Business

Shriram Life Insurance adopts technology-driven eKYC services

SLIC, a part of the Shriram Group, is promoted by Shriram Capital Limited.

Shriram Life Insurance Company (SLIC) is committed to make life insurance process easy for semi-urban and rural population

Was granted the Aadhar Authentication License to complete eKYC for its customers

Shriram Life Insurance is committed to provide superior experience to its semi-urban and rural customers. The UIDAI has now recognised Shriram Life Insurance as a KUA/AUA (KYC User agency & Authentication User) agency.

The certification will enable it to complete eKYC for the customers when soliciting new business and during other policy servicing processes.

“The authorisation from UIDAI will enable us to simplify customer on-boarding for our valued customers. Now, with the help of an OTP, we will be able to complete eKYC in minutes, without having to upload images or documents. It will speed up the process and eliminate the need to furnish documents, which may not be available at the time of sale. It can prove a boon for our customers from remote and rural areas, where we have a significant presence. We can issue policies quickly and provide customers with immediate life insurance protection via their smartphones.”

Cassie Kromhout, MD & CEO, Shriram Life Insurance Company said,

The authorisation will allow SLIC to provide its customers with a seamless experience. It will be able to verify documents for the clients within short time.

The company has also gone live with this huge enabler in its core systems and point of sale mobile applications.

SLIC will now be able to improve customer satisfaction, operate at a faster rate, enrol more clients, and resolve claims in the lowest amount of time.

About Shriram Life Insurance

Shriram Life Insurance Company Limited (“SLIC” or “the Company” or “Shriram Life”) was established in the year 2005 and commenced its operation in 2006.

SLIC, a part of the Shriram Group, is promoted by Shriram Capital Limited. Sanlam Emerging Markets (Mauritius) Ltd., part of the Sanlam Group, a leading financial services group based in Cape Town, South Africa, is the company’s foreign promoter with 23% shareholding directly in the company.

Synonymous for its efficient use of capital and low operational costs, SLIC has been true to the Shriram Group’s philosophy of financial inclusion.

SLIC is a leading insurer and has built its operations over 16 years by catering to a wide demography and providing the average Indian with a bouquet of life insurance products catering to their financial needs.
It endeavours to ensure that households, especially those hailing from the vulnerable segment of the population, receive adequate financial protection.
The company recently won an award for the ‘Best Digital Initiative – Life Insurance’ conferred by InsureNext Awards 2022, organised by Banking Frontiers in collaboration with knowledge partner Deloitte India.
It also won the Gold Award for Customer Service Handling – Claims at the eighth Excellence Competition, August 2020.
This article was shared with Prittle Prattle News as a Press Release.
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