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Car Insurance

Post By Varghese

KYC Gap in Motor Insurance

It's been more than a year since Ajit moved from his parental home to a new house closer to his office. This move helped him save time, energy and money on travelling. During a recent weekend trip, Ajit met with an accident and luckily escaped unhurt, though his car was badly damaged.

During the car insurance claim process, Ajit mentioned his new address in the claim form while his policy was booked under his previous address. This was a case of KYC mismatch due to which the insurance company denied the cashless claim facility. Ajit was asked to pay for the car’s repair and get reimbursed after submitting the documents.

The claim was later accepted but Ajit had to go through the trouble of paying for the repair initially. This was a simple case of negligence on Ajit’s part as he did not update his address with the insurance company. Soon after this Ajit got his address updated for all other policies and other important documents.

KYC (Know your customer) details are a very crucial piece of information in any industry, and any changes in KYC should be immediately informed and updated.

At OneInsure, we offer personalized service to our customers and ensure that their details are updated and current, so that they don’t face such hassles at the time of a claim.