Generali Vietnam Implements Mandatory Electronic Customer Identification and Authentication (e-KYC)

8:49:57 AM | 8/6/2023

Generali Vietnam Life Insurance LLC ("Generali Vietnam") officially applies mandatory electronic customer identification and authentication (e-KYC), effective August 1, 2023. This is a testament to Generali Vietnam's ongoing efforts with a series of drastic improvements in processes and technology to improve service quality and promote the implementation of the "Transparent Insurance" strategy.

Electronic Know Your Customer (e-KYC) is an essential foundation for digital transformation. Many banks and financial institutions have recently stepped up the implementation of e-KYC to simplify procedures, reduce risks, and optimize operational processes. As a form of customer identity verification through facial recognition solutions and optical character recognition technology, e-KYC helps verify customers as real service users, preventing fraudulent activities. The application of e-KYC is an inevitable development trend in the digital era, especially given that ensuring transaction safety and customer information security is a top priority.

In line with this trend, Generali Vietnam is a pioneer in bolstering the implementation of e-KYC in the life insurance sector to enhance security, transparency, and customer experience. The mandatory implementation of e-KYC, effective August 1, 2023, is a new step for Generali Vietnam after a period of preparation, upgrade, and process improvement, along with drastic efforts to adopt the "Transparent Insurance" strategy - a focus area for development in 2023.

The implementation of e-KYC applies to two processes: the onboarding process for new customers at the policy application submission stage and the process of searching policy information and making online transactions on the customer portal MyGenerali in GenVita application for existing customers.

Specifically, Generali Vietnam requires all onboarding customers (including the policyholder and life insured) to perform e-KYC before submitting the application forms. Existing customers need to do e-KYC after logging in or signing up with GenVita. When the e-KYC result is successful, customers can access or make transactions on the MyGenerali customer portal, such as new policy e-acknowledgement, looking-up policy information, claiming insurance benefits, premium payments, adjusting policy information, changing the premium payment mode, requesting a withdrawal, and others.

The mandatory e-KYC will fully protect the interests of customers in terms of personal information security, insurance contracts, and transaction safety. Customers also have the autonomy in space and time to carry out procedures with electronic devices and internet connection. The e-KYC feature has a user-friendly interface, a simple process, and high accuracy and is integrated into GenVita application, a digital ecosystem under the model "one-stop destination for all insurance and healthcare demands" of Generali Vietnam.

All of these efforts are aimed at implementing Generali Vietnam's "Transparent Insurance" strategy, which has been implemented since the beginning of this year, with specific orientation to ensure providing complete and accurate information promptly and in compliance with the law (information transparency), ensuring that the product has clear and practical benefits, easy-to-understand terms (product transparency), and finally, providing correct and complete consultancy, ensuring that customers understand and agree (transparency during the consultation process) about the insurance solutions they choose.

To facilitate this goal, Generali Vietnam has constantly led a series of activities to review information and processes relating to products, services, training, and managing distribution in order to improve effectiveness, professionalism, and transparency for customers.

With strong investment in technology for the last several years, Generali Vietnam has successfully built an advanced digital ecosystem, serving the “paperless” service needs of its customers, partners, staff and agents. Along with making the most of its technological strength, Generali has also been focusing on other factors to improve customer experience, such as removing the requirement for original claims documents, replacing paper contracts with electronic ones, paying attention to using easy-to-understand language in all correspondence with customers, and so on.

In the meantime, Generali also builds an in-house specialist team to handle claims (instead of using a third party as usual practice) to ensure claims service. Generali pays special attention to the inspection of consulting quality before and after policy issuance to promptly correct any signs of violations.

During the recent visit and working session of international senior leaders in early July 2023, in addition to the long-term commitment to the Vietnamese market, Generali Vietnam also received high appreciation from Generali Group as being an innovative and effective business unit with initiatives in digital transformation and customer experience enhancement.

Mr. Vinay Dhareshwar, Acting CEO of Generali Vietnam, shared: "Amidst the challenges from the global economic recession and fluctuations in Vietnam's financial market, Generali Vietnam has steadfastly pursued its sustainable development strategy, identifying the year's focus on increasing honesty and transparency through enhancing operational processes and controls relating to products, services, training, and managing distribution to protect the interests of customers. With the launch of our latest e-KYC process, we are taking one more step in our endeavor to be fully transparent to our customers while offering convenience and complete safety of data protection. I believe that with the strong trust and support from our Group and a cohesive and passionate team, we will get closer to our goal of becoming the most innovative, transparent, and trusted insurance brand in Vietnam."

T.H (Vietnam Business Forum)