Computer Age Management Services Ltd (CAMS), a distinguished provider of financial technology solutions, has announced its expansion into the insurance sector by securing a major mandate from Oriental Insurance Company Limited (OICL). This milestone is achieved through CAMSRep, a part of CAMS Group and the second largest Insurance Repository in India. The partnership with OICL marks a significant entry for CAMSRep into the non-life insurance sector as this mandate represents one of the largest KYC contracts for the company.
The advanced customer onboarding solution, including Digital KYC (Know Your Customer), Video KYC and risk assessment, is powered by KwikID. This proprietary technology is developed by Think360, a CAMS Group Company. An innovative solution, KwikID will facilitate retail and corporate customers of OICL through the entire KYC journey, enabling a smooth and secured onboarding experience across all distribution channels.
In 2023, the Indian Insurance Regulatory and Development Authority (IRDAI) mandated KYC for all non-life insurance policy purchases, creating a demand for robust KYC solutions for seamless customer onboarding. With an estimated 25 crore retail policies sold annually in India, this need is vast. Addressing this, the AI-powered platform developed by CAMS Rep proves to be a strategic solution.
CAMS made a majority investment in Think360, also known as Think Analytics India Private Limited, in April 2023. The key role played by this company is to build AI-enabled offerings along with CAMS, targeting the BFSI landscape. Boasting over 100+ APIs for native KYC validation, KwikID incorporates features such as facial recognition, OCR for document verification, intelligent call routing and multi-lingual support, Geo-fencing for location verification, and ID document encryption and masking for data integrity.
Beyond KYC services, Think360’s product suite includes AAmaze, Algo360, and FlowXpert. These solutions harness the power of Account Aggregator Ecosystem with ML/AI models, customer lifetime value management using alternative data, and low-code partnership and API management infrastructure, respectively.
Beyond capital markets, CAMS's KRA and KYC services are utilized by diverse sectors of the BFSI landscape that includes leading brokerages, prominent Fintechs, top Mutual funds, banks, and insurance carriers, among others.
Anuj Kumar, Managing Director of CAMS, expressed his excitement with the company's successful venture into the insurance sector: "We are thrilled to expand our AI-powered KYC solutions to the insurance sector, starting with Oriental Insurance. 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."