rates, affording policyholders uninterrupted coverage at all times.
● Unparalleled Transparency: PFS’s BAV solution helps build trust and fosters customer satisfaction by enabling policyholders to transparently cross-verify their insurance transactions against IRDAI’s compliance requirements, leaving no room for confusion or ambiguity.
● Swift Claim Settlements: Factoring in insurance’s role as a safety instrument, it becomes essential that policyholders can claim payouts quickly in times of distress to avoid additional financial and mental burdens. PFS’s BAV solution expedites the claim settlement process by accurately authenticating account details, which allows for swift and efficient transfer of funds, aiding the insured when they need the most assistance.
● Higher Data Security: Modern threats have kept pace with technological advancements, with fraudulent attacks, such as identity theft, distributed denial-of-service attacks, and account takeovers, becoming more prominent and complex. Perfios BAV solution employs state-of-the-art encryption techniques that render data unreadable to unauthorized parties, ensuring the utmost confidentiality of policyholders’ sensitive personal and financial information and mitigating the risk of data breaches.
Safeguarding Interests Through Perfios IRDAI-Compliant Bank Account Verification (BAV) Solution
The key to ensuring adequate coverage and seamless insurance transactions for policyholders lies in following top-notch bank account verification practices. In addition to fulfilling IRDAI’s regulatory requirements, PFS’s cutting-edge BAV redefines the way insurance is done by streamlining policy issuance, maintaining transparency, emphasizing data security, and enabling quick claim settlements.
About Perfios:
Perfios Software Solutions is India’s largest SaaS-based B2B fintech software company enabling 900+ FIs to take informed decisions in real-time. Headquartered in mumbai, India, Perfios specializes in real-time credit decisioning, analytics, onboarding automation, due diligence, monitoring, litigation automation, and more.
Perfios’ core data platform has been built to aggregate and analyze both structured and unstructured data and provide vertical solutions combining both consented and public data for the BFSI space catering to their stringent Scale Performance, Security, and other SLA requirements.
You can write to us at connect@perfios.com
