Buying insurance during corona virus pandemic? Here’s how video-based KYC will benefit policyholders

Throughout the coronavirus pandemic conducting business has been a challenge. It has also been a time that has challenged society as a whole. Lockdowns prevented people from being able to get their insurance needs met. Online platforms began to pop up overnight that are run by chat bots, automated technology systems, and of course AI to connect the systems all together.

These online platforms have made it possible for consumers and clients to connect with their insurance carriers. This is the first stage of failure for most local agents because the person in the middle can be skipped over when consumers need insurance. Keep in mind that these people in the middle are one of the reasons that premium rates have gone up over the years. Deleting them will, in theory, allow the reduction of costs that can be handed down to you, as by way of how much you need to pay out every year for the policies that you need.

These insurance online platforms have incorporated a video capability that allows you to be on a live call with the insurance carriers with which you are dealing. This means that they can see, and verify who you are, while you can see them like the old days when you would sit in front of them at their brick-and-mortar location.

You may have already had to use these types of platforms, especially if you have had any medical appointments during your lockdown times. It has made it possible to still make your checkups. It has also made it possible for business executives to stay in touch with their partners across the globe, which makes it possible to conduct any type of insurance meeting over the internet.

But you may still be wondering how this helps you, as a policyholder, and if things will ever go back to normal. The normal that you have been accustomed to over the years is gone. Those days are over for good. The new way of business life is through online platforms, for the most part. Online platforms that will continue to evolve the Know Your Customer (KYC) process.

The new generation of buyers, and business owners, prefer to conduct all their business transactions by using automated online platforms that can expediate all the processes. Being able to use a video chat platform will make it possible to conduct all types of onboarding throughout the insurance and financial institutions around the world.

You will no longer be stuck dealing with an agent or representative that is local. You can do business with a company that will cater to your needs and will offer you the best value for your money. That is what life is all about, anyway. Money makes the world go around, and if you can save money on your policies, you will have more of it in your pocket.

The more money that you have in your possession, the more your net value will be. Your net value will increase your ability to get bigger loans, better policies, and be put at the top of the lists when it comes to service. Online videos will help this circle of events become known faster, offering all the customers, present and future, the opportunity to elevate their status through simple savings.

It may seem a little confusing to you about why video capabilities are so important. Hopefully, this small article has helped you understand it a little better. Time will tell, though. As we continue to move into the future the online platforms will increase in popularity, and they will adopt even more technology. The end goal is to increase the KYC knowledge and benefits, which is beneficial to everyone involved.

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