VBIP - Video-based Identification Process

VBIP (Video-based Identification Procedure) is a digital verification method that enables individuals to authenticate their identity remotely using video technology. It is becoming increasingly important in the insurance industry, allowing for fast and secure onboarding of new customers through live video sessions without the need for in-person meetings or physical document submissions. VBIP involves capturing a live video of the customer, analyzing it with advanced facial recognition and liveness detection algorithms to confirm their identity via government-issued ID, and ensuring they are a real person. The IRDAI has issued guidelines making VBIP mandatory for insurance companies in India, aiming to modernize the industry while maintaining robust security and compliance standards. VBIP enhances efficiency, reduces costs, improves customer satisfaction, and helps prevent fraud.