Leading financial technology solutions provider, Computer Age Management Services Ltd (CAMS), takes a significant leap into the insurance sector with an extensive mandate from Oriental Insurance Company Limited (OICL). CAMSRep, a key player in the CAMS Group, secures a major win by clinching the digital KYC mandate from OICL, marking its entry into the non-life insurance segment.
Digital KYC Expansion in the Insurance Sector
CAMSRep, a vital arm of CAMS Group, extends its cutting-edge customer onboarding solutions, including Digital KYC, Video KYC, and risk assessment, to OICL. The proprietary solution, KwikID, developed by Think360, a CAMS Group Company, forms the backbone of this modern and secure onboarding experience for both retail and corporate customers.
Addressing Regulatory Mandates
In response to IRDAI’s mandate for KYC in non-life insurance policy purchases from January 2023, CAMS Rep provides a robust solution. With an estimated 25 crore retail policies sold annually, this move ensures a seamless onboarding experience for policyholders in compliance with regulatory requirements.
Think360’s AI-powered Capabilities
Following CAMS’s majority investment in Think360 in April 2023, KwikID’s capabilities come to the forefront. It includes over 100 APIs for native KYC validation, facial recognition, OCR for document verification, intelligent call routing, multi-lingual support, geo-fencing for location verification, and ID document encryption for enhanced data security.
Beyond KYC: Think360’s Comprehensive Product Suite
Think360’s product suite goes beyond KYC, offering AAmaze for leveraging the Account Aggregator Ecosystem, Algo360 for customer lifetime value management using alternative data, and FlowXpert for low-code partnership and API management infrastructure.
CAMS’s Growing Influence
With its KYC and KRA services catering to both capital markets and BFSI segments, including top mutual funds, leading brokerages, prominent fintechs, banks, NBFCs, and now insurance carriers, CAMS continues to expand its influence. Anuj Kumar, Managing Director of CAMS said, “We are thrilled to expand our AI-powered KYC solutions to the insurance sector, starting with Oriental Insurance. This collaboration demonstrates our commitment to providing innovative solutions that streamline onboarding and ensure regulatory compliance. With Think360’s AI expertise, we are confident in delivering exceptional value to our clients across the BFSI landscape.”
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