RGI partners with UIADI for Aadhaar based e-KYC
Mar 03 2014
The move is aimed at improving insurance penetration in the country.
The company plans to launch this service in Sikkim in the first phase and will roll it out across the country by the end of the year.
RGI claims to be the first general insurance company to partner with Unique Identification Authority of India (UIDAI) for Aadhaar based insurance services.
"We have been closely working with the government towards broader mission of improving insurance penetration in the country," RGI CEO Rakesh Jain told PTI.
"Use of this Aadhaar based e-KYC (know Your Customers) model will not only make paper-less identity authentication possible but also facilitate claims payment directly to the bank account of customers on real time basis," he added.
The general insurance industry has a penetration of over 0.7 per cent (of GDP) in India, as compared to some of the developing countries where the penetration is around 3 per cent.
The Indian general insurance industry, cumulatively, has a customer base of over 5 crore customer across its entire portfolio.
The Government has, so far, issued over 55 crore Aadhaar cards with an objective of inclusive growth, direct subsidy payments and correct identification of the beneficiary.
"We believe with such initiatives RGI can close the gaps between existing insurance offerings and the need of the population. Also we would be able to realise our dream of reaching to more beneficiaries through Aadhaar-enabled facilities," UIDAI Chairman Nandan Nilekani said.
In October, Insurance Regulatory Development Authority had allowed Aadhaar to be used for KYC.