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How do you quickly arrange your car insurance KYC?


Most of us shy away from filling out our KYC or Know Your Customer data. In the world that is spinning at a breakneck pace, who has the time? But just as you don’t enter into an alliance before you know the partner or only hire someone after a conversation, it is beneficial for both the insurer and the insurers if they know each other.

The KYC process is the bridge that connects policyholders with the insurance companies. The fact that KYC adds security and convenience to the insurance process has been mandated by the Insurance Regulatory and Development Authority of India (IRDAI) for the purchase of all types of insurance including motor insurance from January 1, 2023.

Previously, the clients were asked to provide the KYC documents only at the time of the policy claim, even if the claim amount was more than 1 lakh. The new KYC compliance rule requires customers to provide KYC data at the time of purchasing or renewing their policies.

The IRDAI Directive has come to reduce the fraud and money laundering associated with insurance and policyholders get all the benefits of their insurance coverage.

The new KYC rule makes car insurance more watertight than before. With Bajaj Allianz, all you have to do is log in to the website, click on car insurance and follow the steps. And if you already have insurance, contact Bajaj Allianz and get your car insurance KYC ASAP.

What is KYC in car insurance?

KYC or Know Your Customer is a process of verifying an insurer’s identity and address before performing a financial transaction, such as digital money transfer or taking out insurance.

The first step in the process is to collect the policyholder’s personal information. The client completes a KYC registration form and validates the information provided by attaching supporting documents. For correct identification, the submission of proof of identity, proof of address and a recent passport photo is mandatory. A periodic KYC update ensures that a customer is real and prevents money laundering.

The customers have options for online verification or offline KYC, and even video KYC. When it comes to doing KYC for car insurance, Bajaj Allianz is one of the most trusted and experienced companies, making the whole process nothing short of a smooth ride. *

Advantages of KYC in car insurance

Now we all know how important it is to insure your car. A good insurance policy will cover a person against damage, whether caused by themselves or a third party. The insurance coverage also takes care of incidents such as accident, fire, theft or natural disaster and saves you the costly service of the damaged car.

We know how you can easily and quickly take out or renew your car insurance through Bajaj Allianz General Insurance. But before you get excited about closing the deal, the first step to buying auto insurance is submitting your KYC documents. This move brings several benefits in addition to a positive change in the insurance ecosystem. Some of them are listed below:

Reduce the chance of fraud claims

Providing KYC data helps to verify the identity of policyholders and reduce the risk of fraud. The insurance process is based on trust and transparency. By submitting the data, the insurance company gets a clear and detailed customer profile with which to assess the policyholders’ claim, leading to better risk management. *

More certainty

We live in a digital age where personal information is always at risk of being misused. Having accurate and updated KYC data not only ensures a smooth flow of information, but also ensures that the customer’s personal and financial information is safe. *

Customer satisfaction

Customer satisfaction is the top priority for all leading companies. By providing the policyholders with an efficient and secure process through the new KYC compliance, the insurance companies can work towards creating an enhanced customer experience, building trust and strong relationships with their policyholders. In fact, the new process supports both new policy issuance and renewals. *

Faster Claims

Accurate KYC data can speed up the claims process if a policyholder needs to make a claim. Since the insurance companies have detailed and required information about a customer, the process can be streamlined and policyholders can reap the benefits of their coverage without delay. *

Key Documents Required for KYC in Auto Insurance:


Drivers license

Aadhar card

PAN card

Voter ID card

Passport size photo

* Standard terms and conditions apply

The information provided above is subject to change as per government and regulatory guidelines.

Insurance is the subject of the recruitment. For more information on benefits, exclusions, limitations and conditions, please read the sales brochure/policy conditions carefully before completing a sale.

Disclaimer: This article is a promotional article and has no journalistic/editorial involvement from Hindustan Times.

Joanna Swanson

Joanna Swanson is Europe correspondent at the Thomson Reuters Foundation based in Brussels covering politics, culture, business, climate change, society, economies and inclusive tech. With specific focus in breaking news, she has covered some of the world's most significant stories.