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SC Judgement, PDP Bill, and NPD Framework — The Saga Of Data Privacy In India
The base for data privacy and protection is crucial for an upcoming data-driven economy like India. India hosts almost 450 million Internet users and a consistent growth rate of 7–8%, as per Forbes. The transition to a digital economy is radically underway.…
Automation in Indian Insurance Sector- A View of the West and What to learn from the US
Introduction In 2012, the Indian Insurance Industry was estimated to be US$72 billion in value. Within9 years, in 2021 it soared to more than US$285 billion. The growth was nearly an increase of 300%. The credit to this rise lies in increased…
Demystifying IPA For Finance
In a digitally advancing world, the need for automation is more than ever. This is mainly due to tech-savvy fintech and a surge in the demand for personalized user experience. Today, Intelligent Automation holds the power to accelerate growth. This can be…
Digital KYC In Health Insurance
Health insurance policies are a vital instrument in the insurance industry. The Insurance Regulatory & Development Authority Of India (IRDAI), which acts as the regulatory body for all insurance companies in India, has allowed the use of paperless KYC collection, or e-KYC.…
How Digital KYC can transform Onboarding in the Indian Life Insurance Sector
Life insurance policies play a crucial role in the insurance industry. The Insurance Regulatory & Development Authority Of India (IRDAI) is the regulatory body for all insurance companies in India. IRDAI has now allowed the use of paperless KYC collection or e-KYC.…
Fraud, And Forgery- How The Indian Insurance Sector Can Use Technology To Prevent Scammers
Introduction With a US$ 280 billion evaluation, the Indian Insurance sector is a huge market for both domestic and international companies. Life Insurance portfolios alone are expected to grow nearly 75% in the next 5 years. Unfortunately, insurance fraud has been on…
A Brief Summary Of Video KYC In The Indian Insurance Industry
The Insurance Regulatory and Development Authority of India (IRDAI) has permitted insurance companies to issue policies on the basis of a video KYC (know-your-customer) process. Moneycontrol had first reported the regulator’s plan of allowing insurers to adopt video-based KYC for policy issuance.…
Automation In Automobile Insurance- How Claims Processing Can Benefit From API, RPA, And AI
Introduction Motor insurance formed 39.4% of all non-life insurance markets in India combined. A major reason for this is India’s swiftly expanding Automotive industry. Automobile sales in India have risen to a 7.01% CAGR between 2013 and 2018. This constitutes the sale…
The Saga Of KYC In US Banking Regulations — BSA To Patriot Act And The Road Ahead In The Digital Age
KYC regulations have critical implications for consumers in the financial space. Banks need to comply with KYC to limit fraud. However, they also pass down that requirement to those with whom they do business. KYC In Banking — The Base At The Banking Secrecy Act”?…
The Era Of Digitization-Fintech Strategy of Digital Onboarding And What’s In Store For The Future
Introduction The world fintech market share across 48 unicorn fintech companies is north of $187 billion. This amounts to more than 1% of the global financial industry. A sensible question that comes to mind is, how are they doing this? Fintech startups…