News: Streamlining Insurance Onboarding: CAMS Revolutionizes Customer Experience with AI-Powered Solutions

 

Jaipur, Rajasthan, India – February 3, 2024 – In a move poised to significantly enhance the customer onboarding experience in the insurance sector, Computer Age Management Services Ltd. (CAMS), a leading financial technology solutions provider, announced the expansion of its AI-powered digital onboarding solutions. This expansion comes via a major mandate secured from Oriental Insurance Company Ltd. (OICL).

CAMSRep, a subsidiary of the CAMS Group and the second-largest Insurance Repository in India, has successfully bagged the digital Know Your Customer (KYC) mandate from OICL, marking its first foray into the non-life insurance domain. This significant development represents one of the largest KYC contracts for CAMSRep, solidifying their strong entry into this burgeoning sector.

The news, announced on Saturday, highlights CAMS' commitment to leveraging cutting-edge AI technology to streamline and modernize the customer onboarding process within the insurance industry. As per the Insurance Regulatory and Development Authority of India (IRDAI) mandate implemented in January 2023, KYC is compulsory for all non-life insurance policy purchases. Given the estimated 25 crore retail policies sold annually, offering a robust and efficient KYC solution becomes crucial for the seamless onboarding of policyholders.

Revolutionizing Non-Life Insurance Onboarding with AI

CAMSRep's AI-powered platform is uniquely positioned to address this pressing need. The platform's intelligent automation capabilities will significantly reduce onboarding time and enhance the overall customer experience for OICL policyholders. By leveraging AI, CAMSRep can:

  • Automate document verification: AI algorithms can swiftly and accurately verify identity documents, eliminating the need for manual verification, thereby saving time and effort for both customers and OICL representatives.
  • Streamline data extraction: Intelligent data extraction technology can automatically extract relevant information from documents, further reducing manual data entry and minimizing errors.
  • Personalize the experience: AI can personalize the onboarding journey based on individual customer profiles, offering a more engaging and user-friendly experience.
  • Enhance security: AI-powered fraud detection systems can identify and prevent potential fraudulent activities, ensuring the security of both customer data and OICL's operations.

A Strategic Partnership for Growth

This strategic partnership between CAMS and OICL marks a significant development in the Indian insurance landscape. It reflects the growing adoption of AI-powered solutions to improve customer experience and operational efficiency within the industry.

Commenting on the development, Mr. Anuj Kumar, CEO of CAMS, stated, "We are thrilled to partner with OICL to implement our AI-powered customer onboarding solutions. This collaboration signifies our commitment to transforming the insurance sector by leveraging cutting-edge technology. We are confident that our platform will significantly enhance the onboarding experience for OICL's policyholders and contribute to their overall growth."

Shri R. R. Singh, Managing Director of OICL, expressed his enthusiasm for the partnership, stating, "We are excited to adopt CAMSRep's AI-powered onboarding solutions. We believe this technology will enable us to provide a faster, more convenient, and secure experience for our customers. This partnership aligns perfectly with our vision to leverage technology for operational excellence and customer satisfaction."

The Road Ahead: Transforming the Insurance Industry

The successful implementation of CAMSRep's AI-powered onboarding solutions at OICL is expected to pave the way for wider adoption of such technology across the Indian insurance industry. As the insurance sector continues to evolve, AI-powered solutions hold immense potential to revolutionize customer experience, streamline operations, and drive overall growth. With its strategic partnerships and cutting-edge technology, CAMS is well-positioned to play a leading role in shaping the future of the Indian insurance landscape.

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