The Insurance Regulatory and Development Authority of India (IRDAI) plans to lobby the government to allow use of Aadhaar to make online know-your-customer (KYC) process simple and quick for insurers and policyholders, said IRDAI chairman Subhash Chandra Khuntia on the sidelines of Mint Insurance Conclave in Mumbai.
"KYC is one area we are taking up with the government, to use Aadhaar as a kind of KYC for the insurance sector," said Khuntia. "The insurance companies and the insurtech companies need to use simple KYC so they do not spend too much time. Customers also do not have to wait for too long before they get the product. This is something which will help in doing that," he said.
