CAMS group expands its AI powered customer onboarding solutions to Insurance Sector
~ Fortifies its technology solutions for the insurance sector and expands opportunities with the BFSI segment ~
Computer Age Management Services Ltd (CAMS), a leading provider of financial technology solutions, 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 2nd 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 state of the art 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 are critical for seamless onboarding of policy holders. CAMS Rep is well-positioned to address this need with its advanced AI-powered platform.
CAMS had 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 both 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, Managing Director 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.”
About CAMS Limited (www.camsonline.com) BSE: 543232; NSE: CAMS
CAMS is a financial infrastructure and service partner to the asset management industry and provides platform-based services to BFSI segment. The Company is India’s largest registrar and transfer agent of mutual funds with an aggregate market share of approximately 69% based on mutual fund average assets under management (“AAUM”). The Company has grown its market share from approximately 61% in March 2015 to approximately 69%, based on AAUM serviced. Its mutual fund clients include nine of the fifteen largest mutual funds as of Dec 2023. The Company is the market-leading platform and service partner to alternative investment funds and portfolio managers serving over 400 mandates of 180 funds with full-stack digital and fund administration services. CAMSPay is the primary Payment services provider for Mutual funds and several NBFCs. Services to insurance companies and eInsurance services are provided via the subsidiary CAMSRep. The company has also forayed into new areas like Account Aggregator and Central Record-Keeping Agency (“CRA”) services for National Pension Scheme. CAMS acquired a majority stake in Think360.ai, a full-stack Data Science and AI-focused firm and in Fintuple Technologies, a digital transformation partner for capital market entities.
