CAMS expands its AI-backed customer onboarding offerings to insurance sector

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Chennai: CAMS (Computer Age Management Services Ltd), a financial technology solutions provider has expanded its AI-powered digital customer onboarding solutions to the insurance sector by securing a major mandate from Oriental Insurance Company Limited (OICL).

CAMSRep, a part of CAMS Group and the second-largest Insurance Repository in India won the digital KYC mandate from OICL, its first non-life insurance client. This mandate marks one of the largest KYC contracts for CAMS Rep and signifies its strong entry into the non-life insurance sector.

The modern customer onboarding, Digital KYC, Video KYC and risk assessment stack is built on KwikID, the proprietary solution of Think360, a CAMS Group company. The solution covers the entire online KYC journey for both retail and corporate customers, ensuring a smooth and secure onboarding experience across all OICL’s distribution channels.

In January 2023, IRDAI mandated KYC for all non-life insurance policy purchases. With an estimated 25 crore retail policies sold annually, providing a robust KYC solution is critical for the seamless onboarding of policyholders. CAMS Rep is well-positioned to address this need with its advanced AI-powered platform.

CAMS made a majority investment in Think360 (Think Analytics India Private Limited) in April 2023, and the company plays a pivotal role in building AI-enabled offerings along with CAMS for the BFSI landscape. KwikID capabilities include 100+ APIs for native KYC validation across UIDAI/ Digilocker/ CKYC/ Aadhar XML, Facial recognition and OCR for document verification, Intelligent call routing and multi-lingual support, Geo-fencing for location verification and ID document encryption and masking for data security.

Besides KwikID for KYC, customer onboarding and digital customer experience, Think360’s product suite includes AAmaze for harnessing the power of Account Aggregator Ecosystem with ML/AI models, Algo360 for customer lifetime value management using alternative data and FlowXpert for low-code partnership and API management infrastructure.
CAMS’s KYC and KRA services now serve the capital market and BFSI segments, including top mutual funds, leading brokerages, prominent fintechs, banks, NBFCs, and insurance carriers.
“We are thrilled to expand our AI-powered KYC solutions to the insurance sector, starting with Oriental Insurance,” said Anuj Kumar, MD of CAMS.

“This collaboration demonstrates our commitment to providing innovative solutions that streamline onboarding and ensure regulatory compliance. With Think360’s AI expertise, we are confident in delivering exceptional value to our clients across the BFSI landscape,” added Kumar.